Have you heard about blockchain? Yes! This technology has been used in cryptocurrency development since the beginning. Despite this fact, now its application is being used largely in various industries and software development.
The global spending is expected to surpass 15.9 billion by 2023 for blockchain solutions. Currently, the financial sector is accounting for 60% of blockchain market value worldwide. Clearly, blockchain is growing exponentially across the market.
But! The question is, what industries will undergo radical transformation due to blockchain?
Can you think of any industry? No!
Well! In this article, we will take a brief look at industries that will get changed due to the arrival of Blockchain-enabled technology solutions. So, stay hooked with me.
Industries That Blockchain Can Revolutionize
Per Grand View Research 2019, blockchain is the fastest-growing part of the fintech industry, worth $70 to $75 million in 2018 and growing at the rate of 50% CAGR. You must know that blockchain technology is being largely used in fintech solution development.
A number of financial businesses such as Banks and Financial Institutions are eager to deploy more security, integrity, and transparency in money transfers. Thus, the usage of blockchain is growing exponentially.
With the arrival of blockchain in fintech, there will be no need for central authorities to carry out transactions, and power will not be vested to a single authority to claim ownership of financial assets.
The distributed infrastructure of blockchain would provide shareable & secure information across financial institutions, and distributed ledgers can take over functions performed by the central authority.
Moreover, the arrival of the following aspects would be seen in the fintech industry:
- Smart Contracts
- Faster digital payments & transactions
- Shared trading
- Use of digital identity in financial matters
- Use of cryptocurrency in online shopping and more
Besides, the ICOs and crypto trading would get more prominent. People will make more digital transactions, and money will become a prominent digital entity, and more security will be infused in online transactions.
If you are thinking out loud to create a solution for your fintech business, you can hire blockchain programmers with hands-on experience in fintech solution development.
Healthcare is a rapidly transforming sector presently, as a number of new technologies and software programs are being infused into the medical setting. But! How blockchain would improve this industry is incredibly astonishing.
Per a study by Johns Hopkins in the United States, over 250,000 people die because of errors in medical aspects. To reduce this number, blockchain can help astoundingly. Blockchain data can be used tremendously to eradicate errors in medical data.
When medical data of each patient is available on the blockchain, precisely the patient’s historical records can be used in the patient treatment and care. The physician will be able to access this data any time, anywhere, and errors in treatment can be overcome.
Moreover, errors in drug storage and quality checking of drugs can also be kept under precise surveillance through a blockchain distributed ledger system. Here take a glance at different way’s blockchain can be helped in healthcare:
- Blockchain can be used to manage the cost of patient care & treatment.
- It can aid in managing and preventing pandemics in the future.
- It will enhance research in medical treatment & medicine.
- It will eradicate breaches in doctor-patient confidentiality.
Curious to know how blockchain can affect the supply chain industry? Well! Your wait is over then. Actually, blockchain can turn out a boon for the supply chain industry as it has the potential to keep track of each good in the supply chain process.
It can trace all the steps of the supply chain from the placing of order to final delivery. From the company that ordered the goods and vendors, trucks that carried the goods, and stops of orders, everything can be traced seamlessly to the distributed ledger.
If anything goes wrong with the goods, glitches can be traced easily. Succinctly, blockchain offers permanent transparency and validation for goods mobilization and financial transactions among multiple supply chain partners.
Moreover, each transaction is permanent & verified for everyone, including the owner, customer, and retailers.
Let’s take a glance at ways blockchain can transform the supply chain industry.
- Blockchain will ensure that no piece of inventory occurs in the same place two times.
- Data in blockchain will stay impaired permanently.
- Issues in the supply chain can be addressed seamlessly through blockchain.
- Inefficiencies and cost of the supply chain can be reduced by a blockchain distributed system.
- Goods can be traced to every single node of the supply chain.
#4. Government & Public Benefits
Government tasks and settings are huge. It includes a number of policies and works such as voting, road construction, distributing goods to the poor, and other well-fare schemes. The government also has to handle the huge data of each citizen of the country.
In such instances, glitches in data are common. Blockchain distributed systems can turn out real treasures to Governments & public beneficiary authorities. The institution traces and allots the benefit to a single beneficiary or a group of beneficiaries depending on different characteristics seamlessly.
All populations’ data stored in blockchain will help in calculating votes preventing glitches and provide public well-fare benefits to each beneficiary with each. Moreover, blockchain can introduce more safety & transparency in the work of the government.
Here are ways blockchain software development can help Governments.
- It can help in a glitch-free voting system & vote counting.
- It allows the allotting of well-fare benefits by tracing characteristics of people through blockchain.
- It enables tracing feedback of people and their condition in different locations.
- It infuses more transparency in digital asset registries.
- Blockchain allows swift & transparent registries of assets such as cars, houses, and other properties.
- It enables quicker & transparent tax payment and the prevention of frauds.
- Blockchain can enable glitch-free, faster, and transparent audits.
#5. Online Music & Entertainment
Are you wondering? Why have I mentioned this industry at the place? The truth is the music is one of the industries’ blockchain can affect positively and radicalize the end-user experience. Let’s understand how.
Actually, the music & entertainment industry is vast beyond our thought with a variety of succulence that can give a vigorous splendor to the audience. So as several startups are coming forth with new musicians to directly earn money from their fans.
This way, they are averting the percentage of sales to both platforms and companies. Here come the application of blockchain, transparent and smart contracts for music licensing issues can be solved, and better catalogs can be catered to the people.
Presently, Mycelia and Ujo Music are startups that embraced blockchain technology for creating a futuristic solution for the music industry. Isn’t it a revolutionary way to remove licensing issues in the entertainment & music industry?
If you are inspired & eager to invest in the blockchain music app, then you can get in touch with a blockchain app development company with relevant expertise.
Per a recent report, blockchain in the retail market can surpass $2.3 billion by the year 2023 with 96.4% CAGR. Surely, you would be wondering how this much growth can be triggered just by a single technology. And! You need to believe that blockchain still has infancy in the retail sector.
Well! Recent blockchain-driven experiments by major retailers such as Walmart, Amazon, and Alibaba are a testament to the potential for technology to solve age-old challenges in the retail industry. For example, blockchain technology can help retailers improve how they store information about their suppliers, help seamlessly execute payments and contracts, and prevent product counterfeiting & Authenticity of goods.
As the rapid online changes in retail occur, it is important that retailers adapt their systems to meet the ever-changing ways in which consumers search and purchase products. Retail management has the most promising use cases for blockchain, from supply chain management to customer loyalty programs to improve.
Let’s take a glance at some ways Blockchain software development can disrupt the retail industry.
- It helps in preventing retail frauds and counterfeit goods tackling.
- It enables supply chain tracking to reduce waste, decrease tracking time, contamination management, and tracking.
- It enables faster and secure blockchain integrated payment methods.
- It allows you to integrate improved loyalty programs by addressing issues with blockchain over certain loyalty program data.
Crowdfunding is a huge world to dive into but not as complicated. It’s a popular way to raise money for startup projects and charities, surprising the era of the modern Internet.
The crowdfunding sector is perfect for blockchain tampering. In particular, the blockchain industry responds to crowdfunding, the Initial Coin Offer (ICO) is already very popular among startups today. In short, ICOs, which are in line with public offerings, involves issuing tokens that act as shares of the company without an exchange of equity. Investors buy crypto-assets (such as tokens) instead of shares, using opposing currencies such as cryptocurrencies or US dollars.
In fact, the development of the crypto world will not last forever. One of the most recent inventions, an Initial Exchange Offer (IEO), could soon disrupt how to raise startup funds through token sales. In this new system, signals are sent to a suitable exchange, which acts as a counterparty and makes them available to individual investors.
Here are the ways blockchain development can radicalize the crowdfunding market.
- Cryptocurrencies would become a major option for funding.
- The investor will invest more in ICOs and cryptocurrencies.
- Buying & sales in crowdfunding may get digital currency based.
#8. Real Estate
Real estate is another incredible industry where blockchain software development can result in revolutionary changes. Actually, blockchain is known worldwide for providing high-end immutable security of data & transparency.
These properties of blockchain can prove a blessing for the real estate industry. All the assets of real-estate can be stored on the blockchain, and smart contracts can infuse consensus on which each party in the blockchain can make fair deals.
Moreover, the glitches in real-estate can be removed. The material used in construction can be traced from the vendor end to the construction site, and problems can be eradicated in inventory. Moreover, buying and selling of properties will be more transparent, and deals would become public to all, so no fraud can occur. Don’t you think it is really impacting and beneficial to people?
Let’s take a glance at ways Blockchain development can impact the real estate industry.
- Blockchain can be used to exclude middlemen from the real estate transaction process, which can reduce costs.
- It can allow partial/fractions ownership that can reduce the barriers to real estate investment.
- Transparency of a decentralized network can reduce costs associated with real estate transactions.
Last but not least is the Airline Industry. Well! This industry is large and complicated too in terms of data, where blockchain can address a variety of problems & discrepancies. Blockchain’s shared nature & decentralized approach of data management can infuse more security & safer information exchange.
Altogether, it can sharply improve data transfer speed, transparency, and responsiveness. All it can result in saving substantial time & money and paving a new foundation of business models.
A number of transactions can be set up in this way, including airline billing, billing between travel agents and airlines, purchasing travel insurance, determining loyalty settlements, and airport and authority taxes, fees, and charges.
Moreover, Smart contracts can simplify and automate the process among airlines, minimize the risk of error, and increase customer satisfaction.
Let’s take a glance at ways Blockchain development can revolutionize the aviation industry:
- Blockchain will automate repetitive processes and payments by creating a smart contract with predefined rules & Electro-agreements.
- Blockchain can improve customer experience by implementing data-driven loyalty programs & streamlining processes.
- It can simplify revenue accounting and payment’ reconciliation.
Needless to say, blockchain is a revolutionary technology concept that will disrupt almost every industry in the future. Indeed, its infusion in applications would leave a positive impact on the market & end-user experience.
Moreover, transparency & data security will turn out a blessing for businesses. At the same time, various glitches may be prevented in terms of data lost & fraudulent activities. Central authorities would also have a small role in the various transaction, as all data & transactions would be end-to-end & decentralized.
If you are striving to secure a blockchain solution for your business, then hire blockchain developers from a reliable company like ValueCoders. For more information related to blockchain & its usage, stay tuned with me.