10 Industries Blockchain Technology is Disrupting!
Blockchain is a distributed ledger system that records data transactions in secure, verifiable ways. While blockchain technology is most widely associated with cryptocurrencies such as Bitcoin, it has a much wider application that’s being used by innovators in different industries. Here are 10 industries that blockchain is disrupting.
Banking
Your bank relies on accurate data transmissions and record-keeping to remain a trusted agent in the financial services industry. Some of today’s central banks use the Blockchain development services of software companies to improve the speed and reliability of inter-bank payments. With a traditional banking payment system, transactions would halt if your regional bank’s servers went down. Blockchain banking solutions end these single-point-of-failure risks and result in faster, more cost-efficient transactions.
Reporting transactional data to regulatory agencies for periodic reviews and audits is a regular activity for banks. Blockchain’s distributed ledger feature allows your financial institution to quickly capture details such as transaction dates, amounts, originators of payment, and payment recipients.
Blockchain banking solutions have also become lifelines for people who live in countries that are plagued by financial instability, high inflation, and currency restrictions. The Blockchain enables secure peer-to-peer financial transactions that make the idea of a “borderless currency” a reality. Blockchain Development Services
Real Estate
Imagine that one of your real estate brokerage clients found his dream home in a wonderful community. It’s a historic home that’s been well maintained by its owner over the years. After finding out about the home’s extensive upgrades and new renovations through a comprehensive property inspection, your client is ready to head to the closing table with his down payment. A few weeks after the closing, you learn that you and your client are victims of an elaborate ownership fraud scheme.
Someone gained the title to the home through theft and then sold it to your client. These types of thefts can be eliminated by using Blockchain government solutions that make transactions such as title recordings and ownership transfers widely visible to all interested parties. A Blockchain solution also reduces the risk of fraudulent activities because items recorded in the ledger need group consensus to be changed.
Government
Your city or state’s level of prosperity is often measured by its quality of government services. More affluent areas often have more services that are staffed by competent, enthusiastic workers. This atmosphere of success attracts thriving businesses and talented laborers. Blockchain government solutions allow you to find risks and opportunities within your government agency’s operations. For instance, processing and recording identification documents such as birth certificates, driver’s licenses, and passports are done more accurately and cheaper when governments use Blockchain Solutions. The results are less bureaucracy and improved services that make the most of tax dollars.
Supply Chain and Logistics
Consumer trends show that people don’t support businesses that don’t share their values about the environment, fair labor practices, and safe products. Market share is at stake, and people expect your company’s entire supply chain to be ethical and environmentally sound. By using Blockchain technologies, you can verify that your chosen suppliers have met your supplier ethics management criteria at different points in your supply chain. In this way, Blockchain helps you to protect your brand’s image and to position your company for continued growth.
Cyber Security
One way that hackers can cause harm to your company’s network is by posing as an authorized user, gaining access to data, and changing that data. Without data integrity, your firm won’t have the insight to make sound business decisions. With a Blockchain Solution, your IT staff can associate your company’s data with digital signatures, which eliminate the risk of data changes by would-be cyber criminals.
Healthcare
Your hospital or clinic processes sensitive patient information, which is protected via federal laws such as the Health Insurance Portability and Accountability Act (HIPAA). One of HIPAA’s main functions is the security of electronic records. Blockchain healthcare solutions allow your organization to efficiently carry out data access authorization and verify user identity for networks that host patient data. Blockchain reduces the complexity of sharing patient records with authorized agents.
Transportation | Ride Sharing
Blockchain technologies are set to revolutionize the ride-sharing segment of the transportation industry. Traditional ride-sharing companies such as Uber and Lyft make money by serving as trusted, third parties that bring drivers and riders together for mutual benefit. Start-ups in the segment are coming up with ways to compete with market incumbents by using Blockchain to do away with middle-man functions and add real value to riders and drivers.
Music
The music industry is a multi-billion-dollar operation that often leaves lesser-known artists with less-than-acceptable pay and music rights. Blockchain-based technologies cut out intermediaries and red tape to put more money in the pockets of fledgling artists and elevate the overall offerings of the industry.
Insurance
To stay competitive in your industry, your insurance company must find ways to leverage technology to improve existing service offerings, introduce new products, cut operating costs, and prevent fraud. Establishing industry-wide Blockchain technologies can help your company to detect repeat “accident victims” and their claims that are signs of insurance fraud. By having data readily available on Blockchain, your agents will have the information to create policies and process claims faster, which saves on administrative costs in the long term.
Education
Everyone wants to position themselves for success in the job market, and landing that dream job often takes a degree. Some unscrupulous organizations establish themselves as degree mills that churn out bogus degrees to paying customers. This practice lowers the value of a degree that a graduate legitimately earned from your school. Universities such as MIT have implemented Blockchain solutions that deliver authentic credentials to current and former students. These tools allow your students to send their official transcripts to employers and other third parties with confidence that hiring managers will treat them as legitimate job candidates.
Conclusion
Chetu is a U.S.-based software development company that specializes in producing custom software for companies of all sizes and types. Since its founding in 2000, the company has stayed current with technology trends that influence its customers the most. It offers state-of-the-art Blockchain solutions that make business operations more secure, transparent, and innovative.
Contact a Chetu Senior Blockchain Consultant Today! We love to answer questions and help you succeed. Click Here!
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Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice. Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu’s expertise spans across the entire IT spectrum.
