This Back to Basics series has been discussing the benefits of blockchain, and how it has taken the world by storm- however, today we will be diving into how it affects business industries.
As we are specializing in Logistics, we are aware of how blockchain has improved and changed the landscape for other companies who are also transport and logistics centric; in terms of traceability and better accountability. But what about other fields?
McKinsey&Company released a study rating the impact of blockchain by industry, looking at its affects by ranking its affect by revenue, cost, capital and socially. According to the study, the sector that blockchain affects the most socially is agriculture- highlighting the area of food safety and its direct effect on people. In terms of generating revenue, the biggest winners are the categories: automotive, financial services, property, public sector, and technology, media and telecommunications. Regarding cost, which had the most sectors impacted by blockchain, we have agriculture, financial services, healthcare, insurance, property, public sector, and utilities.
From this, we can tell that blockchain has major traction in terms of its widespread impact on a variety of industries, which really goes to show the use it has and how impressive the benefits it can reap really are.
We implore each company and each industry to look at blockchain as a viable avenue for generating revenue and positively shaping society as well as improving business.