Which industries can benefit from blockchain the most?
As blockchain moves from the early enthusiasts to increasingly developing technology for business purposes, many industries are exploring the options to implement it into their business processes.
The main reasons blockchain can help the industries into the process of digital transformation are based on premises that this technology can:
- improve security of business transactions
- provide a ledger that is immutable to changes with permanent records
- decentralized ecosystem
- cross platform interoperability.
The most obvious industry, open for disruption and adoption of blockchain and crypto technologies, is of course financial industry, and with that all the industries that are connected to it. As the internet never stayed in the scientific realm and became connecting platform for all kinds of businesses, so is blockchain becoming the new way how businesses can improve their processes.
Manufacturing, retail, health, even government services and many more can benefit from blockchain technology implementation. Blockchain in manufacturing can help optimize production lines, increase the efficiency and transparency of supply chains, and impact positively impact the process from warehouse to delivery to customers. In healthcare, blockchain can improve the security of patient health records. Consumer payments in crypto are being researched and developed.
“Blockchain, or distributed ledger technology, could soon give rise to a new era of the Internet even more disruptive and transformative than the current one. Blockchain’s ability to generate unprecedented opportunities to create and trade value in society will lead to a generational shift in the Internet’s evolution.”
World Economic Forum
Blockchain is already making waves is some other industries, too. Many of them dipped the toes in the waters of distributed ecosystems through last year’s crowdfunding projects or token generating events. Our own company was involved in some of the most successful projects in vertical industries, including consumer electronics, entertainment (Viberate) and sports (Sportyco).
Think of Ethereum as a world computer. What Bitcoin does for payments, Ethereum does for anything that can be programmed. ~ Vitalik Buterin
Now is the time to get involved in the new paradigm that will bring technological, business and societal changes, from which we’ll all benefit. Only visionary companies that dare to challenge the status quo, and have the knowledge and courage, will gain significant advantage in the new business landscape.
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