Impact of Blockchain in Different Sectors
12.11.2018
Author- Dipanjan Datta
Standing in this ‘digital age’, we are more or less aware of the buzz surrounding blockchain technology. Many researchers have even stated that this next-gen technology is going to bring revolutionary changes in key industrial regimes. No doubt, blockchain will bring transparency in operations but let’s have a glance how this disruptive technology is going to impact different sectors of
1. Banking: Many people tend to confuse blockchain with cryptocurrencies and consider synonymous to each other. But it’s not really the fact if we look into the matter further. It is of no doubt that there are hazards associated with maintaining bank records and transaction history. It is a herculean task for bank employees and very often prone to mistakes. With this disruptive technology, banking records can be stored in a more efficient and encrypted manner. People can also transfer money in any volumes to their peers through blockchain without intervention of third party authorities like banks or governments. Very often, prevailing banking systems witness system collapse and in this case, blockchain is the only answer. Lack of a central vault in blockchain prevents system collapse in true sense. It is as if democratizing the transactions and empowering individuals’ possession of money that no third parties can get hold of. Imagine a world devoid of banks where people have their absolute control over money. Isn’t that interesting?
2. Supply Chain Management: In the contemporary world, the supply chain industry is burdened by problems owing to rising costs while meeting the demand of end users. There are expenses of space, transportation and electricity, which are intricately related to the supply chain scenario. Smart contracts and blockchain technology can solve these issues largely. With smart contracts, it will be possible for funds to be stored in a contract and manufacturers would begin the production process only if a certain number of contracts have been reached. There will be absolutely no headache regarding overestimating demand and resource consumption. Moreover, blockchain will bring full autonomy into the system and would enable supply chain procedure to be self circulated.
3. Healthcare: One of the key issues in healthcare sector is that patient’s data and previous health records are not properly scrutinized. Blockchain would play a fair hand in solving this problem. Gone are the days when healthcare staffs used to store patient data in paper records. Even in this digital age, though patient’s personal health record is stored in a computer, transparency of these data is not guaranteed due to various reasons. With blockchain, in case of emergency, a healthcare professional will have access to patient’s previous health records on an instant basis and thereby, giving doctors the opportunity to serve a patient better with ample amount of time.
4. Real estate: Real estate sectors also face a lack of transparency and investors are more often vulnerable to fraud. It is blockchain, which will solve these issues at large. This next-gen technology will bring motion in real estate industries by storing public records in an encrypted database. It will also bring transparency in operations by tracking and verifying ownership of properties.
5. Insurance: In insurance industry, blockchain using its distributed ledger technology will be able to verify data within contracts on an independent basis. This will boost the fair play of insurance sectors largely while aiming at customer-centric solutions.
6. Retail: Even in retail sectors, blockchain will come handy. With blockchain, sellers can interact directly with customers and thereby, eliminating middlemen. It will also help sellers to analyze the market situation while keeping prices competitive in true sense. Apart from these, if smart contracts are issued in near future, it could also enhance the encryption levels.
7. Government: Most people complain about government organizations for being lazy and being not able to serve within the aforesaid stipulations. Government organizations are also not transparent in its work approach. Blockchain could integrate the various facets of government organizations’ operational structure and thereby, streamlining efficiency. It will also help to accelerate the work-flow in organizations combating bureaucratic slowdowns.
With blockchain being the ‘talk of the town’, it’s far reaching impact is yet to be felt. The technology is still in its novice stage and has the potential to unleash new dimensions no one has ever thought of. No doubt, this next-gen disruptive technology will bring key transformations in various organizations’ operational structure. In the present context, this change can only be anticipated; much more is yet to come.
