Industries that Blockchain Development can transform radically

The blockchain is the most promising technology which is all set to bring innovation in the future. But many newcomers to the blockchain world have a misconception that the potential of blockchain lies only in the financial and banking industry.

Blockchain technology which supports cryptocurrencies is more than a medium of exchange and store of value. From blockchain supply chain to healthcare, agriculture, manufacturing, fashion and publishing, the blockchain development presents an opportunity to various industries.

With its unique features like transparency, traceability, auditability, and immutability, it can offer a degree of clarity to various business domains.

Let’s take a look at some of the industries that can be disrupted with blockchain development immensely.

Here are some prominent industries that can be ruled by blockchain development in the near future:

1.Financial Services
Everyone who understands blockchain knows that the application of cryptocurrency into the global economy is the finance industry. Today’s banking and financial systems lack fairness and security. High transaction and interest rates are in favor of banks/financial companies due to which customers only get a little from their interaction with banks.

Billions of people in the world cannot even access banking services at all. Making cross border transactions also add a high cost to the system.

Blockchain can overcome such issues with incorruptible ledgers and no centralized authority making it easier for everyone to transact, start a business and receive payments. Blockchain development offers solutions without middleman fees and high rates of interests.

2.Supply Chain Management
Supply Chain industry currently deals with issues like high transportation charges, overproduction due to lack of transparency, inefficient recalls and increasing theft/counterfeit cases.

Blockchain and smart contracts offer an ideal solution to such challenges. What if an automobile industry uses a system in which vehicles are manufactured only when certain requests are received.

Smart contracts make it possible to lock funds in a contract that allow manufacturers to start production when a specific number of requests have been received. By connecting manufacturers directly with consumers, the blockchain based supply chain solution would eliminate the involvement of intermediaries.

Also, consumers can trace back the ledger to check the transaction history to identify the product from its origination to the distribution.

3.Healthcare
Healthcare is the base of any national economy. In the United States, healthcare contributes to one-fifth of the national which is roughly estimated to be $3.8 billion. But the industry has not been able to digitize on a larger scale and lacks transparency, interoperability, and updated infrastructure.

Blockchain can bring a transformation in the healthcare industry by providing an incorruptible ledger to store and manage data which can be accessed by all stakeholders within the system.

If your industry deals with data or any financial transaction, you can enhance your business operations with the blockchain technology. All you need to do is to find the right blockchain development partner who can help you from consultation through the development and launch of a successful blockchain product.

This story is published in The Startup, Medium’s largest entrepreneurship publication followed by +439,678 people.

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