Ever since blockchain first came up, it has been said countless times that this technology will take the world by storm. It has been speculated that multiple industries will be affected by blockchain technology all over the world. Blockchain promises security along with fast and safe data transfer, and that is precisely what the public needs.
So in this article, we will talk about which industries have already come under the storm of blockchain.
Banks And Finances
The banking sector will see changes in how banks store information and process transactions. Blockchain will revolutionize the industry as performance will be much faster than before, and security will be tight along with cheaper transactions and record keeping.
It is estimated that blockchain technology has the power of reducing banking infrastructure expenses by 30%. The reduced headcount will result in even more savings, upto $160 million every year.
Here are some banks which have already chosen the efficient route of blockchain technology: Royal Bank of Canada, DBS Bank, Deutsche Bank, and the Central Bank of Lithuania.
Cybersecurity is another industry that is about to embrace the storm that blockchain technology will bring. Many startups have already begun to benefit from blockchain’s properties. Some of these include Gatecoin, Ripple, REMME, and Guradtime.
Decentralization, confidentiality, reduced fraud, smart contract, and accurate tracking are the advantages of blockchain that companies have already started to take advantage of cybersecurity courses.
Cost efficiency and time are two things which any industry can take advantage of and so the transport industry doesn’t lack behind. Many new companies are coming, which promise user benefits such as direct contact with drivers, cost and time efficiency, and the transparency of the consumer base. Chaser and Arcade City are now allowing drivers to create their businesses of transportation with the ability to decide their rates. There is another startup that goes by the name LaZooz and will enable drivers to fill their vacant seats by people needing cybersecurity training.
Charity organizations are also delving into the benefits of blockchain technology. With its help, they can enable financial records that are publicly shared along with improved transparency. The problem is how people fraud and take our money, and instead of helping people in need, it goes in the pockets of the wrong people.
Just like other industries, startups are stepping up and coming with creative blockchain solutions for the healthcare industry. One example is Simply Vital, which has already demonstrated the use of blockchain technology using their products, which are Health Nexus and Connecting Care. PokitDok has come up with a way to use blockchain, which allows it to show all patient data over a secure network.
The retail industry is one of those that are showing significant changes because of blockchain. The use of blockchain started with simple transactions, allowing consumers to pay in the form of cryptocurrency. Now they are looking into ways to benefit from factors such as the ability to track and store all data, accurate tracking of buying habits along with the decentralized system resulting in increased trust. For now, franchises such as Starbucks branches, Pizzaforcoins, and some Burger King outlets accept bitcoins for purchases.