The Usage of Blockchain Technology Across Different Industries

Blockchain still remains one of the buzzwords not only in the tech world but also in the mass media. We’re constantly hearing about breakthroughs related to blockchain technology, but not everyone knows what blockchain technology actually is. Simply put, it is a distributed ledger technology that allowed us to have cryptocurrencies like Bitcoin and platforms like Ethereum.

Blockchain offers a new way to record and transfer data, which is safe, transparent, auditable, and not affected by outages. Blockchain technology can make organizations that use it become democratic, decentralized, transparent, efficient, and secure in all their business processes. Because of its great impact, this emerging technology has already started disrupting industries and revolutionizing the way they operate.

We can only assume that the number of industries implementing blockchain in some way will continue increasing over the years, but these are the industries that have already embraced blockchain and are making the most of it.

Banking and Financial Institutions

Experts often compare the impact that blockchain is having on banking and financial organizations with the impact that the internet had on the media. Blockchain in finance can be used to provide access to financial services to billions of users across the world, regardless of their location and whether or not they have access to traditional banking.

Bitcoin, as the leading cryptocurrency, allows us to send money across borders and with lower fees than conventional transactions. This led many banks to start working on adopting blockchain technology to accelerate their business operations, and also make them more efficient and secure. That is why numerous banks have begun investing in blockchain startups and projects.

Real Estate

Most home buyers and home sellers are tired and frustrated by the bureaucracy, lack of transparency, fraud, and errors in public records. This is where blockchain technology can truly revolutionize the entire industry and enhance the experience of buying and selling properties.

Blockchain in real estate can accelerate transactions by decreasing the need for paper-based record keeping. Besides that, blockchain technology also helps with tracking, ownership verification, ensuring document accuracy, and transferring property deeds. Another interesting case is real estate tokemization which allows smaller investors to participate in the transactions.

Supply Chain Management

Blockchain technology allows for the transactions to be documented in a permanent decentralized record, while also being monitored transparently and securely. Doing so can tremendously decrease time delays and human mistakes, two issues that the supply chain management industry was facing for years.

Blockchain technology can also be used to monitor costs, labor, waste, and emissions throughout the entire supply chain. This provides a serious value in understanding and managing the environmental impacts of products. Such technology can even verify the authenticity of fair trade status by tracking products from their origin.

Insurance

The entire insurance market is based on trust management. This emerging technology provides a new way of managing that trust and can be used for data verification in insurance contracts, including the identity of an insured person. Oracles can be utilized to integrate real-world data with smart contracts, which are based on blockchain technology.

Blockchain can be incredibly valuable for all types of insurance, especially those that depend on real-world data, such as crop insurance. All insurance organizations can see tremendous benefits in the way they do business if they implement blockchain technology right from the start.

Voting

When it comes to blockchain use cases in society, there is also a certain number of benefits it can provide. When we put blockchain in the corporate world aside, one of the areas where blockchain is already disrupting is voting. Blockchain technology can be utilized for voter registration, verifying identities, and electronic vote counting that only considers legitimate votes, and disables manipulation of the votes.

By creating an immutable, transparent ledger of recorded votes, governments are becoming more open, honest, and transparent to their people.

Conclusion

To many of the challenges these industries face, the evolution of blockchain consensus mechanisms will provide a better answer as the technology is constantly being tested and improved. Security is the most important aspect of blockchain technology, making it the perfect solution for each organization in these industries that knows how to implement it in a way that will be beneficial for them.