Not long ago, Blockchain was believed just hype with no real-world use-case in sight. But, the technology penetrated faster and in a much bigger scale. The famed use case of Blockchain, the Bitcoin, brought the much-deserved spotlight into the tech and the rest was history.
It took a long time, but now Blockchain has been unequivocally recognized as the pragmatic solution to a very pressing challenges across industries.
A whopping 53% of global survey respondents said that Blockchain is a vital priority for their organization in 2019 and 23 percent have initiated Blockchain deployment. Almost every industry has discovered a compelling use case of Blockchain– from financial services to healthcare to life sciences. The issue now is’how do we embrace Blockchain’ instead of’why should we embrace Blockchain’.
Five Big sectors that have started detecting the first wave of disruption because of Blockchain growth are:
In fact, FinTech startups were the first to embrace Blockchain technology when the rest industries considered it merely a frill rather than potent enough to have practical use cases. FinTech not only imbibed it but additionally registered return on investment through Blockchain adoption.
In the Insurance business, underwriting and claims processing will be the most labor and time-intensive processes. Consequently, it’s only logical that the early adopters look for Blockchain use cases in such areas of operation. Insurers can associate with a Blockchain development company to deploy tools that provide them visibility in present and past insurance policies or claims related to property/insured from the question.
- Data Management
Data Management isn’t an industry per se, but an inherent function in most businesses. In every workflow, it’s critical that the information is available to only authorized users. Blockchain software can serve as permission-based platforms and assist stakeholders in detecting data tampering. Even if an attacker manages to gain access to a Blockchain network along with the related data, he/she will not be able to retrieve the information. It’s because the data blocks are fully encrypted guaranteeing secure flow for the intended users.
Recently the focus region of Blockchain program development has changed to easing secure communication protocols around the Blockchain network. Such protocols are immune to man-in-the-middle attacks where the attacker intercepts the network, still can not forge the interlocutor’s individuality or ingest any information under transit.
- Real Estate
Property is one conventional sector that would soon be seeing disruption, thanks to Smart Contracts or Cryptocontracts. In a very simple definition, Smart Contract is a computer application facilitating the immediate transfer of digital currencies/assets involving two parties. Such contracts can allow assets like property to be tokenized and exchanged like bitcoin or even ether and trades can be performed online.
Blockchain apps can facilitate functions such as payment, and legal documentation too. Conventionally, property transactions involve intermediaries that maintain commission along with a fee. Blockchain can expedite the complete process as trades exclusively occur between the seller and the buyer. Moreover, by allowing fractional ownership, Blockchain reduces the barrier to real estate investing, as the asset can be traded like stocks.
- Item Supply Chain
Blockchain use-case in streamlining the Product Supply Chain needs a special mention as the COVID-19 crisis has put enormous stress on this company function. Supply of crucial medical equipment and pharmaceuticals continues to be acutely affected due to this health-crisis led disturbance. But, the principal limitation has been the absence of trust between the trio–need, supply and the financial instrument.
Blockchain software can function as a trading and funding instrument to ensure distributed ledger-backed obligations to factories which are released as and if pre-agreed production milestones are achieved and as goods traverse the supply-chain.
Though the basic function of verifying and moving financial information is related to almost all industries, in the present development level, certain industries seem more suited to Blockchain mediated alternatives — with Financial Services, Government, and Healthcare directing the group. As we’ve been seeing recently in the COVID-19 catastrophe, problems in global payments and trade finance could be addressed by blockchain solutions. This would require cohesive investment in Blockchain application testing and development for a variety of use-cases.