Blockchain Industry Adoption
Block Chain is already becoming popular day by day. Soon, the blockchain industry will be developed. Many companies find it more helpful in completing different valuable tasks. Let’s look at the 9 Major industries Blockchain Technology is affecting.
Cyber attacks are one of the top threats to our digital world. Back to the 2017 data breach, 143 billion customers of Equifax went crazy. Blockchain technology can reduce or end that nightmare and make it safer for us.
As BLOCKCHAIN is a decentralized technology, so it is ideal for the environment where high risk is involved. Well, all information stored in the Blockchain is verified and encrypted using a cryptographic algorithm which didn’t leave any single entry point for security leaks.
Also, you can find attack as it is a peer-to-peer process where data can’t be tempered. Blockchain provides a pure and secure way to record transactions without having that person’s private information. Cybersecurity is a prominent blockchain industry with applications and uses nowadays.
Let’s say you send 100$ to your friend via bank transfer, and your friend will receive, let’s say, 90$. 10$ cust down as fee and your friend will not get exact amount because of hidden costs. Also, there is no. On the other hand, Blockchain transfers money to another user based on a peer-to-peer policy.
On the other hand, Blockchain is a decentralized and peer-to-peer payment with high security and low fees, with no central medium you have to pay directly. Isn’t it cool? This eliminates the third party’s need to make the payment, you pay directly to your friend, and the transaction will be recorded on a public ledger and viewed by the public.
The main problem in healthcare is the storage of data of patients. Anyone can access the critical data that is located in local data files. When someone asks for anyone’s data, it takes many hours to find it out. So in between that, there are a lot of possibilities of data loss, theft and data breach.
Because of these, all reasons Blockchain is the best out there. It is easy to use and remove third-party mediums. Here data is stored in blocks, and each block is connected to another sub-block, making it difficult for hackers or thieves to steal the data. Data of HEALTHCARE is most important, and is there any other way to protect it than Blockchain.
Another healthcare concern is counterfeit medication, and Blockchain is the best solution. There is a problem in distinguishing between counterfeit medication and original one. The blockchain industry solves the problem through supply chain management.
04. Supply Chain Management
The blockchain industry or Supply management can record all transactions from beginning to end. For example, you get unhealthy or disgusting food if you place your order. The owner of the company whom you ordered can go through and check through a ledger of Blockchain and check in the supply chain where the wrong order is misplaced.
In simple words, supply chain management provides complete information and records all transactions and makes you unable to find the fault or mistake. And provide clear transparency to all transactions. All transactions are verifiable and permanent so make it easy for their owner.
It can use in any field or business. In other words, Supply chain management is used for any information and always gives the correct answer.
Blockchain technology can end voter fraud. In the traditional vote casting process, you can see that a voter stands in line and casts a vote in the ballot box in their number. Then vote must be counted by another central authority. An online poll is also possible, but in all these cases, there is the risk of fraud in counting and voting.
Thus choosing BLOCKCHAIN TECHNOLOGY for a vote is a wiser step. Here people can vote online without showing their identity and later can be counted with high accuracy knowing that one ID can attribute to only one person or vote. Once the ballot is calculated in the ledger, adding or erasing the voice is impossible. Fraud is near impossible with blockchain technology.
One digital blockchain voting platform is MiVote. Peoples vote online, locked in Blockchain and later calculated by the authority with high precision.
Another government application is a digital register where the government can add data about assets such as Homes, cars, land and others, where blockchain records in a better way and tax collection is made easy with zero fraud risk.
Overall, Blockchain technology can increase the accuracy and efficiency of governments. By 2022 UAE want to shift all data and process to Blockchain to everything in Blockchain to make it super fast and transparent.
Here are a few more industries of Blockchain where it is applicable.
With blockchain decentralized technology, Insurance false claims can be tackled and made more pure and transparent. Also, close the door for false claims.
With transportation blockchain industry can make it easier to trace vehicles, and also it makes it easier to trace the shipment.
Does the future lie On Blockchain Industry Technology?
Blockchain industry TECHNOLOGY has taken over the way of work. Why not secure your future by becoming an expert blockchain developer. The end of the blockchain industry is vast and bright, so you should take a step and start learning blockchain technology now.