Blockchain technology has been in the media lately, mainly concerning cryptocurrencies and NFTs. These are just a few popular usages of the blockchain out there, but there are plenty more that the public still needs to be aware of.
Besides the theoretical implications, the capability of blockchain development services is already being used in the real world to store and share information faster and more securely for various industries.
According to reports, the global blockchain market will see a considerable CAGR of 56.1% by 2028.
A blockchain is a compelling technology that can significantly improve logistical processes and make them much more cost-effective and efficient.
Blockchain development services for almost every industry can derive a wide range of benefits. Let's look at some industries that will benefit from blockchain technology in the coming future.
What are the top 8 industries that benefit from Blockchain technology?
Here we have listed the top industry expected to see significant growth through Blockchain development. Let’s get started.
Government
In the future, blockchain technology could eliminate voter fraud. Traditional voting involves standing in line or sending in mail votes, and following which, the local authorities had to count the votes. Though it has been implemented for a long time, it needs to be updated and take time.
By implementing blockchain technology, you can make the wisest decisions. With modern technology, you have an option where people can easily vote online without disclosing their identities. Using blockchain, government officials can count votes with the highest degree of accuracy, and it helps them determine that each ID is associated with only one vote.
Healthcare
We can't deny it. Today, health data storage has a multitude of problems. Anyone with access to these private documents can access them since they are all organized in a central location.
As a result, it can take hours for a person to locate a file in which a person's information is stored, resulting in the possibility of information breaches, theft, and data loss if someone asks for the file.
This is where blockchain technology comes into play.
Moreover, there is no need for a central authority since blockchain technology eliminates that need for one and enables rapid access to data.
Each block of the blockchain is connected to a block in this way, making it harder for a hacker to corrupt the blockchain's data by distributing it across different blockchain nodes.
Real Estate
Real estate has much to gain from blockchain technology, a traditionally conservative industry with high entry barriers.
As blockchain technology makes the industry more transparent and accountable, it also provides direct access to homeowners and investors, reducing middlemen like agents, brokers, property managers, and lenders.
Blockchain in Lending
Blockchain has the potential to benefit lenders in several ways. The use of a decentralized ledger will allow lenders to do several things in a more efficient way, including but not limited to the following:
- Make quality lending offers available to consumers.
- Accelerate the approval process.
- Secure the data of consumers.
- To improve future offers, gather valuable data metrics.
This makes a lender who can successfully use blockchain technology to obtain a loan more attractive to lenders who wish to utilize it for this purpose.
It is already well known that a few lenders use a blockchain platform to offer different types of financing.
Not to mention fintech companies with cutting-edge platforms that can connect lenders with merchants and consumers to offer various financing services.
Supply Chain Management
Using blockchain technology, you can trace all supply chain steps. For example, you ordered food from a restaurant and had it delivered to you, and then when you tried it, it was disgusting.
A company owner can delve into their blockchain ledger and see where in the supply chain the order went wrong to cause the customer to be dissatisfied with the order and get back to them with details.
Any verification can be done with this device – for example, it can be used for tracking seafood from ocean to market or for any other type of verification.
Thus, blockchain technology provides supply chain professionals with the information they require at any time.
Cybersecurity
In today's digital world, cyberattacks are one of our biggest threats. As a result of blockchain technology, all the nightmares associated with data breaches can be put to rest. Using it, we can keep our data safe from unauthorized access and manipulation.
A blockchain system is a system that operates on a decentralized network, so it is ideal for environments that have high-security concerns.
A blockchain network, whether it's bitcoin or another blockchain network, stores all information verifiable and encrypted using cryptographic algorithms designed to prevent security breaches.
This way, there is no single entry point for a wider-scale attack.
Due to the peer-to-peer connections and the inability to alter or tamper with data, blockchain technology allows you to identify malicious data attacks quickly.
SaaS Companies
SaaS companies that need credit lines and have durable revenue streams are well suited to use blockchain technology.
The process has been complex in the past, and founders have had a more challenging time covering the income gaps between their corporate revenue and income.
An entrepreneur could use a smart contract to file their annual recurring revenue and receive a credit line on the blockchain in less than five minutes using smart contracts.
Travel And Mobility
As part of the mobility and travel industry, blockchain could streamline aircraft maintenance records and airline ticket sales by encapsulating the relevant fields in a digital token that would be easier to maintain.
It would be beneficial to record automotive parts as tokens so that fraud can be prevented and access could be made more convenient.
On top of that, it would be helpful for automobile dealers and renters if the sales process were streamlined to minimize the number of clicks and paperwork.
Conclusion: Blockchain technology will continue to grow.
While blockchain is still a relatively new technology, it has the potential to transform both established and emerging industries significantly. Even so, several significant obstacles are preventing its widespread adoption.
As a result, the technology has needed to be faster to develop due to regulatory, policy, and knowledge debates.
However, with blockchain technology connected to various industries, the technology will have a bright future.
