Which Industries are Set to Benefit from Blockchain Technology?
Blockchain was mainly created to allow the transferring of cryptocurrencies. However, it is becoming a revolution in the world of today, surpassing its connection to fintech. Many industries are today benefiting from Blockchain technology. These industries range from the travel industry to the healthcare system. With the growth of the popularity of the technology, many companies and industries are relying on it more and more. In fact, one of the largest financial lead generation companies in the world has created a list of the 5 industries that are benefiting from blockchain technology. So let’s figure out which industries are set to benefit from the blockchain technology.
1- Multinational Corporations
Many influential multinational corporations have started to use blockchain in a way to adapt to digital currency payment networks. In fact, leading businesses are not able to ignore the efficacy and benefits of this technology specifically in the financial sector. There are still some companies who are testing the efficacy of it, and others who have already integrated it into their systems.
With blockchain, the banking sector can provide financial services to people all around the world even those who did not have ant access to any banking services. Barclays Bank is one of the examples of banks that is trying to adopt blockchain in order to allow the transfer of cryptocurrency. This will help customers transfer money faster, easier and cheaper to almost anywhere in the world.
For pharmaceutical companies, the adoption of blockchain can add lots of value and help save lives. In fact, it can help identify stolen and fake medicines by allowing these companies to know the origin of the medical compounds they are using. Blockchain also allows them to trace the process of manufacturing, packaging, and the final delivery of these compounds to their patients. This helps ensure that the products are good, and save lives.
4- Education Institutions
Blockchain is helpful to secure the transfer of documents and data used in the education field without fear of being hacked, or altered. The data exchanging process can happen within the education system, safely, exchanging documentation such as degrees, qualifications, and licenses. It will also allow the verification of the authenticity of the certificates as well as their accreditation. This technology rids educational institutions from the need to authorize credentials entirely.
The healthcare industry has lots of data circulating. Regulations are forcing companies to obey interoperability standards. However one of the main problems they are facing is trying to connect together data that are not similar. Even though blockchain is considered slow, it has a universal ID that could connect all the health records together enabling patient-centered health.
6- Real Estate
The real estate industry relies on transactions, which are being strengthened by blockchain. The blockchain’s traceability allows neutral third party interference. It allows the release of contents only when conditions are met as well as other conditions agreed on by the parties.