Updated September 1, 2022
We increasingly rely on the internet for our daily needs, and we trust the internet with our personal information, exchanging our data for convenience.
Although we don’t hesitate to buy things online, we want to know our information is safe. With blockchain, businesses can ensure both ease of use and secure transactions.
As such, blockchain has the potential to reform industries, enhance their security, and ensure smoother safer transactions. Learn how this will impact various industries.
What is Blockchain?
Blockchain technology — also known as distributed ledger technology (DLT) — is a shared database or digital ledger that records and stores information in groups known as blocks. These blocks have storage capacities, so when they’re full, they are closed. Then the block in linked to a previously filled block, forming a chain. Hence the name blockchain.
When a user requests a transaction, information is sent to a block which represents that transaction. This block is broadcasted to a wider network, is validated, and then added to the chain.
Top Industries Blockchain Technology Will Transform
- Banks and other financial businesses
- Publishing
- Healthcare
- Music and arts
- Internet of Things (IoT)
- Cloud computing network&
- Charity funds and donations
- Marketing and advertising
- Cybersecurity
- Supply Chain
1. Banks and Other Financial Businesses
Banks and related organizations are at the utmost risk as they hold the information regarding a majority of people’s assets along with the assets themselves. Think not only cash but loads of personal information.
Approximately $19 billion dollars could be saved if arbitrators are made obsolete in the total banking process as a whole.
If blockchain technology is implemented for their routine exercises, an individual can have easy access to their bank transactions with the help of a good internet or phone connection. Many banks are already using this but not all.
Blockchain is already disrupting the banking industry by providing a peer-to-peer payment system, which make third-party banks almost entirely obsolete.
This is how cryptocurrency, such as Bitcoin, operates and is able to be successful.
2. Publishing Industry
In the publishing world, the publishing houses and literary agents rule the fates of authors. Authors have to change and edit not just their tone and style but their ideas for the sake of these companies.
With the help of a few online tools, new writers can change how this industry works and publish themselves.
Using blockchain and decentralized publishing, writers can reach the audience they deserve without compromising their creativity.
3. The Healthcare Industry
The healthcare industry is filled with traditionalists hesitate to change the system. This is because it can be difficult to access patient history and diagnosis in a timely manner.
Using blockchain, however, healthcare centers can secure files, data while also making it easier to exchange patient files between centers and hospitals.
Blockchain decentralizes data, making it simultaneously easier to access and more secure.
4. The Music and Art Industry
Similar to the publishing industry, the world of art and music is also often manipulated and controlled by a few high-end companies.
The leading producers and artists don’t let the newbies fall into a trending bracket because they don’t want the added competition. However, with the help of block-chain technology artist wouldn’t have to settle for a limited amount of royalty nor would they have to change their lyrics or style as per the producers.
They can reach out to the audiences directly and let people purchase their music using cryptocurrency in a secure manner with the help of blockchain.
5. Internet of Things
Artificial intelligence joins hands with IoT quite often for our present as well as our future. The future of AI and IoT are filled with possibilities – talking utensils, smart robots, and increased fraudulent activities.
To protect ourselves against the latter, blockchain can help keep the data on IoT devices secure.
Some big companies are already working on these options securing themselves from any future invasions.
6. The Cloud Computing Network
While many large-scale companies alongside SMEs and individuals try to accomplish their technology-based tasks using computers as efficiently as they can.
However, even the most skilled employee can make mistakes.
Humans are prone to making errors but with the help of block-chain, the damage can be reversed. It will also help the employees access the computing power from anywhere they want to and make the needed changes to complete the tasks.
7. Charity Funds and Donations
Charities’ collection processes are not always as transparent, and while the world is filled with genuinely empathetic people, it is also filled with those who would jump at the chance to take advantage of people’s emotions.
For this reason, not all of the money given to charities go to the cause due to fraudulent practices.
Blockchain technology would make this process more transparent making it difficult to impossible for others to siphon money intended for charity.
8. Marketing and Advertising
Digitalization is taking over the marketing and advertising industries quickly. Everyone has a smartphone device, and this helps them connect with the world, at a global level rather than just a town square level. Due to a high possibility of reaching the target audience ten times more than the same old traditional methods, digital marketing and advertising are taking over the world.
However, the data marketers collect can be:
- Mishandled
- Re-shared
- Altered
- Leaked by the competitors
Blockchain can be a savior and secure data as well as let the consumers decide what they see or not.
9. Cybersecurity
Blockchain can protect data from unauthorized access and tampering thanks to its decentralized system.
One of the reasons why many businesses are utilizing blockchain is because it is extremely secure and difficult to hack.
This is because blocks are stored linearly and chronologically. Additionally, they have their own hash and note the hash of the block before and after it.
The only way to alter the contents of a block is if the majority of the network approves. As a result, a hacker would have to control at least 51% of the copies of the blockchain.
This would be incredibly expensive and require a lot of resources to be successful. As such, it is not worth the effort.
10. Supply Chain
The way blockchain is structured makes it easy for people to trace all steps of a supply chain. For example, if a customer is displeased with a recent purchase, a company would be able to go back through the blockchain letter to find out what went wrong in the supply chain.
This type of transparency makes it easy to validate transactions shared by multiple supply chain partners.
Blockchain Can Provide All Industries With a Secure Way to Handle Transactions and Store Personal Information
Blockchain technology is still developing, and while it develops, businesses, organizations, and individuals are trying to make their businesses and daily lifestyle more secure, safe, and transparent.
The possibilities of blockchain are endless and can be applied across industries such as travel, wills and inheritances, automotive, real estate, insurance, and energy.
With the help of this technology and the expertise of blockchain developers, we can ensure a safer online experience.
Blockchain works on the equal distribution of authority and power to keep all processes on the same scale. By decentralizing data, we can keep our personal information more secure and not at the will of human error.
Additional Reading
![How to Create a Budget for Staff Augmentation Services [With Template]](https://img.shgstatic.com/clutch-static-prod/image/resize/715x400/s3fs-public/article/d94216e66882cc006cd2a883a6874244.png)
![How to Create a Budget for BI & Analytics Services [With Template]](https://img.shgstatic.com/clutch-static-prod/image/resize/715x400/s3fs-public/article/f07e9d6bd89e7f70df9c94301acdd847.png)
