Blockchain technology has taken the business world by storm, creating a secure, decentralized, and transparent data record and mode of transaction. As per forecasts, global expenditure on blockchain solutions is projected to reach $19 billion by 2024. This technology’s growing popularity and prevalence have made it evident why industries like finance, healthcare, real estate, and even government embrace it to its fullest potential.
From public means of transactions to managing private data records for inter-company transactions, blockchain provides unmatched solutions for every sector. Given the potential of blockchain technology and widespread use cases across various industry verticals, this technology has a huge market.
Blockchain provides many advantages, such as data validation, data analytics, identity protection, smart contracts, etc., for facilitating seamless transactions. Industries have realized the immense benefits of this technology, like transparency, enhanced security, and easier traceability. Therefore, leading companies seek to hire blockchain developers to implement their solutions.
5 Ways Blockchain Can Benefit Your Business
Beyond hosting cryptocurrencies and NFT, blockchain provides many benefits to different industries due to its distributed and decentralized nature. With increased speed, efficiency, and automation in business, blockchain significantly reduces transaction costs and eliminates the need for third parties or intermediaries.
Here are the benefits businesses can leverage from Blockchain technology:
- Decentralized Structure
In a blockchain-enabled gateway, no central authority controls the network of transactions. Every node of the network is interconnected and shares the information to arrive at the same consensus.
- Improved Security and Privacy
Blockchain technology store information in linear and chronological order, allowing authorized users to add the information at the end. Also, the previous block cannot be changed when the data is added to the blockchain. Thus, blockchain provides an optimum level of security.
- Increased Speed and Efficiency
Traditional transaction processes are time-consuming, prone to human error, and require third-party intervention. Blockchain eliminates the middleman and manual processes from the transaction process, increasing efficiency. Moreover, smart contracts in the blockchain can facilitate automation, further making the transaction faster.
The transaction stored on the blockchain cannot be changed or deleted. Hence, every piece of information stored on the blockchain is permanent and can be linked back to its complete history. Hence, it facilitates a secure, reliable audit of information that can be tracked over time.
- Building Trust
Every node in the blockchain is stored in timestamped blocks linked in chronological order and can be viewed by authorized personnel. This means you can trace the information ledger whenever you want. Hence, the transparency and traceability of the blockchain enable the trust to facilitate transactions or data sharing.
Top 5 Real-World Use Cases of Blockchain in Different Industry Verticles
Several well-established brands, like IBM, Walmart, Coinbase, Visa, Amazon, etc., use blockchain for its benefits like transparency, security, and traceability. So, you can also leverage blockchain development services for providing end-to-end visibility, streamlining processes, enhanced traceability, increased transparency, and resolving issues faster.
Blockchain benefits different industries in different ways, such as:
- Blockchain in Healthcare
Blockchain is a promising technology for the healthcare industry in many ways, like managing the drug supply chain, consent management, secure data transfer & recording, verification and authentication of data, tracing medical history, etc.
- Blockchain in Banking & Finance
Smart contract enforcement resolves real-life issues in banking with KYL regulations, improving trade finance, addressing cross-border payments issues, and clearing and settlement procedures. Some effective solutions that enhance the banking & finance sector are data security, sharing and storing records, crypto banking, Smart contracts, Interbank transactions, etc.
- Blockchain in Insurance
Smart contracts can facilitate automation in the insurance process to calculate your status and credit based on the conditions. Blockchain developers can add predefined rules or agreements, which trigger the action to be taken based on that contract. Moreover, it allows you to carry out transactions securely, transparently, and efficiently, revolutionizing the Insuretech industry.
- Blockchain for Real Estate
The Real Estate industry faces many issues, such as lack of transparency, slow operations, unsafe transactions, etc. Blockchain can improve the Real Estate process with smart contracts, crowdfunded investing, tokenized ownership, and more transparent transactions.
- Blockchain in Logistics and Supply Chain Management
Blockchain technology provides highly verifiable, anti-tampering, transparent solutions to streamline the complex supply chain process. In Logistics, blockchain has many use cases, such as tracking goods, crypto-payment systems, inventory management, facilitating seamless collaboration between departments, and more.
Blockchain technology influences almost every industry sector where the conventional database is ineffective. If you want your operation to be free of central control and build trust, implementing blockchain solutions can help your business succeed.