With the increasing cyber-attacks these days, data safety has become the primary concern for the people who embraced Internet of Things (IoT) gadgets in their day to day lives. In this regard, the emerging Blockchain Technology, which is essentially a global public ledger capable of automatically recording and verifying high volume of digital transactions can offer a convenient and virtual solution for connected devices. Though Bitcoin’s popularity is proving Blockchain Technology benefits in finance, it’s obvious fact that the use cases for a verifiable register of transaction data are practically endless.
Soon after the Bitcoin and Ethereum raised their token value in the recent past, business people have recognized the usefulness and potential of Blockchain Technology and are much fascinated to use this technology to drive real value for their business. Here we’ve listed a few industries which can benefit from Blockchain Technology in the near future.
Banks serve as the global storehouses and transfer hubs of value. Regardless of geographical location, the digitized and secure Blockchain Technology connects the payers and payees to create a more direct payment flow without intermediaries at ultra-low fees with enhanced accuracy.
The smart contract systems of Blockchain Technology enable the retailers to earn the trust of the audience at a lower operational cost. It connects retailers and customers to reduce or nullify the costs associated with the middleman and helps the retailers to deliver undeniable evidence of excellence with inbuilt management systems.
The advanced cryptographic techniques of Blockchain Technology minimize the probability of hacking and reduces the conventional cyber security risks to ensure nothing is intercepted in the interim of data communications.
From tracking the properties to verifying the ownership, Blockchain Technology has modified and accelerated the whole deal process with smart contracts. Smart contracts enable the agencies to generate a unique number for every transaction to ensure valid documents and transferring property deeds.
The process of universally recognizing the academic credentials remains heavily on paper documentation. Blockchain Technology streamlines the process of verifying the academic credentials and helps the authorities to reduce the fraudulent claims of un-earned educational credits.
The smart contracts enable people to make content sharing fairer for creators by embedding the rules for how the content is used or shared and automatically circulate the revenue on purchases of creative work according to the pre-determined agreements.
Enterprise infrastructure consists of numerous structured and unstructured business-critical data. To process the skyrocketing amounts of data with an ease, most business people use cost-effective centralized servers which could increase the network vulnerability. The Blockchain cloud storage reduces the risks of systemic damages and widespread data loss with decentralized storage and lower the costs of storing data.
Blockchain technology enhances the data security system to secure confidential medical data of the patient from the unauthorized access. It has the potential to bridge the gap of device data interoperability and protect medical data from hackers.
In addition to these, Blockchain technology can be used in various industries including networking, IoT, forecasting and stock market which requires a central authority to authenticate.
(Image Courtesy: Facebook)