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How is the rise of blockchain going to impact multiple industries?

How is the rise of Blockchain going to impact multiple industries?

  • Post published:June 18, 2020

 In order to explore the amazing possibilities of blockchain technology, we must get to know it first. This is an attempt to introduce you to this technology and how we can expect it to impact the future of industries.

If you have ever wondered whether someday we won’t have to deal with cash, wallets, or third party applications for transactions. It’s possible with the help of the application of blockchain technology.

Why do you need to care about Blockchain?

We all have heard so much about blockchain and cryptocurrency in the last decade. If you are looking to understand the concept of blockchain then it is best easily understood as data digitally stored in the form of blocks or digitally shared databases.  Wasn’t it easier to understand than it sounds?   

With the rise of this technology everywhere in the news, it is going to impact a variety of different industry verticals. It can also be viewed as the result of increased demand for fast transactions and transparency in the market. You can understand it simply as blockchain technology is used to store information digitally about products, people, and any information that is accessible to numerous users.

We at vteams understand the tremendous role of blockchain technology and that’s why we are going to break it down into simple steps for your understanding.  It is important to understand the application of blockchain before; we can try to comprehend its impact on diverse industry verticals.

This particular technology is related to the “internet of value.”  Blockchain has made it easier to keep a streamlined record of all transactions, financial contracts, tangible and intangible assets, and track supply chain.

The rise of blockchain technology and its impact on industries

The recent popularity has revealed many perks for industry applications and organizational level use.

You will be surprised to learn about the application of blockchain technology in many industries. Here are the top 9 industries that we can greatly focus for now:

Agriculture Healthcare Retail & E-commerce
Automotive Supply Chain Management Energy
Entertainment Banking/ Finance Academia

The competitive environment in the market also involves different factors that include many opportunities and challenges.  It is said we are living through a blockchain transformation period.

Let’s imagine a manufacturing factory that needs to manage its entire database of records, financial assets, transactions, product details, and supply chain management. The chain contains all the records and every block has its own individual record detail.

For example, the company can access the block information containing encrypted information. The changes made in the information are basically updated as per real-time. Think of it as a modern-day locker with the keys but digitally encrypted and for safekeeping of confidential data.

Many companies are harnessing the benefits of global blockchain technology and decentralized database. Its use can be seen in:

  • Financial ecosystem, digital payments, and invoices.
  • Payments and file storage through messaging apps such as Line and Telegram.
  • Building predictive models and datasets with data science for hedge funds.
  • Blockchain tools for vote casting, counting, and tracking.
  • Identity management tools are enabled with blockchain technology.
  • Data transaction, infrastructure security with KSI, and cybersecurity

Blockchain also has great potential in other fields and industry verticals. For example, its application to improve booking rides and flights, vehicle sales, IoT, education, industrial networks, cloud storage/ computing, weather forecast, insurance, real estate, and international trade.

Imagine a world so secure, weapons can be tracked and their owners can be identified within minutes. The power of this technology will be unleashed in the next two decades, in phases and slowly. But, till then, let’s continue to learn the wonders of what technology has in store for us.

No need for a Middle Man

You can analyze its impact by looking at its several benefits. The rise of blockchain is not just another revolutionary transition, but it has a promising and sustainable future. It allows you to create an organization-to-organization database network within an enterprise.  You can also cut down on extra costs for the management of your database or the amount you were paying to a third party.

Imagine you want to make a purchase in the stock market. It literally happens in few minutes. Yes, thanks to this wonderous technology many things are possible. There won’t be any delay. No need to sweat over security issues and safety because blockchain is significantly more secure compared to other entities and technologies.

Equip yourself for a future with blockchain technology

We have decided to decode some of the facts involving blockchain just for your understanding.

Here are the most important facts that can help you with your business.

  • Blockchain technology was a product of a money exchange system known by the name Bitcoin. It has a growing community with almost 8 million users at the moment.
  • It allows you to set the privacy to public, private, or share the database with a selective group of people.
  • This technology is currently in the development phase, but it will continue to penetrate into various industries ultimately becoming the norm.
  • Tech giants like Microsoft and IBM are investing in blockchain-powered programs and projects. Are you?
  • A recent report reveals that by the year 2024, blockchain is going to be worth $20 million.
  • These technology-enabled solutions will become popular among banks and financial institutions, as they are already spreading their wings in North America and Europe.
  • The transparency makes it more powerful and popular.
  • Once the ledger is up, you can add participants to the network. All participants can view the changes made in the ledger.
  • Blockchain technology will play an important role in the creation of new roles and job opportunities in all industries.     
  • Healthcare organizations and institutions involved with research activities will be in dire need of cloud computing services, blockchain technology, and similar solutions.

So if you have an existing business or involved in the IT industry. It’s time to learn more about blockchain technology and get your team on it.

If you still have any queries or confusion, drop us a message here. We are talking about building an amazing future with the help of blockchain technology. If an idea has been bugging you, and you want to transform it into reality. Let’s discuss it over a call and see what we can do together.

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