9 Major Industries Open to Blockchain To Move Forward in 2020

We are in the middle of the information technology bubble and this time it’s the blockchain technology companies booming period. Just as the internet changed every aspect of the business world, many think Blockchain will be the next generation of technology.

As organizations compete with a wide range of similar entities, it will be crucial for them to implement ideas equivalent to those blockchain technology companies. Built with secure and decentralized protocols, blockchain has the potential to make rapid progress in various sectors. Here are the blockchain technology companies that has already set foot and started making relevant changes in the sector.

Financial Sector

Recent discoveries and trends in the financial sector have opened up a new way of transformation using distributed and decentralized systems. On the financial side, there are discussions conducted all across the board regarding the values of cryptography in the future market.

Blockchain in 2020 is notably giving a new shape to Fintech and capital market. For instance, several process induced by distributed ledger technology had major impact on financial institutions in terms of security, transaction speed and simple in functionality.

While the technology still upgrades technically, it requires more intermediaries to complete the procedures. The intermediaries risk can be overcome with DLT solutions.

Further to this, the advent of crypto token in raising the capital in 2017 enable businesses to accept blockchain based tokens to raise money denoting the ownership in a company.

Cloud Computing

Before the introduction of cloud computing, we all remember about the files we carry and hard disk to transfer from one computer to the other. Cloud storage makes it simple by creating an online storage space for the users. Blockchain-based platform finds a massive opportunity in computing power and creates market space for providers and users.

The concept is that users can rent idle computing power from providers and providers turn power into revenue. This process is based on decentralized supply and demand instead of fixed prices.

Online Gaming

The world of fantasy has seen massive growth in the past few decades. These successful pioneers are the early hybrids of cryptocurrencies in blockchain technology.

Some successful blockchain technology companies create virtual lineups of the players and provide tokens for the best performers. Developers design virtual games for smartphones with in-app purchase as the monetization space to make use of blockchain and cryptocurrency.

Decentralized Governance

One of the notable features in Blockchain is decentralized protocol. Although the idea of building decentralized organizations is exciting in words, bringing the decentralized entity in real time is a different story.

Natural hierarchy continues to exist when a person or group voice overrides others voice. A new blockchain framework is emerging to help decentralized applications to develop and build new themes effectively.

Blockchain in E-Commerce

Looking forward as Blockchain to be a foundation of Web 3.0, it would not be a surprise for Blockchain to make impact on multi-trillion handling sector E-Commerce as same as internet is ruling over it for years.

The introduction token method in E-commerce can introduce the idea of encouraging the loyal customers with rewards transparently. For example, if a person is making purchases every month, he/ she shall be rewarded with points which shall be redeemed as product or money. In short, the methodology is titled as payments and loyalty rewards.

Advantages Blockchain can bring to E-Commerce

• Secure online payment
• Decentralized marketing
• Supply Chain Management and Monitoring(eliminates manual and paperworks)

Impact of Blockchain in Agriculture

Some of you may wonder How could Blockchain be a part in Agriculture? Yes, you question is acceptable on the greener side but what if Blockchain can play a vital role in Agriculture based supply chain.

Farming does not stop with buying seeds and growing crops in the land. It involves product transport to various locations through various intermediaries. Blockchain can bring transparency between the customers who buy the product and where the product is harvested.

Transparent in execution and tracking every piece of information in order to eliminate the fraudulent shipping also illegal harvesting.

“Blockchain for Agrifood” a project financed by Dutch Ministry of Agriculture denotes the technology involved in tracking farm products right from farm to grocery stores. Here is a blog explaining the same procedure titled as Thanksgiving Tech Special: Blockchain To Track Turkey Delivery

According to survey released by United Nations, food frauds cost the world economy a whopping amount of $40 billion yearly due to illicit trades that the use of blockchain could have significantly reduced.

It is expected that global blockchain revenue will be expected to hit a conservative of $23.3 billion by 2023.

Blockchain in Education

Fairly new to discussion and an unexplored area to write. Education is the most sensible area and is as important as financial & healthcare sector.

Since Blockchain has the capacity to maintain the privacy and secure storage of information in blocks, a Russian platform Disciplina has taken steps to implement blockchain for education and recruiting purposes. This motivated the institutions like Californian Holberton Schools in enhancing their information services and libraries with Blockchain.

So, what are the possible works that could be replaced by Blockchain in Education side? Here comes the list below.

• A Blockchain based safe ride app could guarantee safe transport for a child parent.
• A whole rack of books in a library could be stored in a secure portal block with no missing pages.
• All student records are safe and secure reducing the chance of data breaches and fake identities by hackers.
• Easy verification of student credentials and easy storage of student records with no time lapse.
• A secure ledger could display the complete details of a potential candidate in a nutshell when comes to employment.

Healthcare

Blockchain has already taken over healthcare and is further extending its support in healthcare research and maintain useful healthcare data as blocks. Thus Blockchain becomes a key aspect in clinical and healthcare providers in gaining faster, simplified and reliable access to any electronic medical records.

In 2018, Booz Allen Hamilton Consulting platformed in United States implemented Blockchain supported pilot project aid its support to Food and Drug Administration’s Office of Translational Sciences to learn how blockchain can be used in healthcare data management.

The pilot project is currently used by four major hospitals and the aim is to reduce the data duplication from cloud storage thereby implementing cryptographic algorithm for any user to view the data through VPN service.

This shows that the blockchain opens up a new and rapidly emerging digital platforms for healthcare data handling.

One more application of Blockchain that is highly beneficial for patients and physicians is the Telemedicine methodology is made possible by Decentralized Applications(DApps).

Blockchain in Government Administration

When looking at the cross potential of Blockchain, the solid support of the technology extends from relative complexity to recognised adoption in government sector right from public services to resolving the political issues when talking about voting storage.

One of the advantages is that the public sector and government organisations have come to acknowledge the transformation brought by Blockchain replacing the outdated processes and legacy systems into a responsive construct.

While there is an arising number of Blockchain applications relative to the public sector, a good number of government leaders have joined several Blockchain groups and more interesting is that they get to know about the General Services Administration’s (GSA) group cases and best practices.

What benefits a Government could get from Blockchain?

• Incorporating Blockchain can help a government to earn trust with citizens followed by its solution.
• Decentralized accounting with transparency along with data verification.
• Enable independent legal claims for citizen services.
• Sweden, Estonia and Georgia governments are at the experimental path on blockchain based land registry. This effort could reduce the problem of property disputes thus reducing the potential threats.
• Using Blockchain apps and adopting its solutions possibly protect the sensitive data handled by government departments and no more vulnerable to hacking.

Survey

• According to Bloom report 2017 nearly 143 million different personal informations are exposed for significant attacks and major data breaches.
• A statement from Doughlas Maughan, U.S Department of Homeland Security(DHS) official,” Blockchain technologies have the potential to revolutionize the way we manage online identity and access the internet; this R&D project will help bring this potential closer to reality.”

Image Source

Conclusion

While explaining the potential of blockchain technology to change the world, the article covers only the top surface of the iceberg. As more developers, investors, and entrepreneurs bring their ideas and concepts to life, we can predict the complete scale of blockchain potential.

Disrupting your industry with regular blockchain practices is quite challenging. Colan Infotech Pvt Ltd deploy latest tactics in building promising blockchain atmosphere. Reach us to know how we can enhance your ROI.