Which Industries Are Being Affected By Blockchain Technology?

by Klaus on April 15, 2019

in Cryptocurrency

With time, our lifestyles are being affected by various thrilling technologies. Actually, the role of different technologies has become very important in our day to day life. Our every action and work is being handled by vivid technologies.

Keeping in mind the above-given statement, let’s focus on one kind of technology that is Blockchain. Software development companies from all over the world are adopting this technology to benefit the various industries.

The Blockchain is a technology which is not only related to the management of the cryptocurrency but it is a digital ledger which is used to secure data of all kinds. There are various industries that are being affected by Blockchain technology. Have a look at those fields:

Banking industry

Banking is one of those industries which could make excellent use of the Blockchain technology because blockchain is mainly concerned with security features. And Banking is the industry which deals with the storing and transaction of the money. So, it is obvious that it needs special attention of the Blockchain technology.

The ledger system of the Blockchain helps in storing the records securely. And with the help of decentralization, money could be transferred faster and cheaply. So Blockchain, no doubt, is helping a lot to the Banking Industry.

Government Crypto

There are chances that the government will adopt the cryptocurrency in the future. Because in comparison to traditional currency, cryptocurrency is more secure and transparent. Due to economic issues, many countries will automatically turn towards the crypto. For instance, According to the Blockchain EXPO,Statista the Zimbabwe dollar, after the economic issue of 50,000,000,000%, many Zimbabweans adopted bitcoin against their traditional currency. And this result in the rise of bitcoin.

In some cases, it might happen that the government having a lack of knowledge about the whole process of implementation and privacy, will be grabbed by the hackers and turn into a huge loss. But with the passage of time, successful cases will emerge with the introduction of secure and scalable features in the Blockchain. And the government who fails to create a successful cryptocurrency will turn to “stable coins”

Politics

You know there was a time when giving votes were not at all safe. The votes were usually misplaced and hacked by the opponents and the other reasons. But the innovation of Blockchain technology can help to secure the votes and there are no more chances of the votes to be hacked.

With the help of Blockchain technology, there has come transparency in the counting and managing of the voting process. So, politics is also one of the other fields which can be properly managed by the amazing technology that is Blockchain.

Government

Apart from the voting systems, the security features of the Blockchain technology can also help in managing the areas of the government that is corrupted for years and needed to be secured.

The departments that are needed to be under the security of Blockchain technology are welfare, disability, veterans, and unemployment benefits. They are all needed to be verified by Blockchain technology.

The Legal industry

The legal industry too will not stay without being secured by the blockchain technology. It will help the legal industry to save and secure the documents properly. Any legal concern like wills, inheritance documents will be secured and managed by Blockchain which can be quickly and securely verified.

This technology is surely going to dismiss the longtime frustration of the people concerned to court battles arguing over digital inheritance.

Rental and ride sharing

When it comes to the matter of cabs, blockchain can also help in this matter. Blockchain technology would create a proper peer to peer networks for rentals and sharing rides. This would eliminate the middlemen and automatically help in deducting the company’s charges.

Retail

It is known that everyone has to face a middle a middle man while shopping from any platform whether it is online or offline but with the help of Blockchain technology both sellers and the buyers could come together to make a deal and can eliminate the middlemen easily.

The Healthcare Industry

This is one of those sectors which is in most in need of this technology. It is indeed very crucial to safely store, manage and update any patient’s data. Healthcare is considered to be the foundation of the national economy. According to Invest Blockchain Statista In America, it contributes to a fifth of the national economy, which amounts to roughly $3.8 trillion.

The video industry

The Blockchain may help in the decentralization of the video industry as you know the video is predicted to gain all the internet traffic by 2021. Blockchain will help in Decentralizing video encoding, storage, and content distribution.

Security

The main story of Blockchain technology is to save data decentralized and securely. So this is obvious that the security of all things would go to be very happening.

The problems, we are facing since so many in concern to data loss and security is going to solve with the decentralization storing of the Blockchain in the cloud. Cryptography, one of the technologies of the Blockchain is capable enough in creating unhackable data encryption.

Final words

So it could be better to say that Blockchain is a highly secure technology which is serving to various sectors and will revolutionize the various sectors in the coming time. It is the most secure way of storing and managing data related to each organization. So this technology would surely be going to dominate the world for its security features.

Hopefully, you better understood the benefits that are being offered by the amazing technology, Blockchain after carefully going through the above-stated points. There are still various sectors left which are needed to have a look which is too being served by the Blockchain technology with its decentralized and highly secured features.

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