Organizations around the world are jumping at the opportunity to use blockchain technology, hoping to enhance their business.
But how much benefit will the blockchain offer and in which sectors will it have the greatest impact?
Finance
For the financial industry, Blockchain has a lot to offer. One such field is an international settlement.
It is typically time consuming and costly to transfer cash globally. To process a transfer, the sending and receiving bank must manually open and close their secure databases. That's healthy, but it doesn't mean that it's fine.
Banks could make these transfers using the blockchain without opening and closing their databases. Instead of days, foreign payments could take seconds, while the process would remain safe.
Without the need for a third party, Blockchain also opens the door for people to be able to send money overseas.
The immutability of the blockchain means that all transactions are documented, so regulators and auditors can use the blockchain.
In financial matters such as trade and investment, Blockchain also eliminates the need for third parties to trust.
Supply Chain
The supply chain relates to a product's production and transport, going from producer to customer. Products move from place to place in this process, leaving plenty of chances for things to go wrong.
Items may be lost, stolen, faked or introduced unnoticed to the supply chain.
There are several different components in a supply chain that need to be handled, but they are usually complicated and lack clarity.
Without actually knowing where they came from or even whether they are real, clients purchase items.
It is essential for a supply chain to be effective, clear, secure, and reliable.
Blockchain is permanent, meaning it is open to the whole process and can be referenced instantly.
Putting RFID tags on goods is one common process. The RFID can be easily scanned each time a product changes hands, capturing the transaction straight to the blockchain.
A retailer then has the opportunity to look at the flow of a specific item and see where it has gone.
The customer benefits from this process.
You will see the whole supply chain process and check that the meat is from where it should be and that it follows those requirements, such as being organic or fair trade, if you buy meat from a supermarket you can trace where it has come from.
It just hasn't got to be food. It could be a backpack or a shirt or a pair of sneakers. Anything that has a chain of supply.
Counterfeit medicines entering the supply chain are a major concern in the pharmaceutical business. This can be solved by blockchain technology, too.
Marketing
Many functions that could be used by blockchain are performed by advertisers.
One field is the promotion of influencers. It can be tiresome to identify important influencers. But there are initiatives to streamline the whole process with the use of blockchain.
Brands can ensure that they get what they pay for by using blockchain, smart contracts and tokenized payment systems, and influencers can be confident that they are being adequately paid.
Another field is data protection. Blockchain can be used to keep personal data secure, because the data is kept with you when you use apps or websites, not on the server of the service you use.
Although blockchain may be the key to securing the data for customers, it may also be the solution for marketers. Blockchain can be used by businesses and brands to create credibility, while more important advertising is received by customers.
For example, systems are being developed that enable consumers to be paid for viewing relevant adverts in cryptocurrency.
Gaming
A great part of gaming is the in-game assets. Individuals would be able to have real control of their in-game properties with the blockchain, able to transfer the value across games.
The development of market places where gamers can easily sell or exchange these assets in a safe environment has also been enabled by Blockchain.
Many gamers are involved in paying for crypto-currency micro-transactions. For the sole purpose of being used for gaming related transactions, there are cryptocurrencies that exist.
Furthermore, game developers can easily create custom currencies in their environment to be used.
Ticketing
It can be a nightmare to purchase tickets for shows. They sell out if you don't get in fast enough and then you have to pay a big premium to purchase them from ticket resellers.
Most individuals will agree that you should not be able to purchase the ticket in the first place if you are not intending to go to a show.
Blockchain-based ticket sales tools can be used by ticket providers to ensure that tickets are sold to the right customers, while maintaining control over the secondary market, fully eliminating resellers.
This also encourages artists to carry out their own sales of tickets. All of this helps preserve competitive rates.
Voting
Voting schemes are rife with concerns. There are stories of attempts to manipulate votes and miscounts every year after major elections.
Blockchain can be used to eradicate voter fraud and eliminate the need for action by third parties, which will mean that no counting is possible.
Votes could be registered anonymously, and on the blockchain they will have a verifiable and permanent trail.
It was possible to account for every vote, although no votes could be altered thanks to blockchain technology.
Automobile Industry
To ensure that the displayed mileage is right along with other aspects of the automobile, Blockchain can monitor the history of vehicles.
This offers customers peace of mind, in much the same way as for blockchain supply chain applications.
It should be possible to purchase a car in the future and be absolutely sure of its entire history, without having to rely on sketchy records.
In addition, auto insurance firms are interested in learning how their clients drive. Blockchain technology can make tracking vehicles and monitoring their driving patterns simpler for insurers.
Various variables, such as acceleration, cornering speed, braking and more, will be taken into account.
