Applications of Blockchain Technology

There has been a paradigm shift in the financial sector since blockchain technology came into existence, stirring up many individuals who can have a prospective career in this promising field. It is a field that is being accepted globally mainly because of its data security feature which effectively deals with money laundering and black money related issues. The potential threats to businesses are increasing so they are being touted and lured towards this technology in order to secure their data. Let’s see how it is progressing in different industries:

Cybersecurity

Blockchain has more scope in terms of cybersecurity. Since companies are vulnerable to external threats like illegal seizure of data or data tampering, cryptography encrypts their data. Also, the ledger ensures that sensitive data remains safe and verifiable.

Healthcare

In the healthcare niche, blockchain can not only keep a safe record of the patient’s data but also assist in the smooth running of operations such as billing and payments. Also, medical data of a patient can be shared with the healthcare professionals.

Supply chain

The traceability feature of blockchain has revived the supply chain sector. As goods and materials pass through different processes, blockchain keeps a check on all the procedures. It overlooks the expenses, reduces human errors and tracks employment. Thus, minimizing the chances of fraud and enhancing reliability. It also helps in auditing, ensures there are no time delays, and maintains transparency. Blockchain can put an end to gray marketing and prevent the loss in company's revenues, too.

Financial Institutions

Undoubtedly, Blockchain has been consistently delivering what it promised. After assessing the progress of blockchain many financial institutions have started investing in it, particularly because of the way it immaculately deals with the issue of black money. Governments are taking initiative to adopt blockchain technology in order to buff the economy through its transparent ledger system.

IT Industry

In the IT industry, there are multiple cases of data loss, theft, hacking or human errors. All these are because of the centralized system, but blockchain addresses them by resisting the hackers and providing better security in terms of cloud storage.

Digital Advertising

Digital advertising has to face fierce competition from its rivals on a daily basis. Sometimes failures are due to poor payment structures or domain name scams. Blockchain can help them to efficiently manage their budget and transactions because of its dependable and transparent nature.

On the whole, the hype about blockchain is real and this technology is mounting because it is trustable and immutable. Since 2017, the blockchain and cryptocurrency are being considered as the most valuable assets in the financial market. The governments of many countries are planning to participate in the open market by investing in digital currencies. In the upcoming years, there will be massive demand for experts and engineers in the field of blockchain.