Blockchain and Its Significant Impact on Transforming Industries

BY CYBER POLE | Updated March 30, 2020

With its influences all over the globe, blockchain is not a new topic for most of the readers. However, for technology nerds, blockchain is not only an opportunity but another way to boost up one’s prosperity. Yes, to be more precise, blockchain is the heart of digital currencies. Being a digital ledger, it records debits and credits between individuals. Apart from that, the decentralized working system authorizes free financial functioning. However, before we explain to you about it, let us have a short glance at what blockchain is.

Blockchain

As mentioned earlier, blockchain is a digital ledger where the transaction is made for the use of any form of cryptocurrency. i.e. Bitcoin, Ethereum, etc. The platform allows a designated number of users who have access to the database for the transaction. However, the total network size depends upon the number of users. As per the experts, blockchain renders safe passage for maintaining transactions and contracts. Besides, it offers a safe and verified digital ecosystem.

Uses and Application

Blockchain is developed using specialized computer software. These are complex computing codes designed for each block which further links with one another thus developing into a blockchain. A validation process at each step makes the chain secure for the overall database. Besides, this platform ensures a swift and transparent transaction, therefore, making it free from corruption.

There has been a substantial development further bringing investment. Here, we enlist some of the industries that have used this platform.

  • Supply Chain Management

SCM industry needs a well documented decentralized record that can be monitored while maintaining end to end encrypted transparency. This further helps to reduce human error and time delay. Meanwhile, blockchain can verify the authenticity and trade status at each step. On the other hand, hyper ledger technology benefits network industry such as real-estate, crowd-funding, cloud storage, messaging app, critical infrastructure and many more.

  • Banking and Finance

Blockchain is well known for its smart security thus banking and other financial institution have an upper hand when utilizing blockchain. The secure and digitalized environment injects the transfer and storage of critical information. Some of the leading banks such as Swiss-based UBS bank and Barclays of the UK have embarked successfully.

  • Retail Market

Blockchain catalyzes the growth of retail and e-commerce industries. It allows trusted database reducing impedance and further bringing clarity through the shared and immutable ledger. This not only establishes concrete trust among the business group but also creates a committed platform for invoice and payment system.

  • Healthcare

Blockchain renders an exclusive service making healthcare more flexible. The technology allows the interoperability of health data in a patient-centred ecosystem. This will be a unique model where health information exchange will orient electronic medical records 

Blockchain technology offers a broad scope for industries. It is high time to look after its possibilities. Decentralized cryptocurrency can bring economic prosperity to a great extent thus transforming day to day life of an individual. While blockchain has its application in dealing with cryptocurrencies, its utilization can be also applied in other streams.