The world of technology drastically faces renaissance with distributed ledger technology and decentralized application. The technologists are striving to enforce the features of eminent blockchain technology in significant sectors. The decentralized application built on the blockchain network is effective and heads towards the streamlined process flow with hassle-free community governance.
Even the federations of developed countries have dived in to build blockchain industrial solutions for every sector. The Swedish government has already stepped into the blockchain space with real estate sector solutions as the pioneer project. In this blog, let’s have a chat on blockchain use cases by industry!
Blockchain Use Cases by Industry
Banks, insurance and trading platforms across the world are experimenting with pilot projects in their sectors to enforce blockchain technology. Implementation of blockchain avoids intermediaries and governing bodies to a greater extent, thereby transaction costs, interest rates can be reduced.
Intermediaries in the conventional fintech sector increase the processing time for money transfers and other financial processes. Blockchain-based fintech sector can rapidly process the money transfers, reconciliations and other major processes. Decentralized, digitized records with blockchain financial system devoid physical documentation and counterfeit activities in the sector. Moreover, the distributed ledger technology leverages community governance, and hence, the reconciliation, verification and other operations in the financial industries become error-free and comfortable.
Healthcare sector has improvised the data management system a lot. But, it has a long way to go with blockchain technology. Integrating the medical records with diagnostic reports for the lifetime is hectic even for an individual to maintain with physical documents. Then, it is tedious for healthcare systems too!
Blockchain healthcare ecosystem can integrate and effectively manage patient medical records, diagnostic reports, pharma supply chain, physicians data, drug information, demographic charts and other significant information. Millions of patient data stored in centralized servers are vulnerable, and the hackers grab their bank account details, personal and health information. With the blockchain healthcare system, streamlined, appropriate ailments can be rendered to the entire humanity. Research scholars can grab the information from the decentralized blockchain network and avoid reworks, clinical trials on the drugs.
3. Real Estate
Blockchain technology could add values to the assets with digitized transactions. Real estate sector is resistant to the digital evolutions have stepped forward to impose blockchain solutions in its processes. Digitized property ledger, transparent property listing, legitimate transactions, appropriate transaction charges and guidance value would be pioneer advantages of blockchain real estate platform.
The miner nodes of the blockchain network can manage the property listing with verified properties, and the peers could directly transfer the assets without any intermediaries. With P2P transactions, intermediary charges, due diligence costs and brokerages can be completely negotiated in the real estate sector. Complete digitalization, smart contracts and legitimate transactions are the paradigm features of blockchain-powered real estate platform.
4. Supply Chain Management
Supply chain management becomes the undeniable process in every product industry. Still, the process highly relies on paper documentation and inspections, which makes it inaccurate and vulnerable to damages. The digitized traversing of products with community governance and automated inspection can be enforced in supply chain management with blockchain technology. The technologists are revamping the sector with blockchain supply chain management software.
With automated smart contract protocol quality inspection, the quality products can be delivered to the consumers. The lack of integrity among industries can be devoid with the blockchain supply chain application. Immutable blockchain supply chain application enhances the transparency, traceability and scam-free product traversing.
Blockchain industrial applications can uplift humanity with transparent, traceable, digitized, decentralized, secure, scam-free merchandise and services! Let the world experience the legitimate and transparent process stream with blockchain technology on its wings!