What do we see in technology today? Blockchain – Ohh, pretty simple and quite true.
Technological changes and up-gradations are the general myth of growth for every industry. At present, the latest advancement everywhere puffed up is “Blockchain Technology”.
In the simplest term, Blockchain Technology means a “decentralized database” – A database that runs on millions and millions of computers. Blockchain Technology uses cryptography which means the information recorded cannot be altered or modified. As opposed to a single authority or group, Blockchain Technology secures and verifies transactions digitally on a cryptographic network.
Given its uniqueness or recording transactions and information virtually, various industries are implementing and adopting the blockchain technology for improved transparency and veracity.
Here, I list the top five industries that are highly appreciating and benefiting from the Blockchain Technology.
Cryptocurrency and blockchain technology has been around for nearly a decade but it is successfully ruling the world in recent times. The gaming industry has always been interesting and the recent advancement of rewarding points and connecting international users on a game like Pub G has made gaming on top.
By leveraging blockchain technology across the gaming platform will offer new ways for gamers to earn additional income. With this, gamers will have ownership of coins in the form of points they’re winning while playing and they can even bid the points/coins in cryptocurrency or ICO tokens. This process transforms the games that run on just internet into the games that run directly onto the blockchain.
ALAX for the mobile gaming industry
Flux Gaming ICO for developers as well as for players
Potentially blockchain technology is replacing the fiat money. This is because cryptocurrency doesn’t require any central authority to verify and process the transactions as in case of bank deposit or withdrawal.
When it comes to present issues in the banking industry, blockchain technology holds an enormous value to attempt with better approaches. Implementing this disruptive technology over banking operation would improve the transparency and reduce the security or hacking issue. The fact is that blockchain technology is featured with a secure system that permanently records the millions of transactions. In a way, it can seemingly handle as many transactions as possible within banks every day and there is no option for hackers to steal even a single penny. Moreover, banks and users can experience the cheaper and faster transactions by the decentralized mechanism provided by blockchain.
Bankera ICO with its own exchange, wallet, debit card and payment processing
DigitalBank claims as “building the bank of the future”
Medical data of a person is something that needs to be keenly analyzed and securely placed. Implementing blockchain technology can help healthcare sectors to avoid common issues like fraud, lost records. Meantime, it helps them perform effective treatment and increase ability of healthcare systems within the cost-effective mechanism.
Using blockchain technology, doctors and patience can have open ledger where healthcare value chain can be shared without compromising the integrity and data security. At this level, there are various startups launching their own ICOs on Ethereum and blockchain platform.
Ehfirst launching ICO based on Blockchain, Artificial Intelligence, Machine Learning and Natural Language Processing
Trusted Health – doctor-centric health ecosystem based on Blockchain
Exchanges – Mediators
Since cryptocurrency avoids the necessity of a decentralized system, there are players coming up as the decentralized exchanges. These platforms work without any central authority and allow users/parties to exchange their digital assets with each other. Here comes a “Cashless Society”.
Decentralized exchange can help parties transfer the funds securely – Moreover, it is changing the way the exchange industry operates.
In India, we can see a social media platform; Crowdfire has launched a new decentralized exchange called, Wazir X. It’s not restricted here; there are other fintech firms that are launching their own exchanges on blockchain technology.
Blockex Exchange platform claims as “disrupting how the world trades”.
One of the loveliest things one can experience is “Travelling the unknown locations and exploring the world”. Since the tourism sector is one among the largest industry and with the hype of bitcoin and cryptocurrency, many businesses are now evolving on blockchain technology to explore new heights of tourism.
When the tourism industry leverage the blockchain technology, firms, and users can both have smooth functioning of the service. They can have facilities like financial transfers, hassle-free transaction details, cost-effective tourism while avoiding the fees of a travel agent.
Tourism in terms of blockchain technology can announce loyalty programs in the form of cryptocurrency. By implementing, customer identifications can be done easier and faster. On top of all, it rightly becomes a real revolution in this sector.
Aruba – this blockchain firm partner with two major airlines, Air New Zealand and Lufthansa, also with Winding Tree, travel technology specialist.
There was the bulletin on Dubai that it is launching a virtual b2b tourism using Blockchain Technology.
Apart from these industries, blockchain technology is transforming the real estate sectors, crowdfunding, retail industry, energy entertainment, government based systems, voting and elections, insurance, cloud storage, forecasting, supply chain management, cybersecurity and unlike.
If you’re a digital marketer or passionate about IT, we suggest you go through this topic – Blockchain Technology and Digital Marketing
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