Blockchain technology is no longer being whispered about in the market; it is well and truly sitting at the forefront of technology and finance. From some geek tech-phrase to mainstream acceptance, it has come a long way in a couple of years. Right from banking to law to accounts, blockchain is transforming the way data is captured, accessed and stored.
There are still a lot of big-time companies out there which are simply sniffing the fruits of blockchain before they take the plunge.
Having applications across a wide array of industries and businesses, here’s a list of verticals where blockchain can be experienced in all its glory.
Even though it might not seem the case, but the speed with which Blockchain is spreading through the medical and healthcare sector is unparalleled in comparison with some of the other conventional domains.
Right from patient admission, progress to reports, each patient represents a string of data which needs to be stored safely and accurately.
Within the blockchain, every new entry or update is stored as a new data block which is time-stamped as well. Health care providers can now have access to seamless directory management, tracking inventory for supplies and equipment is a whole lot easier now; automated insurance approvals have become a reality – blockchain supplements all this and a lot more in the medical sector.
Connected Car Market
According to surveys in the automotive industry, the connected car market is destined to exceed growth of $219 billion by the year 2025. This road to mainstream adoption of this connected car market will be brought forth via blockchain. How?
- By automation of the various tasks and steps of supply chain management.
- By keeping V2V and V21 data secure from any theft and cyber crime.
- By tracking vehicle status, maintenance levels, operation, performance in a real time manner.
- By optimizing the transport, distribution, storage and encryption data in the connected car market demands, due to some information being generated every passing second.
And not many players recognize the potential of blockchain in such a market; hence, the sooner you dissect and opt for this, the better it will get.
Of the many business applications of blockchain, the insurance sector is kind of the most obvious one. It will undoubtedly provide a base where data can be easily organized, tracked and stored without any scare of theft. Not just that, it helps execute agreements in a more effective manner.
Apart from this, the overall insurance process has been simplified at each step, turnaround times have been effectively reduced and fraud detection is no longer a far-fetched attribute. Since the overall efficiency is substantially improved, this will result in reduced premiums, which is like a breath of fresh air for everyone involved. Authorized parties don’t need to strive for policy information and the health history of the owners, as everything is readily accessible.
The only hurdle that can prove to be a nuisance is regulatory compliance.
In the world we live in today, where terrorism has sadly become a common part of our lives, we require every possible safety net that we can muster. And data sits at the nucleus of many such activities, which is something which can be securely enveloped using blockchain technology.
This is why a lot of top professionals out there have already predicted that blockchain will play a vital role in storing travel info i.e. passports and visas. This way to process of getting a passport or visa done will become quicker and more effective with minimum manual intervention. Even third party companies and travel providers can instantly check an individual’s right to travel and history in a real time manner. Concerned authorities can instantaneously track individuals who are labelled as ‘suspected terrorists’ and restrict any movement henceforth.