In contemporary times, we have been continuously perceiving about the Blockchain Technology all around us. On the same queue this blog is aimed to hit you to discuss about how this Blockchain will revolutionize the industries.
Be it the invention of the portable computer in the mid-1970s or the birth of web 2.0 in 2000s. All of these had a significant impact on the way the industries are functioning right now. With the invention of Bitcoin in 2009, blockchain comes into existence. Initially, this blockchain technology was seen in association with Bitcoin transactions. And gradually industries are started embracing it after realizing the importance of this technology.
[ Related: How Businesses Can Use Blockchain To Boost Revenue? ]
Banking is one of the core industries for all the countries as it directly impacts the economy of the country. The challenges faced by this industry are mounting day by day with regulatory pressure, security threats, and huge payments processing data are on the top to name few. Here’s where blockchain possibly provides a solution for their challenges.
Payments processing is something where lot of intermediaries would cross to complete a transaction. Since all the blocks are interconnected in Blockchain, it could significantly bring down the expenses involved in processing a payment between banks, business or for the clients.
However, Fraud detection and prevention is one of the biggest security threats for banks and the bank data which are stored in centralized databases are constantly under attack. Since Blockchain is being a distributed database, where the individual transactions and data are stored in individual blocks in chronological order. So it would become extremely difficult for outsiders to gain access to the data. Hence this would help to eliminate some of the frauds in the banking industry.
Healthcare industry is another important industry to consider on this list. No country in the world can ignore the fact that healthcare is the potent lifeline to operate all the other industries.
It has its very own challenges like maintaining electronic health records (EHR), a security breach of data, claims management, etc. Blockchain could bring a solution for most of these challenges. Each hospital has its own way of maintaining EHR. While some hospitals maintains the data format in dd/mm/yyyy and some others in mmm-dd-77. So, Most probably, the data format differs.
It’s not about the data format, but the database in which the data stores itself differs. While some hospitals prefer to have an in-house system, others have it on the network.
So it is highly impossible to have a coherent data where a patient’s holistic health records are getting viewed. Blockchain would be the aptest solution for this. Typically a patient’s EHR starts when they visit the doctor.
Possibly, a record/block gets created at this stage. If the patient goes to the doctors with CT scan, On seeing the CT scan result, if the doctor writes the prescription, then possibly another record gets added to the chain. And when the patient goes to a pharmacist, then another record get added to the chain. Obviously, the chain of data records keep increasing. So it’s clear that the EHR will give a holistic view of the patient’s information at any stage.
Claiming management is another headache in healthcare where there are multiple parties involved in it. Potentially, Building smart contracts for healthcare will bring down the human intervention and saves a lot of time in the processing of claims.
Logistics industry for a country is like how nerves are for a human. It carries product from one corner of the country to another corner and even to other country.
This industry holds several transactions like Purchase Request, Purchase Order, Bill of Lading, Supplier Invoice, Customer Invoice and so on.
Here the transparency is one of the core challenges for this sector as each of these transactions take place in different parts of the world. So the consumer might be unaware of what’s going on with the product unless it reaches them.
With blockchain technology, all the stakeholders will come into a single chain. And hence the flow of information can be viewed by anyone in that chain which maintains the clear transparency to the consumers.
They can view where the product is originated including the supplier information, from which they can track the entire shipment process. Besides, blockchain has got all the relevant data in it. Which is the massive key feature for all the organization to identify the market trends to enhance their product features, logistic efficiency and so on.
Several organizations in these industries have already started to embrace this technology. To implement this technology, Organizations have begun to work with IT vendors on a “pilot project” basis. There are also some organizations which are working in a phased manner to roll out this technology in each functional area. So, it would be the ideal time for any organizations if they want to incorporate this technology into their business.
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