Industries Where Blockchain Has Innovated Beyond Cryptocurrency

Wikipedia describe blockchain as “A blockchain,originally block chain,is a growing list of records, called blocks, which are linked using cryptography.Each block contains a cryptographic hash of the previous block,a timestamp, and transaction data.”

According to 
“What’s special about blockchain technology is that through cryptography we can create an ledger of assets and transactions that cannot be tampered with or “hacked”. That ledger allows for peer-to-peer transactions of currency, commodities, or really anything else of value to take place transparently. All of this can happen without the need for an intermediary like a bank (such as in cryptocurrencies) or a middleman in some agricultural examples.”

Besides as a Crypto currency uses, blockchain technology has other potential uses. These are in….

  • Banking Industry
  • Health Care Industry
  • Agriculture Industry
  • Real Estate Industry
  • Supply Chain
  • Insurance Industry
  • And many others industry where blockchain has a potential to use.

Today, we will discuss about only Banking Industry, Healthcare Industry and Agricultural Industry where blockchain technology has potential uses.

Blockchain technology in Banking Industry – Today’s digital ages Banking Industries are using blockchain technology to maintain their business. Blockchain technology is being used in clearing and settlement area of banking sector. According to Accenture, a bank can save $10 billion on a biggest investment by implementing blockchain technology to improve the efficiency of clearing and settlement. Beside clearing and settlement, many central banks of various countries are using blockchain technology to make payment between them i.e. Central banks of many countries are trying to implement blockchain technology in their payment system.

Even many central banks are using blockchain technology to launch digital currency. Central banks are trying to use the benefits of blockchain technology in their payment system.

Simon Whitehouse says “Everyone is looking at it, experimenting and waiting to see who moves first, there is a great complexity involved to put in a new payments infrastructure with enough players to make it worthwhile.” 

Banking sectors are eager to use blochchain technology in Trade Finance. As many parties needs to access the same information, many thinks blockchain technology is the best solution for Trade Finance.

Charley Cooper says “Trade finance is an obvious area for blockchain technology. It is so old it's done with fax machines and you need a physical stamp on a piece of paper.”

Also blockchain can be used in banking sector for identity verification and other identity related cases. Banks have to verify of its customers and counter parties. Many bankers believe blockchain can be used here. As blockchain offers to share record with many parties and blockchain is protected with cryptography protocols, so bankers can safely use blockchain technology in this banking area of scope.

Blockchain technology in Healthcare Industry – Blockchain technology can also be used in healthcare sector for more efficient healthcare record system. Blockchain technology will help medical organization to manage medical data. Day by day number of patients are increasing and also health data increasing. And it is really hard to manage this huge data for healthcare organizations. So many healthcare organizations think blockchain can solve this issue properly.

Healthcare organizations can manage patient’s health information, Medical data collected form medical devices, health related insurance etc. with blockchain technology. As blockchain technology use secure cryptography protocols, that’s why healthcare organizations and patients can assure their data is safe. And they can even verify their correctness of data. Blockchain provides more security to health data.

Blockchain technology in Agricultural Sector – Blockchain can be used in Agricultural Sector to enhance Agricultural Supply Chains. Blockchain can be used in Food Safety.

Tim Hammerich says “Bringing transparency to the supply chain will allow us to identify and remove bad actors and poor processes. This ensures ideal conditions from farm to market, and we can pinpoint source quickly in the event of a food safety outbreak. This could save time, money, and lives.”  

Blockchain can be used in improving visibility for food supply chains. Blockchain also used to modernize Agricultural farm management software.

According to a article published in  “Blockchain-centered FMS software also promises to slice the cost of transactions between agricultural suppliers, as well as inventory costs by providing more effective real-time monitoring of machinery and crops.”
Share This Message