Since 2008, the birth of blockchain technology, blockchain has gained a lot of popularity with bitcoin, a blockchain-based crypto coin. In the last few years, blockchain technology has become a red-hot topic across the country. Many people are talking about what is blockchain, how it works, and what are blockchain benefits in different domains. It all started with the popularity of bitcoin, and after some time it became the mainstream business application such as a meta-profit trading app for many investors and crypto traders. Blockchain completed its difficult phase now ready to utilize a full-fledged form to serve its multiple benefits. Currently, blockchain technology is still far from mature, yet its application is growing potentially across various sectors, far beyond virtual currencies.
In this article, we will highlight blockchain benefits, and how blockchain technology can be used in different industries. So, give it a read and find and stay in touch with us if you would get more information on how we can help your startup business using blockchain benefits.
Blockchain benefits: Industrial Sectors
Some of the benefits are highlighted below to understand how can blockchain technology is used in different industrial sectors are;
- Banking and finance sector.
- Healthcare technology.
- Information and communication technology.
- Banking and finance sector
In the banking and finance sector of industries, blockchain provides tons of benefits in terms of security, transparency, maintaining documented records, and many more. It comes up with a complete solution for different banking purposes which include Anti-Money laundering, fraud prevention, or client onboarding process. The essential use of this technology is for monitoring, as blockchain’s major aim is to provide transparency, better traceability, and fast analyzing speed.
Another option is to share distributed ledgers with regulators and remove the need to prepare reports, helping with verifying the risk fast and efficiently. Using blockchain supports automation which results in cost will be reduced and increases the speed of decision-making abilities.
- Healthcare technology
Blockchain benefits the healthcare sector by providing complete step-to-step verification that is easy, fast, and accurate. The global blockchain in the healthcare market will reach around $5.61 billion by the end of 2025 according to the BIS research report. All the healthcare sectors are implementing blockchain technology with the ease of use of this invention. Implementing blockchain could help cost hundreds of billions of dollars yearly.
In 2020, it was estimated that about 1.7 MB of data was generated by one person in one second, this means one person can add more than 2.5 quintillion bytes of data per day. We store a lot of information and data, thus making it susceptible to a security breach with full security. An estimate shows some of the significant sources of security breaches;
- Human error up to 95%
- Hacking up to 45%
- Malware up to 17%
- Phishing up to 22%
It costs businesses more than $75 billion annually to recover from ransomware attacks, in all these scenarios blockchain technology has answered all the queries that would be a boon to cybersecurity.
- Information and communication technology
The advent of information and communication technology has revolutionized all aspects of society and business with hundreds of time-saving benefits. The global market size of ICT was approximately $5.5 trillion at the end of 2022. During the Covid pandemic, every sector used ICT, and various industries adopted it to work remotely. The arrival of 5g Technology, web3, artificial technology, and metaverse has created new opportunities and has posed several issues and concerns while working with this new era of technologies.
Various business and government officials and agencies have created roadmaps for a digital strategy that would help how the society and economy would progress and evolve for future revolution.
Major Blockchain Benefits
The major blockchain benefits are mentioned below;
Blockchain is a good choice as compared to other record-keeping systems or procedures that keep your data safe. Each and every piece of your data is crucial, sensitive, and important and should be encrypted.
Blockchain makes all transactions more transparent as compared with other platforms. The reason for this is that blockchain uses a distributed ledger, data, and transacted all information that was recorded and saved in multiple locations of the blockchain.
In a complex supply chain, it is more difficult to trace the product where it is right now or to trace the origin position of the product. If your data is not traceable to consumers it will directly affect your workflow and down your name in the market.
- Increase Efficiency
If you are working with the same old traditional pattern which is paper-based work, you work harder, and in the future, it will not be effective for you to gain more. Old pattern paperwork requires more time and human power and you can not trace any essential information effectively and timely.
Your transaction can be automated through “smart contracts”, which enhance the speed and efficiency of your process.
The Bottom Line
In conclusion, utilizing a blockchain created several opportunities in industries as well as small startups. It has a lot of benefits that fulfill needs and requirements in the span of time. In short, blockchain has the potential to grow in all industrial sectors. Several industries are using blockchain technology as their mainstream and in the future blockchain will become an industrial revolution in the digital world. Moreover, blockchain also uses various platforms to trade crypto assets such as Bitcoin.