Blockchain technology didn’t revolutionize only the financial sector. Its rapid development has created countless new business opportunities across several verticals.
Many industries started using blockchain to improve the quality of products and services, management, sales, etc. Here are some of the most noteworthy examples of how blockchain innovates industries for the better.
Blockchain technology is applied in several segments of providing care in public and private institutions. First of all, blockchain removes the centralized approach to storing medical data.
Therefore, it enhances data privacy while enabling better transparency. For example, a patient could access and transfer all their records only by having an API key. No further physical relocation of records would be necessary.
Other benefits include fast and secure remote and coordinated medical care.
Furthermore, blockchain would automate and optimize the storing, transporting, and use of pharmaceutical products. Also, both blockchain and AI are indispensable for all kinds of clinical trials.
Aside from its many benefits, the application of blockchain in healthcare has some challenges as well. In the future, we will see professionals working on elaborating solutions for some issues, such as treating an unconscious patient remotely and accessing their API key. Medical bracelets or biometrics are potential solutions.
Unlike AI technology, a digital ledger can’t handle large amounts of data, such as video recordings, genome sequences, or MRI scans. The suggested solution is back-end repositories and encoded libraries.
2Travel and transportation
The travel industry is one of the most complex industries in the world. It combines accommodation services, transportation, food, and leisure services.
Therefore, the travel industry needs a harmonizing factor that would make all its sections work unanimously. The advanced technology of blockchain has proven to be one of the solutions.
For example, blockchain can automate and simplify the vast amount of B2B transactions and fund forwardings that occur to deliver a single travel arrangement.
Using blockchain could remove many third parties (national and international banks), thus making the transactions quicker, cheaper, and safer.
Also, we have seen how helpful blockchain was in identifying passengers during the COVID-19 pandemic. The process of checking vaccine status was made instantaneous thanks to generated QR codes, a form of data easily contained within a blockchain.
The process of producing, selling, and maintaining the vehicles is a long one and requires a complex network of transactions and a significant amount of knowledge.
Blockchain provides countless possibilities to streamline the processes of the automotive industry. In addition, it can provide support for innovative hardware and software.
Also, it helps producers and mechanics locate defective elements and replace them with ease.
Companies operating in the automotive industry and applying blockchain have original business models. As a result, they provide more efficient, transparent, and trustful business services.
According to Dusan from VSS Monitoring, hacking is a serious cybersecurity issue these days. And it is especially risky for the automotive industry because hackers can attack supply chain databases or even overtake personal vehicles. So, strong security measures like blockchain can be helpful.
The creative potential of blockchain finds its application in entertainment, and especially in the gaming industry.
Blockchain empowers online creators and game players by enabling them to earn NFTs, non-fungible tokens, which are non-interchangeable identifying elements that allow a game developer, for instance, to maintain ownership of what they show the world. This enables them to become assets. The idea is that an NFT can be bought or sold because it includes authentication. That makes it hard to duplicate or steal for profit because a hacker or thief cannot prove ownership.
But it goes beyond that. Blockchain changes everything about the games, from how they are created to how they are managed and played.
Perhaps the most exciting thing about blockchain for players is that it allows them to be more than users. Players become the owners of the game.
Furthermore, players can own assets and objects in the game’s virtual space. Additionally, some assets, like NFTs, are valid outside of the game and can be used in the real world.
5Banking and finance
With the global economic collapse, 2009 was a landmark year for finance. Only a couple of years after Bitcoin was invented, it became clear that traditional money and trade would never be the same.
Although the process of adopting blockchain still moves slowly, businesses that don’t succumb to inertia are thriving from the benefits of blockchain, including:
- fewer taxes and fees
- faster transactions
- anonymous transactions
- less paperwork
Still, blockchain has some hurdles to jump in the banking and finance field. For example, blockchain and Bitcoin are so intermingled that some consumers have difficulty distinguishing between the two concepts. As a result, they may resist a financial institution promoting its blockchain technology if they aren’t interested in trading cryptocurrencies. On the other hand, some consumers recognize blockchain as a buzzword linked to future thinking and faster service, so they’re hoping financial institutions will adopt it. And above all, there are still public and governmental questions about blockchain security, making it challenging for a company to develop a robust financial services marketing strategy.
6Government and public services
Finally, blockchain is silently transforming the public sector as well. Some blockchain examples show that it has the potential to:
- improve citizens’ data safety,
- enhance the transparency of public institutions,
- streamline procedures and eliminate unnecessary practices
For example, blockchain can reduce election fraud and consolidate tax collection procedures.
Blockchain technology is becoming part of these industries and some government agencies. Still, it can become essential nearly everywhere in the coming years. Part of the challenge is getting business leaders to understand and embrace it. Another part is finding ways to help consumers understand and trust the blockchain technologies businesses and governments adopt.
Security is central to all these concerns. So over the coming years, both business and government will be paying close attention to how fully blockchain can deliver on the promise of secure transactions and recordkeeping.