Industries that benefits most from the Blockchain Technology

It was always believed that Blockchain Technology could only be the guiding light for the cryptocurrency exchange until it was successfully integrated into the other fields!

Some of the major sectors that can depend on the Blockchain Technology in near future include in managing ride-hailing apps, law enforcement, voting, car leasing and sales, cloud storage, stock trading, healthcare industry and many more.

The blockchain is simply a public ledger where it can store a very high volume of data or digital transactions irrespective of the location. Another main characteristic of the blockchain technology is that they follow a decentralized mechanism, and hence there is no need for third parties to supervise the entire procedures. Since there are no third parties involved, the chances for frauds are literally impossible.

The startups nowadays are using the Blockchain Technology for sectors which demand greater transparency and authenticity. They are playing their part in creating awareness about the scope and possibilities of Blockchain Technology.

Here are some of the best ways where different companies make use of the real potential of Blockchain Technology;

"Read the blog on future of blockchain technology"

Top 5 Blockchain Use Cases in 2020

1. Banking




The banking industry has begun to try out Blockchain Technology to improve the back office procedures and settlements so that they can cut out the huge money involved with paying the third parties or middlemen. Some of the leading banks which have begun implementing the same include the Swiss-based bank UBS and the Barclays Premier Bank of the UK. Some experts believe that it enables the banks to save up to $20 Billion!

Since Blockchain is a secure and digitized public ledger, they could serve well in the Banking industry which mainly requires the above-mentioned properties to the core.

Moreover, some banks are really investing in many of the Blockchain startups like R3 CEV, which are working on developing a Blockchain platform, specifically for the players of the financial industry.

2. Ride Sharing




Blockchain Technology has a really good future in the Ride Sharing sector.
Some of the major players like Uber and Lyft works on the mechanism of a centralized platform, which is exactly opposite to the decentralized ones. They literally use algorithms to control their taxi drivers and decide on how much to charge for the trips. With the usage of Blockchain Technology, new options could be injected into the system so that it becomes more dynamic, user-driven and a market place which is much more value-oriented!

An example to indicate the above mentioned would be the startup Arcade City. They make use of the Blockchain System to take care of their transactions. Also, the drivers can decide on their rates with all the records and interactions being stored in the Blockchain.

This makes the Arcade City more interesting to the drivers. It makes the drivers build up their own cab business, where no one is there to control from a corporate office. In arcade city, they allow the drivers to set their own rates, develop their own customer base and can also offer additional services like parcel deliveries, etc.

3. Crypto Exchanges




Crypto exchanges are basically websites or platforms from where you can either buy or sell the cryptocurrencies like Bitcoin, Ethereum, etc. in return of either the digital currencies or the traditional currencies like US dollar or Euro. And since it involves a lot of transactions, Blockchain Technology is very much useful or necessary for the crypto exchanges to happen safely and securely.

Anyone can easily set up cryptocurrency exchange business with leading cryptocurrency exchange platform development company Blockchain Technology reduces the normally prone cybersecurity threats since it does not need any human intervention. And which is very much essential for the transactions involving money, or the digital currencies (cryptocurrency).

An example of the leading decentralized cryptocurrency exchange is the Ethereum-based 0x.

4. Cloud Storage




In Cloud Storage services, the enterprises store the data of its customers in a completely centralized server. And these are prone to attacks by the hackers. And if the data is compromised, the complete integrity of the enterprise is lost.

And here comes the real potential of the blockchain technology. Since the blockchain makes use of a decentralized platform, it is less prone to cyber attacks or its almost impossible to compromise them.

An excellent example of this would be the “Filecoin”. It is basically a crypto project that honors you the hosting of files. And this would be just like the decentralized version of the S3 services provided by the Amazon Web Services.

Another upcoming team is the “Storj”, which is a purely Blockchain based cloud storage service provider. Their stated mission is to provide security and to lower the costs involved for storing information in the cloud servers. It also allows the users to rent out their unused storage space in a peer-to-peer manner.

5. Government And Public Records




Blockchain technology could be really made useful in the management of public services by Governments across the world. It allows the processes to be made digital or less paper-based, avoid fraud and to improve the accountability between the departments and the common people they serve.

Some of the states in the United States have already begun to implement the same in their administrative procedures. Also, some startups have begun to assist Government institutions in Eastern Europe. The BitFury Group is presently working with the Government of Georgia to make them the government records more secure!

"Also Know how blockchain technology can transform project management"

Conclusion

There are still a lot more of industries which could be really benefited from the usage of the Blockchain Technology. Only some of them are mentioned above.

Incorporating the Blockchain Technology into their execution plan by the business owners in any of the industries mentioned above would give you that upper edge over your competitors.

Image Source: Google