The blockchain is a decentralized technology that is sweeping through numerous industries on a wave of hype. It is currently one of the most talked-about technologies. The future of Blockchain seems promising. It is gradually becoming the industry buzzword as organizations are exploring its potential impact and benefits in their space.
Future of Blockchain
Industry leaders are trying to identify the potential of blockchain technology to transform their old traditional processes into fast and highly advanced techniques. Although bitcoin was the first implementation of blockchain technology, numerous other sectors are seeking to leverage the opportunities. Let us know more about the future of blockchain in various industries.
Banking and Finance
Blockchain technology has the potential to transform everything in the banking industry from payments to loans. The industry has also started believing that blockchain is a secure and tamper-proof ledger that can enhance the accuracy of the transfer. Here is how the banking industry will embrace the technology and transform all the services including:
- Payments: Blockchain technology could eliminate the need to rely on intermediaries like banks to approve the financial transactions. This will result in faster transaction and payments at lower fees.
- Loans: By removing the necessity of gatekeepers in the loan industry, blockchain will make the process of borrowing money fast and secure.
- Fundraising: Blockchain technology has opened the way to a whole new world of ICOs (Initial Coin Offerings). ICO is a modern way to raise money from the general public in lieu of company tokens.
- Bonds & Securities: Blockchain can revolutionize the way people trade in securities by tokenizing stocks and bonds called Tokenized Asset Offerings (TAO).
Real estate is one of those complex industries that depend on several intermediaries which makes procedures long and sluggish.
Blockchain technology can speed up the processes and make payments between buyers and sellers more transparent. Moreover, the transactions could be faster and secure through cryptocurrencies like Bitcoin, Ethereum, etc.
Apart from payments, the Blockchain can help to avoid the need for the middleman to build trust between parties through Smart Contracts, e.g., the services of a broker are no longer needed.
While there are several applications of Blockchain, it can be efficiently utilized in the pharmaceutical industry to manage the massive data of healthcare companies. The Blockchain technology can effectively monitor the drug supply chain, assisting in the manufacturing and distribution of the medicines.
Many developing countries suffer from the issue of fake medicines that comprise 10-30% of the total sale. Blockchain tech can help the government to cope with this massive problem and disrupt the flow of counterfeit drugs.
Blockchain technology could coherently bring new opportunities and transform the way telecommunication companies manage their business. Here are some of the ways how Blockchain could disrupt the telecom industry:
- Blockchain can eliminate the third-party intermediaries to streamline the transactional process and protect both the parties against frauds.
- Blockchain can also make data roaming more affordable and safe through Smart Contracts.
- The decentralized technology can also provide real-time balance and data update to the customers and improve the billing system.
These are a handful of industries that can associate blockchain technology to make the most out of it. Apart from them, many financial and non-financial sectors are trying to implement the decentralized technology to make their work process effortless and utilize its benefits. After all these, the future of blockchain seems extremely bright as it ensures tremendous development in all industries.
Also published on Medium.