How is Blockchain Technology beneficial for 8 different industries?
The demand for blockchain technology is shoot up and It has different advantages in each type of industry. We all know that Blockchain Technology improves security and prevents frauds and provides transparency. It became the need of the hour today. We listed the benefits of blockchain technology for 8 different industries -
1. Benefits of Blockchain Technology in Automotive Industry 2. Benefits of Blockchain Technology in Banking Industry 3. Benefits of Blockchain Technology in Government Industry 4. Benefits of Blockchain Technology in Healthcare Industry 5. Benefits of Blockchain Technology in Retail Industry 6. Benefits of Blockchain Technology in Media & Entertainment Industry 7. Benefits of Blockchain Technology in Gaming Industry 8. Benefits of Blockchain Technology in Travel Industry
How Blockchain Technology is beneficial for Automotive Industry/Benefits of Blockchain Technology in Automotive Industry
The blockchain will have a positive impact on efficiency, safety and processes from the production phase until after delivery. Through manufacturing monitoring, the blockchain can guarantee that the parts used come from authorised sources.
This will also monitor market components, vehicle recalls, history of services, warranties, pay as you drive (PAYD), carbon emissions, black boxes, etc.Likewise, it can enhance vehicle performance certification, facilitate ethical scrapping, facilitate automatic payments between all parties, and track non-PII (personally identifiable information) vehicle data through sensors that will help analyze traffic patterns and accidents.
Data that helps in vehicle manufacturing, maintenance, transportation, insurance, accident prevention, traffic regulation, etc.
Benefits of Blockchain technology in the automotive industry -
• Insurance to verify and secure vehicle mileages • Carsharing • Payments from a buyer to a seller without any intermediaries. • Driver’s information • Tracking Location • Check the source of materials used in the production of a car. • Vehicle Recalls and History • Autonomous Vehicles • Servicing - With a simple scan of a QR code servicing history stored on the blockchain
How Blockchain Technology is beneficial for Banking Industry / Benefits of Blockchain Technology in Banking Industry
In the sector of loan lending and credit, Blockchain has changed the banking industry by removing the need for regulatory bodies. Thus, borrowing money and paying lower interest rates is safer for people. Trade finance has been substituted by blockchain. The result has been transparency, greater safety, and confidence among trading parties. The banking sector has acted as a catalyst for a variety of economic and fiscal activities, including commerce, loans and borrowings, and operations, for hundreds of years. Nevertheless, this longevity has stalled as the industry has slowed over time to accommodate the fast-changing realities of the digital era. Under blockchain, the industry has undergone major changes over the past few years. The use of blockchain has changed the banking industry on a variety of fronts.
This has had implications for payments, settlement systems, fundraising, security management, lending and trade finance. Blockchain creates a decentralization that allows banks to more easily concentrate on activities beyond tracking payment transactions.
Benefits of Blockchain technology in the banking industry -
How Blockchain Technology is beneficial for Government Industry / Benefits of Blockchain Technology in Government Industry
As a blockchain is more secure and gives transparency, it helps the government to simplify the processes of voting, tax, and more. The many benefits of decentralised government lie in enhancing the efficiency of government bodies in their way of doing business and their loyalty to the public. Government based blockchain using a digital environment can secure data, simplify processes, saves from risk of fraud when building confidence/loyalty. Based on a government wide blockchain model, individuals, companies and governments share resources in a crypto-secure distributed repository. This design removes a single point of failure and inherently protects the sensitive information of citizens and government.
Benefits of Blockchain technology in the Government Industry-
• Securely store government and business data • Reduce time-consuming strategies. • Minimize excessive prices for managing rights • Reduce risks of corruption and abuse • Augmentation accepts as true to the authorities.
The delivery of the disbursement ledger may be used to sustain a range of government and public programs/plans, consisting of virtual money, property registration, identity control, health care, tax business registration.
How Blockchain Technology is beneficial for Healthcare Industry / Benefits of Blockchain Technology in Healthcare Industry
Health information powered by blockchain could also unlock the real cost of interoperability. Fully blockchain-based systems have the ability to remove the frictions and costs of modern intermediaries.
Blockchain applications can accurately identify critical and even dangerous errors in the medical field. Blockchain networks are used in health systems to store and share patient data through hospitals, diagnostic labs, pharmaceutical companies and physical departments. Thus, it can improve the efficiency, security, and transparency of sharing medical data in the healthcare system.
The promise of blockchain has a significant impact on those involved in the health care ecosystem. Leveraging this technology has the potential to link fragmented systems to generate information and further evaluate the value of care. Over the long term, a national EMR blockchain network could improve efficiency and foster better patient outcomes.
Benefits of Blockchain in the Healthcare industry -
• Secure Patient Data • Management of Medical Supply Chain • Simple Longitudinal Patient folders • Payments using Cryptocurrency • Decentralisation of medical storage • Enhanced EMR systems • Improved clinical trial recruitment
How Blockchain Technology is beneficial for Retail Industry / Benefits of Blockchain Technology in Retail Industry
Retailers have faced many challenges during the pandemic, including keeping products on shelves, moving supply chains, opening stores, and keeping staff safe. While the world is prudently heads towards re-opening, retail sales are increasing. Now is the perfect time for the retail sector to use blockchain to address all their needs.
Blockchain will alter the way of doing business in the retail industry and other industries, because it can open huge opportunities for the retail industry. Small and large businesses can benefit from the confidence, transparency, and efficiency of blockchain transactions that support the retail sector.
Benefits of Blockchain technology in the retail industry -
• Maintaining product quality Tackling fraud • Managing consumer data • Improving loyalty programs • Tracking inventory • Enforcing labor rights along supply chains worldwide • Automating back-office administration • More effective payment systems • Exploring blockchain applications
How Blockchain Technology is beneficial for Media and Entertainment Industry / Benefits of Blockchain Technology in Media and Entertainment Industry
Blockchain technology will provide significant benefits to the media and entertainment (M&E) industry. Key attributes of the shared ledger approach of blockchain technology provide many benefits over the media supply chain like speed, efficiency, confidence, and safety in the transaction processing.
When parameters are often subject to collusive behaviour then blockchain provides clarity to this. This breakthrough offers equitable settlement to the stakeholders and makes it possible to significantly innovate and novel business models. This is especially important when it comes to the distribution, consumption and payment of media content and advertising.
Blockchain can also help reduce advertising scam like robot clicks and copyright infringement. The Media and Entertainment companies that are starting to build with blockchain, it is possible for them to outperform from their competitors.
Benefits of Blockchain technology in the media and entertainment industry -
• Eliminating Media Intermediates. • Security of media information and speed. • Clearly defined terms and conditions for royalties. • Payment for broadcasting and subscription fees. • Elimination of Gatekeepers
How Blockchain Technology is beneficial for Gaming Industry / Benefits of Blockchain Technology in Gaming Industry
The versatility of Blockchain has also made it effective in the gaming industry. The gaming industry has made great strides since its humble beginnings.The gaming industry has always been a controversial area because of problems like high fees, Unsecured data, and fraudulent activity associated with it. Blockchain technology is a panacea for these problems. Many companies have already begun with blockchain technology to establish trust in players.
What Blockchain Technology provides to gamers? 1. Allows to customise gaming items 2. Allows to develop characters 3. It Can be transferred to other players and exchanged. 4. While playing independently players may possess the assets.
Many of us have played Super Mario, Contra on 16-bit gaming systems. If you remember then you know how this once simple industry has evolved into a treasure trove of emotionally charged, engaging virtual reality games.
Blockchain games utilise the same technology as cryptocurrency and Bitcoin, to create ownership of real merchandise. This is considered a blessing for gamers who are often stuck with elements in the game.
Benefits of Blockchain technology in the gaming industry -
• Make payment processing profitable. • Minimize fraud activity. • Safety of storage. • More control of the game economy. • Reduce the price of playthings.
How Blockchain Technology is beneficial for Travel Industry / Benefits of Blockchain Technology in Travel Industry
The travel industry shares information with each other, which means each travel company depends on another travel company. Blockchain Technology can conveniently access and store valuable information. It also ensures the security of the travel company's financial operations.
Multiple sectors are included in travel industry i.e. Transportation, lodging, Food and beverages and entertainment. All these industries are thriving in themselves, and there are many possibilities to apply blockchain technology to all and Industry participants will benefit from lower costs.
The real advantage will take travellers because blockchain enables a more secure and trustworthy way to travel.
Benefits of Blockchain technology in the Travel industry -
• Tracking stuff • Identity Services • Customer Loyalty Scheme • Seamless, secure and traceable payments. • Manage digital inventory more transparently without overbooking.
Without a doubt, we can say that blockchain technology has massive power in shaping all sorts of industries. It creates a wide range of transparent and sustainable digital opportunities. The demand for Blockchain Technology is increasing. Get in touch with us to build a blockchain solution for your business and embark on your journey.