Blockchain is the next big thing and has the potential to deliver new applications. It is the second generation of internet. The major internet experts have explained the revolutionary impacts of Blockchain in the digital world. Blockchain is the technology behind much hyped bitcoin. But as Internet of information changed the world with some doubts, it’s time for Blockchain, better known as internet of value to roll the dice and eliminate all the flaws of previous internet. Blockchain technology is multiform but the idea is very simple. It is a huge distributed ledger implemented on multiple devices where information as well as other things like money, art, property, votes and music can be stored publicly or privately. Let`s take a look at how Blockchain implementation in various industries could script a new beginning in the way business operations are run.
- Financial services providers are already using the advent of blockchain. It is seen that blockchain is being applied to all the cost centric as well as customer centric industries. The focal point of blockchain is sharing information and reducing effective cost of transaction. Smart contracts are blockchain triggered programs that are self executed which will reduce the cost of contracting and making payments. This would require no management as smart contracts are self executing protocols and hence promises to reduce cost.
- Internet of Things has been making much hype due to the intercommunication between the devices and self independence of devices. The use of blockchain will lead to emergence of a new breed of devices that will interact with each other, update software, sense the requirements of consumables, triggering protocols and monitor all functional process on a central network of devices. Blockchain will even change the way we collect, render and analyze the data in medical industry or any major data processing requirements.
- Entertainment industry is next in queue; to begin with let us take example of the music industry wherein the artists, producers get paid in no time with the help of smart contracts. Blockchain development will take legacy business models to new heights by working together with old or new applications. This will save time and cost at the same time. The trustless dynamic services between consumer and companies will be abolished and a streamlined peer to peer transaction will be feasible.
- Cyber security is the next frame of IT industry that will be affected by blockchain. The verified and cryptographic ally secure data will reduce susceptibility of any unauthorized changes and hacking. Along with this saving data on a distributed ledger removes the need of middleman or a legacy secure server. The private keys of data with parallel accounts can ensure complete privacy along with multi party authenticity.
- Logistics will also bank upon the smart contracts that are a formidable tool for online reputation management. In blockchain transactions are documented in a permanent decentralized record that can be monitored with complete transparency. The logistics industry can use this edge and solve the overall supply chain challenges. The use of such method of managing database can improve efficiency in terms of time, cost and labor.
- Hospitals also keep a large pool of data in form of test reports, prescriptions and consultation data that can be of a great value to patients. This data can be life saving in many cases. This data can be put on a decentralized ledger and patients can have access to their medical records through private key and all that without adding major burden on hospitals.
- Government sector is also at the verge of accepting the need of blockchain and decentralized database. The corruption driven bureaucracy has always been restricting the throughput of government funds to the bottom level. Using Smart contract blockchainbased authenticity protocols, the roadblock and bottlenecks in the flow of government funded schemes can be unearthed and right actions can be taken. Blockchain will not only help identifying the flaws in government policies but also in ensuring fast and reliable implementation of social welfare schemes.
There is a wide scope of application of blockchain in all the major industries including Finance, hospitality, entertainment, healthcare, insurance, retail, crowd funding and even forecasting and data management.
Our team at NetSet software is excelling in Blockchain application development to a wide range of industries. We are open to partnerships with you for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.
