How Industries are Using Blockchain in 2018

 Blockchain technology  in Banking and Finance Sector

Blockchain will transform the whole financial system into the betterment. It is a technology which will revolutionize the entire economic scenario. The fiancé industry uses this technology to redesign their system infrastructure, simplifying the process of digital transactions, to improve the identity management system and more. The number of other uses of this technology to the sector is:

- Saves a lot of money of which is invested into the managing the business operation or reduce the infrastructural cost

- Saves a lot of business time

- provides secured digital transactions

- No or fewer chances of fraud or manipulations

- Improves the efficiency of the systems

- Enhances settlement and execution times

 Blockchain technology in cyber security

The blockchain ledger is public, and the data is well verified and encrypted by using the advanced cryptography in the same which results in less data malfunction or less prone to information being hacked without the proper authorization. This sector uses the technology to prevent fraudulent activities via consensus mechanisms, detecting the data encryption, transparency and more. So it helps in strengthening the cybersecurity sector also. The list of some other uses are:

-Provides more date security

- Less human interferences

- Offers the advantage of decentralized data storage

-Enhances the system reliability and traceability also

Blockchain technology in Retail and Manufacturing industry

It is a technology which helps in providing the better or enhanced Supply chain management system of the retail and manufacturing industry which considered as the backbone of these industries. The technology is used by the sector for connecting buyers and sellers directly, verifying the provenance, locating or verifying the product authenticity, managing the product counterfeits, smart contracts platforms for ascertaining the consumer authenticity, and many more. It further helps the business to control the quality of its products too. The other uses are:

- Centralised database

- More transparency in the business functions

- Reduces the delays

- Reduces human errors

- Monitoring the business and labor cost

- Proper waste management in the supply chain management system.

Blockchain technology in healthcare sector

It is a technology which provides some benefit to the healthcare sector as maintaining the extensive database of hospital records is one of the challenging tasks for the industry. Blockchain technology offers secure access and management of the massive database to the patients as well as to the healthcare administration. The other uses are:

- provides fast, reliable and authentic access to the personal medical records

-helps in linking the patient's records to the medical and the financial patrons

- improves the data security

- improves the accuracy and speed of the personal diagnoses.

Since the industries are booming, the Job Sector is simultaneously upgrading when it comes to blockchain implementation technology. There are ample of courses (Short-Term and Long-Term) as well as specific certificate courses which you can pursue and join hands in the growth of the latest and trending technology.

Report this Page