Blockchain

The Blockchain is an encrypted, distributed database that records data, or in other words it is a digital ledger of any transactions, contracts - that needs to be independently recorded. One of the key features of Blockchain is that this digital ledger is accessible across several hundreds and thousands of computer and is not bound to be kept in a single place. Blockchain chain has already started disrupting the financial services sector, and it is this technology which underpins the digital currency- bitcoin transaction.

Applications Of Blockchain Technology In Various Industries

Blockchain technology can be utilized in multiple industries including Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG.

Financial Services

In the financial services sector, Blockchain technology has already been implemented in many innovative ways. Blockchain technology simplifies and streamlines the entire process associated with asset management and payments by providing an automated trade lifecycle where all participants would have access to the exact same data about a transaction. This removes the need for brokers or intermediaries and ensures transparency and effective management of transactional data.

Healthcare

Blockchain can play a key role in the healthcare sector by increasing the privacy, security and interoperability of the healthcare data. It holds the potential to address many interoperability challenges in the sector and enable secure sharing of healthcare data among the various entities and people involved in the process. It eliminates the interference of a third-party and also avoids the overhead costs. With Blockchains, the healthcare records can be stored in distributed data bases by encrypting it and implementing digital signatures to ensure privacy and authenticity.

Government

Blockchain technology holds the power to transform Government’s operations and services. It can play a key role in improving the data transactional challenges in the Government sector, which works in siloes currently. The proper linking and sharing of data with Blockchain enable better management of data between multiple departments. It improves the transparency and provides a better way to monitor and audit the transactions.

CPG and Retail

There is a huge opportunity for Blockchain technology to be applied in the retail sector . This includes everything from ensuring the authenticity of high value goods, preventing, fraudulent transactions, locating stolen items, enabling virtual warranties, managing loyalty points and streamlining supply chain operations.

Travel and Hospitality

The application of Blockchain can radically change the travel and hospitality industry . It can be applied in money transactions, storing important documents like passports/ other identification cards, reservations and managing travel insurance, loyalty and rewards.

Benefits of Blockchain Technology
Increased time effectiveness due to the real-time transactions.
Direct Transactions eliminate the overheads and intermediary costs.
Reduced risks related to cybercrimes, frauds and tampering.
More transparent processes with a proper record creation and tracking.
Highly secure due to cryptographic and decentralized Blockchain protocols.
 

Modernization

 
Key Challenges of using Blockchain Technology

The lack of awareness and understanding of the Blockchain concept and how it works are the key challenges of using Blockchains in industries other than financial services sector. The challenges associated with existing legacy infrastructure in organizations and lack of proper technical understanding are major hurdles to the adoption of Blockchain in the mainstream. Adopting Blockchain also require a cultural shift from the traditional ways of doing things, as it involves a major shift by decentralizing the whole process.

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