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Industries Where Blockchain Technology Is Already Finding Expression

Written by 4King Writer

July 29, 2019

Blockchain is a novel technology and is making significant impact both as a transaction vehicle and for purposes of process management.

As a transaction vehicle, the P2P system enabled by blockchain technology is helping to facilitate a faster, cheaper and more efficient means of sending value across individuals without the need for intermediaries.

As a decentralized ledger, the transparent and secure data and value exchange capability of blockchain is endearing to industries where efficient data management is of paramount importance. Also, the immutable records of the technology makes it suitable for industries where auditability and traceability of processes are required.

Below are some areas where blockchain is finding active implementation across the globe today;

Financial Inclusion

Blockchain technology is enabling financial accessibility for most of the world’s unbanked and underbanked population. With gadgets as simple as a smartphone, users can now transfer financial value across the globe even to areas that are lacking in infrastructure. This is a process that is helping to bridge the gap between the developed and underdeveloped nations. In a broader view, it is a system that will help towards eradicating poverty.

Blockchain In Healthcare

An effective healthcare system has everything to do with proper record keeping and easy accessibility to such records. Existing systems in the healthcare sector depend on centralized servers for storing both records of patients and service providers. This comes with several risks that include limited accessibility, danger of losing or mixing up vital information, and the absence of control by the real owners of such data, the patients.

There are emerging platforms today that are using blockchain technology to solve all of these problems, introducing much more flexibility and making the industry more reliable.

Voting

Credible elections are hard to come by these days as exemplified by the prolonged media and judicial tussle after elections in most nations of the world. With the openness of blockchain technology, and the inability of anyone to alter the records, electoral inconsistencies will gradually become a thing of the past.

Cybersecurity

Blockchain supports the intensification of cyber-defense as the platform can prevent fraudulent activities via consensus mechanisms, and detect data tampering depending on its underlying characteristics. A company called Guardtime is harnessing blockchain technology to create “keyless” signature systems. It is currently used in Estonia to secure the health records of a million citizens.

Several other industries are experiencing the revolution that is championed by blockchain technology. Supply chain, infrastructure, entertainment and a host of other disciplines are showing evident testing and implementation of blockchain solutions. As an adaptable technology with the capacity of fitting into almost every field of endeavor, it is fair to expect some major implementations in a time not too far from now.

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