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How Blockchain is transforming different industries

27.10.2021

The world around us is always changing, evolving, and challenging the status quo. Powerful trends create and remodel lifestyles, propel new technology, and alter business and human behavior from a 'future is now' perspective. It's critical for businesses to stay on top of these changes and respond appropriately.

Robotics, artificial intelligence, augmented and virtual reality, and blockchain has all witnessed technical advancements in the last decade. These tools and technology, far from being a futuristic concept, are now being successfully implemented in a variety of industries.

Beyond the future of data security, blockchain is evolving.

Take, for example, blockchain. When first investigated, this technology appeared to represent the future of data transfer. In reality, though, blockchain is already affecting our daily lives, as people want greater transparency in the items they purchase.

How? Have you ever questioned whether the Fair-Trade logo on a chocolate bar or a jar of coffee you bought is genuine? Every piece of data - from the precise GPS coordinates of the cocoa tree to the manufacturing facility, logistics provider, and retailer - is digitized, captured in an encrypted format, and then saved in a single trusted source via blockchain.

Let’s see how Blockchain is affecting the different industries: 

FinTech:

The FinTech industry has been swept up by blockchain technology. This new revolutionary technology is most known for powering cryptocurrencies, which has generated a lot of attention in the financial world recently. While FinTech is still a new technology with the ability to use a variety of services, it has the potential to revolutionize existing processes and upgrade to current procedures that will protect society's most essential industry.

Blockchain is used for Replacing Physical Ledger with Digital Ledger, Securing Transactions Against Fraudulent Activities, Eliminating Third-Party Interference, and Restoring Monetary Power to the People, which essentially means holding the value of your money in digital coins (cryptocurrency) without the use of a bank.           

Healthcare:

In healthcare, blockchain has a wide range of applications and functions. The ledger technology enables the secure transmission of patient medical records, maintains the drug supply chain, and assists healthcare researchers in deciphering genetic code. It's hardly surprising that keeping our vital medical data safe and secure is the most popular blockchain healthcare use right now. In the healthcare industry, security is a big concern.

The potential of blockchain to maintain an incorruptible, decentralized, and transparent log of all patient data makes it a technology ripe for security applications. 

 Supply Chain:

The use of blockchain in the supply chain can assist participants in better managing the supply chain by recording price, date, location, quality, certification, and other pertinent information.

The availability of this information within the blockchain can improve material supply chain traceability, reduce counterfeit and grey market losses, improve visibility and compliance over outsourced contract manufacturing, and potentially boost an organization's position as a responsible manufacturing leader.

Cybersecurity:

Bank accounts, health records, birthdays, social security numbers, and passport information are among the dozens of accounts scattered throughout the internet and safeguarded solely by typically weak passwords. The growth of internet data in the information age has resulted in security breaches that regularly expose our most sensitive information to unscrupulous parties. Finding a trustworthy cybersecurity protocol is thus more vital than ever.

Because of its inherent decentralized nature, blockchain is an ideal solution for cybersecurity. From medical and financial data exchange to anti-money laundering monitoring and encrypted communications systems, blockchain technology offers a plethora of applications.

Agriculture:

Agriculture can benefit from innovation combined with modern technology such as blockchain and artificial intelligence (AI). However, while absorption of contemporary technologies takes time, this gap must be bridged as soon as possible so that even small and medium-sized farmers can profit from low-cost technology.

With India's agrarian economy, blockchain technology can deliver tamper-proof, reliable data on farms, inventory, credit scores, and food tracking. As a result, farmers no longer have to rely on paperwork/files to record and keep critical information.

Smart contracts are written in code, and payments are released automatically after all of the criteria are completed. This means that farmers meet the necessary requirements, such as digital identity, supply their goods, and will receive money into their accounts within hours. There are no middlemen or additional costs to consider.

Pharmaceutical:

Blockchain technology has various potential applications in the healthcare industry, including facilitating access to medical information for physicians, patients, and others; improving the supply chain, clinical trial data reporting, vendor credentialing, medication pricing strategy tracking, and so on.

The platform is a safe haven that can't be hacked into. As a result, it can give clinical trial participants more confidence, and they will be more excited about participating in new medication research.

Patients will also be able to manage who has access to their personal information and share only the information that is relevant to their accounts.

 Aviation:

Did you know that in the airline sector, blockchain technology is a critical component of ensuring a flawless travel experience? Yes, it is correct.

Because it is inherently unbreakable, no one can make any changes to the system without telling the rest of the blockchain network.

To provide an extra layer of security for users, blockchain employs cryptography, a mathematical method that works as a firewall against attackers. Every piece of information on the blockchain is cryptographically hidden.

Furthermore, Blockchain is employed in aviation maintenance since it can continuously update the logs for each part of an airplane's condition. This will help to cut down on the time spent on routine plane inspections and maintenance.

Final Thoughts

To summarise, while the world may not realize the full potential of blockchain technology, it is undoubtedly the tool that will revolutionize a variety of industries. I can't help but think about how incredible it would be to integrate blockchain with other technologies such as the internet of things and artificial intelligence in these industries.