Blockchain technology seems to be everywhere these days. Its rise has been nothing short of remarkable; it seemingly came from nowhere and quickly became one of the most widely discussed topics in the tech world.
While almost everyone has heard of blockchain by now, few people understand how it works or how it is actually being implemented. Often, blockchain is used interchangeably with cryptocurrency. However, there are key differences. Blockchain is related to crypto but has little to do with things like analysing Bitcoin charts or checking the Shiba Inu price. To help you develop a greater appreciation of blockchain.
We’ve detailed a few industries that are being revolutionised by the Blockchain technology:
When we think of industries that are at the forefront of technology, healthcare might not be the first that comes to mind. However, the healthcare sector has long been a proponent of new tech. As tools and technologies develop, healthcare practitioners can provide increasingly effective care and improve patient outcomes.
Healthcare organisations have been quick to adopt blockchain. The tech has allowed them to make improvements across a range of areas. Data privacy is incredibly important in the healthcare industry. Medical records are protected by law, and it is the responsibility of healthcare providers to ensure that the records of their patients are safe and secure at all times.
Blockchain networks aren’t just used to record cryptocurrency transactions, they can be used as a ledger for storing any kind of digital information. Data on a blockchain network is secured through cryptography, making it nearly impossible for unauthorised third parties like hackers or scammers to access it. This makes it the perfect platform for medical records and is why it is being increasingly adopted across the healthcare industry.
2. Online Gambling
The online gambling industry was one of the very first to identify the potential benefits of Blockchain technology and to start integrating it with business operations.
Online gambling is huge, with a market value that is expected to exceed $95 billion by the end of the year. Operators and businesses are constantly looking for new ways to streamline their operations and make the products and services they sell safer and more efficient for players.
Through the integration of blockchain technology, online gambling operators can offer players various additional payment methods, such as Bitcoin, Litecoin and Ethereum. In addition, blockchain networks allow for greater privacy and anonymity. By processing payments through the blockchain, online gambling platforms do not have to obtain and store personal player information. This makes things easier for operators and safer for the players.
Modern blockchain platforms also allow for the design and implementation of special decentralised apps and games. Recently, we’ve seen online gambling operators create unique blockchain-based games that can pay out in crypto and other digital assets such as NFTs.
3. Food and Drink
The food and drink industry is enormous, comprising countless smaller sectors and sections. Despite the scale and variety of the industry, many companies follow similar operative strategies and therefore face many of the same obstacles and challenges.
The supply chain is an integral part of any industry, but especially so for the food and drink sector. Food and drink products have a shelf-life and are prone to spoilage. If supply chains are not managed correctly, businesses can see catastrophic product losses which can have a severe impact on profits.
Modern-day supply chains and extensive and convoluted. Keeping track of them is difficult, particularly when dealing with international transit. Supply chain routes and schedules can be fed into blockchain platforms, with every aspect and step of the process recorded on the network. First and foremost, this makes it easier to get an overview of the supply chain as a whole and makes honing in to focus on a particular aspect more efficient.
Blockchain technology also allows for improved traceability. If a product arrives in a sub-standard condition, its route can be back-traced in detail to identify where the problem occurred. This can help businesses improve quality control procedures and can make it easier for customers to make complaints about poor-quality products.
Blockchain technology is most widely known as financial technology, and it is certainly revolutionising the financial world.
First and foremost, it’s giving investors more options. Rather than being limited to traditional options like stocks and commodities like gold and silver, investors can now explore digital alternatives, such as cryptocurrencies and NFTs, which are hosted on blockchain networks.
Blockchain technology is also changing the way in which payments are made. Businesses making payments through traditional means face long processing times and high transaction fees. Due to blockchain’s decentralised nature, these wait times and fees are a thing of the past. Blockchain networks allow businesses to make payments that are instant and free from the charges incurred through traditional options.
Blockchain is generating a lot of excitement in the tech world, and for good reason. It is being adopted and is revolutionising a wide range of industries, including but not limited to healthcare, online gambling and finance. It’s a technology that looks set to continue changing the face of the business world as we know it.