The recent past few years with the development of cryptocurrency saw a massive growth in the fintech sector and the world got introduced to the concept of Blockchain technology. Because of its initial use for the digital currency, many of the business owners remained oblivious to the utility and benefits of blockchain technology. There is still need for them to know the solutions it can provide and promises this technology can make in the development of businesses. The services of blockchain are not limited to just the financial sector, but it works in a wide range of departments and fields where companies desire to rely on secure and safe solutions for their businesses.
The blockchain technology is a distributed ledger system that works to maintain records of transactions in the shape of blocks and there are several blocks in a chain. Each block in the blockchain stores data in a form that cannot be doctored, hacked or reversed.
The blockchain is basically a technological solution which works to cement the trust between parties involved in a business. The blockchain technology ensures removal of all kinds of fraudulent actions in a deal as it keeps a record of all transactions and payments made for the exchange of goods and services, in the form of a ledger. Blockchain provides easy and cheaper solutions to its clients as there are no third-party guarantors or intermediaries that charge extra money for their services.
In the current article, we are going to draw down for our readers a list of all the possible solutions the blockchain technology can promise. This article is also going to cover all the areas that the blockchain technology can give unprecedented services to and assure its clients that the uses are bigger than just in the field of cryptocurrency.
Blockchain Solutions for Industry.
The services of blockchain technology unlike the common assumption of people is not limited to just digital currency but it caters to the business industry in all aspects. It can serve as a technology providing best and most profitable solutions for the corporate world. From the management of corporate finances to maintaining all the information in a ledger, the blockchain technology offers solutions businesses have never been facilitated with before.
Everywhere in the world, businesses look for secure and reliable solutions, therefore, we have gathered a list of industries which can be completely revolutionized by the use of Blockchain technology.
The world was introduced to the idea of blockchain technology for its application in the financial sector. So the industry that makes the foremost use of this technology is that of banking. The banking industry has been seen experimenting with this modern day invention and bringing groundbreaking changes in the way the financial sector used to operate. Blockchain can cater with all kinds of financial services to its clients from capital markets, risk management, credit services or even payment solutions.
The banking sector can make great use of this innovation and derive high profits for its business. banking is a system that needs high accuracy in all matters concerning finance or monetary transactions. Regardless of how well regulated and centralized the banking network is, a manual system always has a room for mistake in it which this sector cannot afford to endure, therefore the use of blockchain technology can save banking industry from many losses.
The distributed ledger can very well take care of critical information of asset transfer, trade, custody asset management and much more.
This technology can also be used in building a banking consortium, developing partnerships, internal development and start-up ventures.
The future of real estate can be easily seen in the glass of blockchain technology. Real estate happens to be one of the most profitable and large businesses in the world, therefore the technology to be used to maintain its records should also be up to date and advance.
The blockchain technology can provide solutions for its real estate consumers by providing them options that can be availed at a lower cost and has less possibility of fraud in it. It can increase transparency in the business as the whole network of real estate is based on trust and authenticity. The system also validates the proper transfer of property documents from one owner to another and maintains a fine record of it in the hyper ledger. The blockchain can give its real estate consumers what they have always been seeking. The main areas of real estate where blockchain technology can be applied include
a) Home Automation and post possession management.
b) Management and registration of property.
Home Automation and post possession management.
Home automation loans can easily be granted to consumers through the use of smart contracts. They along with the blockchain technology hold all data of the transactions saved in a ledger and regulate all the information necessary to automate the management services pre and post house occupancy.
Management and registration of property.
The transfer of property from one buyer to another is the most intricate job, this is where most fraudulent activities in the estate business come in. with the use of blockchain technology, the customers can be given solutions they have never relied on earlier. The ledger can keep all the documentation in a form that cannot be manipulated or reversed. This step can actually revolutionize the world, so if a person under the consultation of a legal counsel inputs authentic information in the blockchain, it can neither be altered nor pulled back.
Blockchain in Energy Sector.
Like other industries, the use of blockchain is applicable in the energy sector too. energy being the most demanded commodity by the superpowers like China and US is the biggest traded item in the world.The incorporation of Blockchain technology paired with smart contracts can help transform the way the energy sector functions today.
The technology can be integrated to enable the smart technology as
With smart grid technology, the transfer of energy from the grid to various distributors can be ensured.
Smart trading regularizes all the information in the form of smart contracts. These contracts can hold records of data and agreement conditions between the trading parties.
With so much happening at once in the energy industry, an advanced form of charging is also mandatory to follow. Smart charging keeps the details of payment and delivery records in it, which helps the energy-driven businesses to use smart charging as a secure and reliable option in their line of work.
The major focus of our article was to introduce our reader with aspects and functions of blockchain technology that have not been highlighted earlier. The most common perception of the technology is that it is used for financial services, which is quite valid to a great extent. However, the uses of blockchain technology are not limited to just the maintenance of finance but more. Blockchain technology is materialized in its true sense when used for a business that deals with the transfer or movement of goods.
Combining blockchain with supply chain can drastically change the idea of this business. there are several steps in the supply chain that an item before the delivery has to undergo.
The world has lately been introduced to the concept of blockchain but the uses of it are still unknown to many in the corporate markets. There are many industries like banking, supply chain, energy, insurance, retail, telecommunication and healthcare that are going to get their fate changed with the introduction of blockchain technology into them. We have discussed in detail the benefits of incorporating blockchain technology into them and see the prospects of this technology for the corporate and public sector.