Blockchain technology has rightly been called the most disruptive tech to have emerged this century. It has gone beyond its original ambition of being just a mode of monetary transactions. Today, various industries across different sectors are looking towards leveraging the distributed ledger to improve their business models.
Here are the top 5 ways in which blockchain applications have been developed successfully.
1. Banking and Financial Service Industry
Blockchain as a digitised, secure and tamper-proof ledger has the power to enhance security and accuracy in the financial services ecosystem. Add to that the absence of any middlemen, which further brings down transaction costs, and you have greater efficiency too. The banking industry has so far been the prime investor in blockchain technology. Banks like Santander and American Express have adopted Ripple’s inter-bank monetary transfer system. Startups like R3 CEV are working with a consortium of banks with 80+ members to develop Corda, which is a blockchain operating platform for the financial markets.
2. Enhancing the Supply-Chain Industry
The distributed and permanent ledger can be used to document transactions, track assets from manufacturers to warehouses and finally to the hands of the customer. This will reduce human errors, time-delays and eradicate the role of third parties to a certain extent. Provenance is a startup that is building a traceability system for businesses, helping them engage with their consumers through extensive data, while also providing the entire supply chain network.
3. Blockchain is Helping Save Lives
Blockchain can enable healthcare institutions to share data across various participants in the industry, including doctors, insurance companies, hospitals, paramedics, and more, without the fear of the data being compromised. Diseases will be diagnosed faster and treatment procedures will become cost-effective and faster too. For instance, a startup called Gem is using an Ethereum-based blockchain platform to enable universal data sharing in the healthcare sector.