All emerging technologies bring better opportunities and transform business operations. Blockchain technology has been one such emerging technologies to make a significant impact in recent years. We have seen that it is a fast-growing technology, and its influence on top industries is unquestionable.
What is Blockchain?
Blockchain is simply a record-keeping database technology that stores blocks of information on a chain, and this data is stored in multiple locations instantly. Since there is no central location, it is harder to manipulate the data, as it is simultaneously available in millions of places. According to Gartner, it is expected that the business would grow more than $176 billion by 2025.
Although Blockchain technology’s impact is evident in almost all verticals, in this blog, we are taking a look at the top 3 industries that have been majorly disrupted by Blockchain technology.
Top 3 industries disrupted by the Blockchain Technology
The manufacturing industry is one of the major contributors to the global GDP, with $2.33 trillion to the U.S. economy quarterly in 2018 alone. Adoption of the Blockchain technology has benefited the industry by providing transparency to the process and enabling a secure supply chain. Blockchain technology can enable entirely new business models, starting from visibility in suppliers, strategic sourcing, procurement, supplier quality to floor operations, and machine-level monitoring as well as service. By utilizing the advancement in supplier order accuracy, product quality, tracking, and traceability, the manufacturers will be able to improve product quality and deliver on time.
Healthcare is one leading industry that deals with major sensitive personal information. The key challenge faced by Healthcare is fraud or medical data misuse that leads to loss of trust. Blockchain, a secure and reliable digital ledger, has great potential to transform Healthcare with effective means of revamping data structures and simplifying various processes. Blockchain can transform this by securely storing medical records and providing timely access to doctors and concerned authorities as and when required. Blockchain technology can remove the challenges of drug traceability and patient data management, which are the biggest problems that the Healthcare industry has to deal with regularly.
The most common industry that is using Blockchain is banking and finance. Blockchain can help the industry in maintaining a secure system that keeps permanent records of millions of transactions that takes place daily. Blockchain is transforming everything in the banking industry, starting from payment transactions to fundraising in the private market. Through its decentralized and secure ledger, Blockchain can facilitate faster payments, reduce operational costs, and create more efficient capital markets that improve transparency and security.
Blockchain and Machine Learning
Whatever we’ve seen so far of Blockchain is only the tip of the iceberg. When organizations start combining Blockchain with other advancements in technologies, we may as well see an explosion of opportunities. Combining Blockchain and Machine Learning is going to make huge disruptions to various industries. Blockchain is a filing system for digital information that stores data in an encrypted and distributed format. On the other hand, ML uses the existing data to identify patterns and gain insights. These two technologies are already making a serious impact on various business processes by having the potential to revolutionize modern industries.
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