10 Industries Benefiting from Blockchain Applications (Part 2)
- The top 10 industries below will impress you due to their huge benefits from blockchain technology applications. [Part 2]
Read Part 1 here.
Banking
It makes sense that the banking industry will be taking the lead in the adoption of this technology.
I will make an example for this case.
If you are sending $10,000 to your parents living in another country, the bank will charge you a $50 transaction fee, which means your parents only get $10000 – $50 = $9500. In addition, the process takes more time, a lot of paperwork, and steps that you need to complete.
The blockchain is an aggregated link of blocks. The blocks are in a peer-to-peer (P2P) network, without using a central entity to manage the chain. So anyone can join and those who have joined the network will receive a copy of the blockchain. Blockchain will eliminate the appearance of intermediary financial institutions, here called banks, credit institutions, or AMM (Automated Market Maker) when trading crypto assets such as Bitcoin, Binance, Ethereum…
The outstanding benefits that users in this industry receive are enormous:
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Faster Payment
No 3rd party – No fees. This simplifies payment methods and minimizes fees, only needing fees to maintain system operation.
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Transfer money without borders
When you transfer money cross-border, the procedures from the bank are certainly not simple, and your money transfer process is also handled by an intermediary, the Society for Worldwide Interbank Financial Communications (in short, SWIFT). But a decentralized ledger of transactions like blockchain could enable banks to keep track of all the transactions publicly and transparently.
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Buying and selling assets
Keeping track of who owns what while buying and selling assets like stocks, commodities, or debts is essential. A sophisticated network of exchanges, brokers, clearinghouses, central security depositories, and custodian banks helps financial markets do this.
It’s worth noting that the German government now permits banks to provide cryptocurrency-related services. Ukraine is following a similar path, having received cryptocurrency donations totaling hundreds of millions of dollars.
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Credit and loans
Traditional banking organizations use a credit reporting system to underwrite loans. We’re looking at the future of peer-to-peer lending, as well as speedier and more secure loan processes in general, and even complex programmed loans that can resemble syndicated loan structures or mortgages, thanks to blockchain.
Imagine a world where international money transfers and payments are no longer constrained by location, are inexpensive and are time-saving, all while maintaining complete transparency and total security. You won’t have to perform any actions to open a Paypal account and pay a large cumulative fee after each transaction because blockchain technology will optimize everything. All in all, blockchain-enabled banking applications will improve client experience while also assisting traditional financial institutions in competing with fintech startups.
Healthcare
The healthcare environment is shifting toward a patient-centered strategy that emphasizes two primary aspects: always-accessible services and suitable healthcare resources. Furthermore, data security, sharing, and interoperability are still major issues in population health management.
All of them can be dealt with more easily and quickly using blockchain than previously thought.
You can see this image to know the prominent features of blockchain for the Healthcare Sector.
By supporting the secure transfer of patient medical records, controlling the drug supply chain, and facilitating the safe transmission of healthcare data, ledger technology aids healthcare researchers in uncovering genetic codes.
The use of Blockchain-based digital frameworks would help to ensure that logistical data does not undergo uncontrolled changes. It builds confidence and prohibits the unauthorized handling of records, payments, and prescriptions by a variety of people interested in buying pharmaceuticals.
MediLedger is a leading example of a blockchain protocol that enables companies across the prescription drug supply chain to verify the authenticity of medicines, as well as expiry dates and other important information.
Blockchain application in healthcare is extremely necessary and practical. The sooner businesses and communities transform, the more benefits they will earn.
Media/Entertainment
Some of you will ask: Blockchain is so sophisticated, how can it be applied to the entertainment sector? But in reality, disintermediation, faster royalty payments, micropayments, and usage-based payments are all possible thanks to blockchain, which puts the power back in the hands of content creators and allows for a more customer-centric approach.
Let me give you a simple example:
On its e-commerce platform, Fluz combines blockchain and social media. For buying at some of the world’s largest firms, such as Starbucks, Nike, Disney, and Uber, the company offers cash-back rewards. Fluz members must recruit friends, exchange material, and expand their networks in order to maximize cash-back returns. Users can earn more than 8% cashback on personal and network purchases by developing their social media networks.
It is a very good result when applying blockchain to this field. In addition to the above case, we also have some outstanding applications as follows:
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Content distribution and peer-to-peer sales
A considerable deal of the business administration labor involving licensing, contracts, and payments can be automated by artists. Creators can sell their work directly to peers once contractual-based work, which is generally plagued with intermediaries, is automated and executed at a fraction of the cost. Digital content providers and consumers can communicate without the use of expensive intermediaries thanks to blockchain-based marketplaces.
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Royalty payments that are more streamlined
On a blockchain-based platform, artists can submit original works, self-publish, control license options, and manage distributions.
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Models of pricing based on usage
Customers are being besieged with streaming service overload, which creates an opportunity for consumption-based pay-per-use models. Blockchain technology allows for a detailed record of media usage data to be kept and effective micropayment pricing models to be established.
Law
The secure, transparent, and inviolable properties of blockchain are extremely helpful to the legal sector. Lawyers may use blockchain technology to streamline and simplify their transactional work, along with digitally signing and storing legal agreements in an irreversible manner. Scripted language, smart contracts, and automated contract administration cut down on the time it takes to prepare, personalize, and maintain ordinary legal agreements.
Let’s see cases that use blockchain in the Legal Industry:
Smart contracts will help to speed up and lower the cost of transactions between parties. A cost-effective algorithm can maintain escrow accounts automatically and transparently for a fraction of the expense of manual labor. Lower legal service costs will enhance overall demand and accessibility.
Art
Art and technology seem to be two unrelated fields. But their combination produces an amazing result. Until now, the issue of copyright of artworks has been extremely difficult. There are several intellectual property rights disputes ranging in value from millions to billions of dollars. Why not give a blockchain application a shot?
By encouraging legitimacy, transparency, and egalitarianism across auction houses, blockchain can cure the ills of art auctioning and change the art sector. Additionally, blockchain records enable digital art collectors to calculate a piece’s “provable scarcity,” or the number of copies available for purchase.
We will have the following outstanding applications in the field of Art:
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Enhancing Authenticity
Blockchain can provide an immutable provenance since the information from the blockchain cannot be modified without altering the preceding proof of work (an adjustment that involves a lot of computational power and is theoretically impossible). Art ownership data could not be used to unfairly boost or lower the value of a work of art with blockchain provenances.
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Decentralizing selling authorities and models
Art collectors may now buy and trade artwork with ease thanks to blockchain technology. When selling a piece of art, for example, you can accept bids from all around the world. Smart contracts will then assist in the transaction’s completion, guaranteeing that you receive your payments. Finally, the file is delivered to the intended recipient, and the original is deleted from your computer.
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Exhibiting Online Galleries
You can enjoy art online instead of visiting a museum in person. Have you ever envisioned something like this? Regardless of how much of our world gets digital, art galleries will continue to be popular places to visit. Even in this domain, though, blockchain has managed to bring some innovations to the market. You can construct a DAO (Data Access Object) with blockchain art that is completely unowned and depends on smart contracts to facilitate art exchanges.
Technology transformation has never been easier, thanks to blockchain outsourcing solutions that allow every step from a to z accessible. All your company has to do is identify a specialist with years of experience, offer the idea you want to alter and be willing to embrace the most cutting-edge approach.
If you are an individual or a business who is in need of detailed advice on the application of blockchain to your management, please contact us immediately via:
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