Which Industries Can Benefit Most from Blockchain?

Blockchain technology is not limited to cryptocurrencies or banking systems. Many people have realized the potential of the platform for other industries.

The blockchain is an online platform for users that creates ledgers for transactions made between users. This information is in the form of data, which could represent anything including money, for instance, cryptocurrencies. Here’s a list of the various sectors benefitting from blockchain.

1. Banking and Cryptocurrencies

Because of blockchain’s high level of security, these transactions nullify any governing processes that could slow down such transactions. For this reason, up to 80% of bankers are expected to implement blockchain technology by 2020. 

By cutting out many “middle-man” speed bumps, it also cuts the cost of a transaction down by 2-3%. Furthermore, this improves security, so there is less of a need to worry about making online transactions. It works on a ledger system, so all records of transactions are perfectly secure too. 

As illustrated in this infographic, the potential global savings within the banking sector implementing blockchain is expected to be around $8.12B.

2. Supply Chain Management of Businesses

However, blockchain technology is not limited to cryptocurrencies or banking systems. Many people have realized the potential of the platform for other industries. For instance, it could be implemented within the supply chain management of a business. 

If a company uses a blockchain platform for its supply chain management, all inventory is recorded and viewable with full transparency. Therefore inventory will be easily tracked, which makes auditing a breeze. 

It makes tampering nonexistent because whatever information is put down, the record stays there indefinitely. A user can only view or add to the data but never remove it. Every time an item changes hands, this will be recorded until it leaves the building.

3. Shipping and Air Travel

Maersk and IBM have been working on creating a new company that is aimed at applying blockchain technology to the shipping industry. FedEx has seen the potential as well and created a blockchain-powered pilot which has helped resolve customer disputes. 

Going a step ahead, British Airways saw the potential advantage for blockchain technology to record flight data, and they tested this system on flights between London, Geneva, and Miami.

These advantages are the reason why 33% of Level-C CEOs are either currently using blockchain technology, or are investigating where they can use it within their organizations.

4. Insurance

Blockchain can also be used within the insurance industry because of its ledgering system to make record-keeping relevant and transparent. This reduces the opportunities for insurance fraud, speeds up auditing while also speeding up the overall process. 

The blockchain system will also reduce the cost of insurance claims and once again, speed them up too. It is for these reasons that Tradle is developing blockchain solutions using Know Your Customer (KYC) data.

5. Transportation

The blockchain technology can be used in messaging within a set system for recordability too, which is why the personal transportation industry has taken a liking to the blockchain platform. It reduces the time to rent/lease or procure a vehicle and gives a high level of transparency of the customer base. 

Implementing it also made possible for Arcade City and Chasyr to enable independent drivers to build transportation businesses where they set their own rates. LaZooz uses it to fill up empty seats with passengers in need of a lift in real time.

6. Cloud Technologies

Blockchain can be used within cloud technologies too, by ledgering each segment of data that once created, cannot be tampered with. Since cloud storage splits the data, the retrieval of that data will be done much faster than conventional methods. 

The implementation of blockchain in cloud storage cuts costs and makes it highly resistant to cybercrime. Over 50 thousand farmers have joined Storj’s P2P network, which hosts around 30 petabytes of data as of 2018. The current cloud storage companies who are focused on using blockchain are Storj, Maidsafe, Filecoin, Sia, and iExact.

7. Elections

With all of the advantages of transparency and security that blockchain technologies offer, it is no surprise that they have been used in elections. In 2018, Sierra Leone used blockchain in their national elections, and thus eradicated the possibility of rigging the voting system.

This is thanks to the technology’s restrictions on changing the data once it has been created, i.e., voted. The public could see the numbers live while the voters remained anonymous. Blockchain currently has many potential uses which are benefiting the world, one transaction at a time but it cerainly won’t stop there.

The current state of blockchain implementation is comparable to where the internet was 20 years ago, meaning that it still has a long way to go.

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