The Growing Use of Blockchain Technology

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The Growing Use of Blockchain Technology

Industry Blockchain applications

Finance

Leading financial institutions are surging the way forward with Blockchain technology. It has been adopted in various financial services. For example, the transferring of funds to other nations can present a few issues. Billions of dollars are sent internationally every year, and the process can typically be expensive, arduous, and error prone. But that changes with Blockchain technology and can make the whole process significantly quicker and cheaper. Financial institutions including Santander and Western Union have partnered up with Blockchain company Ripple to help improve the cross-border payment process. The RippleNet payments network uses a decentralized infrastructure to shorten the time it takes to send an international payment to as little as 3 seconds.

Healthcare

An industry which has suffered from data breach issues can benefit significantly from Blockchain. Science and program director at Qatar Precision Medicine Institute, David Brown, states: “There are a number of potential use cases: managing electronic medical record data, protecting healthcare data, safeguarding genomics information and tracking disease and outbreaks, to name some.” The overall security of the industry can be boosted through preserving and exchanging patient data safely and securely through medical professional, laboratories, and pharmacy firms. A nation which has exploited the use of Blockchain within the industry is Estonia. It first began using the technology in 2012 and now Estonia’s medical services information is 99% digitized. One fascinating feature is that residents of the nation carry a smart card, through which they can access government portals to view their health records.

Supply Chain

Developing trust between trading partners, providing visibility, streamlining processes, and solving issues quicker with Blockchain all create a stronger, more flexible supply chain and aids business relationships. Nir Kshetri from the University of North Carolina-Greensboro affirms that companies can “benefit from transparency, commercial confidentiality of data and an immutable record of transactions” when using Blockchain. Supply chains had already heavily utilized Blockchain prior to the COVID-19 pandemic but were severely disrupted, however are now back on track. The increased transparency and reduced risk and cost Blockchain offers has been too good to overlook for many. Companies leveraging Blockchain include Walmart, Ford, and UPS.

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Blockchain revolution

Blockchain technology is only going to increase within finance, healthcare, and supply chain sectors. Despite the technology being relatively new and unknown to some, industry experts are investing in its use due to the endless benefits it brings that can help generate fresh revenue streams and build business at a faster pace. It is too much of an attractive option to decline and could drive out the kill the database.

We are going to do a group of articles on Blockchain technology. If there is a particular part of the Blockchain technology you are interested in and want us to do an article on, please submit here.

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