5 Industries That Are Gaining Popularity For Adopting Blockchain
When Bitcoin arrived in 2009, people were influenced by the concept of cryptocurrencies and the brilliant new world they seemed to advertise. Nevertheless, it soon became apparent that digital coins were not a universal favorite: their success has been blended, and mainstream choice remains obscure.
Notwithstanding the developing pains connected with the implementation of any new technology, these five industries are already demonstrating that blockchain adoption can bear ample fruit.
Blockchain appears to be an excellent fit for this industry. Systems combining technology can improve transactions almost immediately, providing significant savings in terms of time and fees. Also, payment records are immutable, which assures traceability and accountability.
Apart from cost reductions, speedy transactions, improved transparency, and enhanced security, blockchain is assisting financial institutions in identifying new product opportunities in the digital space and improving their existing offerings.
This is an industry where the safe storage and transmission of data is crucial. At the same time, breaches always plague the sector, resulting in tremendous costs. By implementing blockchain-based solutions, the industry is promoting medical records security and encouraging collaboration amongst healthcare providers, which, in turn, enhances outcomes for patients.
Uniformly profitable is the ability of blockchain systems to develop consent acquisition and management, verify doctor credentials, explain the hospital admission process, automate contract execution, and facilitate compliance.
“The adoption of the blockchain technology could save the healthcare industry up to $100-$150 billion per year by 2025 in data breach-related costs, IT costs, operations costs, support function costs, and personnel costs, and through a reduction in frauds and counterfeit products,” as remarked in a recent Healthcare Weekly article.
With autonomous vehicles poised to disrupt their industry in a significant way, car manufacturers seem at blockchain as an associate. Leading automotive companies are utilizing the technology to streamline their supply chains, combat fraud, improve security, improve car services, and facilitate payments.
The rapidly growing investment in technology highlights the significance of blockchain for this industry. According to one estimation, the automotive blockchain market will expand at a compound annual rate of 31.2% from 2020 through 2030, its value increasing from $350 million to $5.29 billion.
Besides being one of the fastest-growing industries, iGaming is also amongst the leaders in blockchain adoption. Traditionally a technology-hungry sector is gaining on the ability of blockchain to automate critical processes via smart contracts. This allows operators to scale with greater ease and lower costs.
Furthermore, the security and transparency of blockchain-based systems help develop trust and foster loyalty among consumers. The technology has also allowed the introduction of alternative payment methods for casinos that accept PayPal, increasing access to iGaming platforms, and promoting regulatory compliance over jurisdictions.
In an industry where various parties converge, blockchain has developed as a useful tool for decreasing the tremendous volume of paperwork, improving record-keeping, verifying ownership, and ensuring transparency. This occurs in faster transactions and reduced costs.
These are only a few industries receiving the advantages of blockchain implementation. The technology is getting friction across the board, and its transformative potential is possibly best summed up in terms of William Mougayar, tech entrepreneur, and author of The Business Blockchain (2016).
As he put it, “The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.”