6 Critical Industries That Blockchain Could Transform

6 Critical Industries That Blockchain Could Transform

Blockchain
August 26, 2021 by Editor's Desk
739
Blockchain has already demonstrated its application in finance. However, entrepreneurs believe that the technology could transform several other industries. Some of them are stated below along with how blockchain can contribute to the sector especially application in finance sector. Financial Services  Banking – inject enhanced accuracy and information sharing into financial services Stock trading &
Blockchain Application in Finance

Blockchain has already demonstrated its application in finance. However, entrepreneurs believe that the technology could transform several other industries. Some of them are stated below along with how blockchain can contribute to the sector especially application in finance sector.

Financial Services 

  • Banking – inject enhanced accuracy and information sharing into financial services
  • Stock trading & hedge funds – automate and secure the process
  • Crowdfunding – directly fund creators and entrepreneurs
  • Crypto exchanges – remove the need for human intermediaries to lessen the threat of hacking and corruption
  • Wills & inheritances –  identify factual information and provide verifiable transaction data
  • Accounting – keep track of sensitive data and automate services
  • Loans & credit – manage identity, risk, and credit scoring
  • Insurance – drive down costs, increase speed to market, and provide better customer experiences

Travel & Mobility

  • Automotive manufacturing – track ownership with a tamper-proof and resilient system
  • Car leasing & sales – streamline car leasing
  • Ride-hailing – create a more user-driven, value-oriented marketplace with a distributed ledger
  • Trucking – improve transactions, shipment tracking, and fleet management
  • Aerospace & defense – streamline parts inventory, authentication, and personnel certification tracking,
  • Air travel – secure and reconcile data, create more accurate logs of aircraft maintenance, and prevent overbooking
  • Hospitality – cut out the middlemen to encourage direct provider-to-consumer interaction and reduce costs

Infrastructure

  • Industrial IoT – allow any device to securely connect, interact, and transact independently of a central authority
  • 3D printing – eliminate security vulnerabilities, protect intellectual property from theft, and streamline project management
  • Construction, architecture, and building – verify identities and track progress across multiple teams
  • Real estate – record, track, and transfer land titles, property deeds, and liens
  • Energy management – certify that energy is clean by tracking its origins

Healthcare

  • Health information exchanges – share access to their networks without compromising data security and integrity
  • Claims management – speed processes up and reduce costs
  • Pharma – create a system for faster innovation, better-regulated production, and smarter medical data security
  • Research & clinical trials – connect disparate data within a study

Public sector

  • Government & public records – lessen paper-based processes, minimize fraud, and increase accountability between authorities and those they serve
  • Voting – have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added
  • Gun tracking – provide a connected infrastructure for tracking where weapons came from
  • Law enforcement – provide an added layer of security to the evidence-handling process
  • Federal mail – create a tracking system that reduces costs for USPS and saves time for postal workers
  • Public transportation – store and share information on vehicle efficiency or timeliness
  • Waste management – optimize recycling systems
  • Public assistance – distribute humanitarian assistance to refugees in a secure, private way

Retail & CPG

  • Retail – connect buyers and sellers without a middleman and the associated charges
  • E-commerce – lower transaction costs and tighten transaction security
  • Food & beverage – monitor the food supply chain and trace contamination issues
  • Gift card & loyalty programs – save costs and help prohibit illegitimate users from obtaining stolen accounts through blockchain’s unique verification capability