5 INDUSTRIAL SECTORS EXPECTED TO WITNESS TRANSFORMATION WITH A RISE OF BLOCKCHAIN TECH
  • Ruchi Joshi
  • November 2, 2018
  • 0 Comments

With the advent of Blockchain technology, various enterprises verticals are leveraging virtual currencies to streamline their operations for growth.

Apart from banking firms, the penetration of Blockchain technology has altered numerous industries & business verticals in the international market. As the global entrepreneurs & techies are turning towards Bitcoin & virtual currencies, the world is encouraging their accessibility for transparency, security, & authenticity.

There is no doubt that the implementation of Blockchain is surpassing all the records of digital transactions or payments irrespective of the location & time. So, it is quite obvious to say that more & more industries will be heading to integrate Blockchain tech to come up with innovative solutions & strategies for their business growth.

Blockchain’s ever-extending reach is affecting various industries primarily in the context of services, security, & client management. Many sectors are taking benefits from blockchain for catering services to their customers & infusing transparency in the entire system.

From banking to infrastructure, cloud computing, & more, the blog enlists 5 major industries that will leverage blockchain to experience a boom in their business growth:


BANKING & FINANCE: Meanwhile, the global industries are getting inspired by blockchain tech, banking entrepreneurs or startups are leveraging it for automating their system. No doubt, the concept of Fintech adds value to the security of entire financial ecosystem but its digitized and secure ledger makes it more favorable to be utilized for innovative banking.

Banks are among the top sectors investing in blockchain services to bring up the standards of their financial services. Interestingly, UK-based Barclays & Swiss banks are switching to blockchain aiming to speed up back-office operations & settlement.


MOBILE MESSAGING APPLICATIONS: The record-breaking messaging app i.E Telegram is encrypted with a more advanced & secure payment system via blockchain. According to the stats, while this popular messaging app was supposed to reach a private sale investor sale of $1.2 billion before rejecting the public sale amount of its most discussed initial coin offering i.e ICO, Telegram came up with an amount of $1.7 billion revenues from users.

As similar to Telegram’s blockchain-based platform, other chat platforms like Line & KIk have adopted the concept of ICO for introducing their in-app currency.


CRITICAL INFRASTRUCTURE SECURITY: When it comes to IoT devices, the current internet architecture or system is not foolproof from data leaks & hacking. Many industries are introducing blockchain’s tamper-proof ledgers for sharing integrated data security throughout industrial device networks.

Blockchain’s ledger is open for public and therefore, its data communication are sent & verified via secure cryptographic techniques. It ensures that data is being received from a right source with negligible risks of interception or signal loss. In this way, the integration of Blockchain for information architecture minimizes hacking & data risks with the implementation of advanced cyber protection system.


EDUCATION & ACADEMICS: Apart from banking & data communication, Blockchain shares a great significance in education areas as well. The accessibility of blockchain solutions has transformed the education industry by upbringing more transparency & credibility in their system.

Instead of relying on heavy paper documents, the global ruling agencies are considering blockchain platform for registration & verification of credentials of both primary/ secondary schools and recognized universities or institutes. With this concept, the education industry is transforming the systematic verification procedures by eliminating the risks of fraudulent attempts & claims.


CLOUD STORAGE & COMPUTING: The majority of enterprises prioritize their clients’ data security & use a centralized server for it. However, this makes their system more vulnerable to data breaches & attacks by potential hackers. Blockchain offers decentralized cloud storage system that consecutively eliminates the risks of systemic damages & huge data loss. On the other hand, many blockchain-based processing platforms are there to serve opportunities to rent out your CPU storage & receive the tokens as rewards.


FINAL WORDS

So, that’s all with 5 major industries that are multiplying their productivity by speeding their in-house operations via blockchain technology. However, entrepreneurs are also looking forward to introducing it to other businesses or services based on internet advertising, taxi or cab sharing, crypto exchanges, car sales, networking, & more.