Blockchain is a list of records known as blocks, that are linked together using cryptography. Every block in blockchain consists of a cryptographic hash known as a timestamp. Once data is recorded in a block, it can’t be altered retroactively without the subsequent alteration of the blocks.
More easily, the blockchain is typically a set of digital records, which is also referred to as a distributed ledger. The data in the blockchain is sealed in an unalterable timestamp chain. Every block involved in the chain comprises information regarding the transaction along with a link to the previous block. This intricate process prevents data theft, tempering, and data mitigation when invalid.
Blockchain emerged as a powerful partner for financial services. However, its decentralized structure, indisputable records, and other benefits made it far superior for every industry. Today, blockchain offers security, efficiency, and transparency to leading businesses and enterprises of prominent market sectors.
It is estimated that by the end of 2025, the global blockchain tech revenue will soar to USD 39 billion. Since blockchain tech has reached heights where it can be implemented across every industry, in this blog we will discuss its potential thoroughly. So, here is a rundown of leading blockchain business ideas that are beneficial for phenomenal organizational transformation.
In January 2021, bitcoin crossed the USD 40,000 benchmark. The value of the cryptocurrency has passed the mark of USD 1 trillion for the first time.
This depicts the strength of the global cryptocurrency market. Blockchain solutions are receiving more promising interests from leading companies, causing a stir across every industry.
Let’s evaluate all the leading industries and the opportunities they have to harness the advantage of blockchain’s decentralized technology.
1. Blockchain in Supply Chain
The most integral part of any business is the safe and secure mobility of goods. It’s crucial to manage the flow of transportation from the point of origin to the point of consumption. The core process of supply chain and transportation revolves around multiple locations, stakeholders, and invoices. It becomes challenging to ensure high quality throughout without errors.
In such a situation, blockchain comes as a light of hope with genuine solutions. The tech emerged as a prime solution for complicated logistics tracking and unsecured payment modules. In the transportation sector and supply chain ecosystem, blockchain tech can ensure:
Transparent automated settlement: In the absence of third parties during settlement, blockchain promises safe, convenient, and swift transactions. It ensures a transparent process, resulting in increased trust between both parties. Blockchain also comes with smart contracts that can automate the payment process, creating a secure environment.
Protected supply chain process: Cargo theft is one of the leading problems where USD 50 billion estimated is lost annually. Through blockchain, a systemic process can be ensured that cannot be interfered with, minimizing the risks of documented information from tampering.
Enhanced tracking system: With blockchain technology, your business can control valuable information while ensuring top-notch quality. The irrevocable and immutable records help in meeting business standards and strengthen the trust level between the parties.
2. Blockchain in Retail
The shift towards online shopping accelerated after the global pandemic. 22 billion visits were generated on retail websites solely in June 2020. This impressive traffic exceeded the peaks witnessed during the holiday seasons.
As per an estimation, there are 12 million to 24 million e-commerce websites running across the entire globe. The number is continuously growing, indicating the potential of the retail sector. In such a time, giant retail players are analyzing the pros of blockchain for their business. When adopted completely, blockchain can offer:
Streamlined transactions: Conventional financial operations are time-consuming, and are prone to errors. Every transaction takes weeks before reaching the merchant. In such a stance, blockchain-based selling and buying are going to simplify your business model. It can strengthen the payment process while saving time as the procedure is followed via one network.
Genuine support to reward and loyalty programs: By adding a loyalty or reward-based program to your e-commerce platform can boost average order quantity. With the help of blockchain, a secure environment for such a program can be ensured with minimized costs and frictionless operations.
Limitation to frauds: A 2020 survey reveals that nearly 47% of businesses suffered from online fraud in the past 24 months. With blockchain, cybercriminals can be tackled as they can create trusted identity access. This will make it problematic for criminals to gain access.
3. Blockchain in Healthcare
The healthcare sector experienced hundreds of challenges due to the recent pandemic. It exposed glitches and breaches of the supply chain system of the sector affecting efficiency and innovation.
However, with blockchain technology, the healthcare sector can leverage its benefits and advance the overall experience of the patients. Blockchain technology can provide the following benefits to the healthcare sector:
Protection of medical records: Majority of the healthcare facilities are managing medical records on paper. Due to the lack of a comprehensive database, such records get lost easily, resulting in poor treatment or misdiagnosis. With blockchain, the creation of one dataset is possible, managing medical records forever. It ensures protected data as unauthorized access cannot be processed.
Enhanced traceability: According to the World Health Organization, every 1 in 10 medical products are falsified in low- and middle-income countries. With the blockchain, the healthcare sector can enjoy superior supply chain management due to advanced ledger technology. Due to innovative traceability, it can ensure trusted suppliers and certify the authenticity of medication.
Blockchain-powered databases can promise predictability for supply shortages way before they create an impact. In case of a batch recall, blockchain-assisted product traceability can notify concerned authorities, minimizing the process to minutes instead of days.
4. Blockchain in Education
Like the healthcare sector, the education sector also suffered new challenges seen never before. Due to the sudden pandemic, the institutions switched to e-learning with remote teaching. Distinct learning has always been part of the world but the pandemic took it to a whole new level.
Innovative and creative technologies are assisting educational institutions to adopt the new reality conveniently, fueling interest in blockchain technology. In the educational sector, blockchain technology can help by:
Managing digital records: Any records stored via blockchain can never be altered, promising longevity and security. Some educational institutes have already started issuing digital credentials through blockchain. Verified records can be obtained via blockchain without involving an intermediary. Within a few clicks, certificates, transcripts, and diplomas can be accessed conveniently.
Streamlined publishing process: Many times, researchers, students, and professors face rejections when aiming to publish content. This happens due to quality concerns or publication industry limitations. With blockchain, they can get access to a platform with a broader audience to publish and protect their rights against privacy.
Protection of educational resources: All the educational resources that are created via blockchain are time stamped and have information regarding the author. This helps in easy tracking where the ledger helps in the identification of the documents. In this way, the original content creators receive their due credit and the content cannot be plagiarized.
5. Blockchain and IT
Blockchain technology is also changing the face of the information technology sector. It’s a practical platform offering dynamic services to boost the industry. With blockchain, the IT sector can improve transparency and trackability.
Since blockchain is a decentralized platform, it requires no additional supervision, resisting fraud associated with the sector. With blockchain, you can ensure the following enhancement in the IT sector.
Impressive cloud computing services: Cloud services need computational resources and enhanced data storage capacity; it becomes limited in times of any IoT product launch. With blockchain, the cloud computing sector can enjoy decentralized services that are less prone to fraudulent attacks. It saves the system from overridden damage and controls loss of data.
Streamlining verification process: It’s always difficult to maintain consistent true identity over the internet. In such a stance, the world desires a way to carry around identity around the net with convenience. By utilizing the power of blockchain, organizations can issue personal credentials to their users to enhance their privacy and modernize the verification process.
How it's impacting other segments
The power of blockchain technology can be utilized in many sectors. It has the phenomenal potential of revamping the landscape for each sector. Here is an overview of some sectors that can unleash the power of blockchain for the benefit of their business:
Agricultural industry: By utilizing power tools such as distributed ledgers, the farming operations can minimize food waste and enhance the supply chain management system.
Hospitality and travel sector: When booking a ticket, you need to provide your personal info. Such as name, credit card details, and destination. With blockchain, the travel industry can add an additional layer of security of data.
Automotive sector: Get safer and secure in-car payments with a streamlined recall process with blockchain-embedded vehicles, benefiting your business.
Insurance industry: With smart contracts, the claim processing time can be reduced to minutes instead of hours. Blockchain can also store information that will be available only to authorized parties.
Social media sites: Nearly 4.33 billion people have a registered social media account, which makes more than 55% of the global population. With social media, usage comes cybercrimes. Blockchain can ensure an encrypted network for the protected flow of information without data breaches.
Real estate industry: Without the involvement of the brokers, buyers and sellers can securely connect with each other. This leads to less fee reduction and savings.
Entertainment and media sector: Using blockchain can ensure benefit by creating a thorough database for music copyrights. This will promise a better future for musicians with fair royalty payments.
It's a wrap
Undoubtedly, blockchain technology is changing the face of every sector. The tech has immense potential to disrupt every aspect of these industries, creating an everlasting impact.
To start the journey of blockchain is challenging and a bit overwhelming. However, partnering with the right technology experts can help you in capitalizing your business process. Tkxel can help you boost your security, productivity and performance through blockchain services. Let’s connect today!