Blockchain has become a buzzworthy trend, poised to transform every industry – from finance, healthcare to manufacturing. The shared, distributed ledger technology holds immense potential to unlock trust, provide real-time information, reduce cost, and improve efficiency.
Blockchain will not only enhance the payments paradigm but also transform the way people consume healthcare or how individuals travel, ultimately catering to almost every aspect of daily life.
Blockchain’s innovative attributes comprise decentralization, immutability, transparency, and automation. Although initially, the financial services sector was eager to pilot blockchain solutions, now various other industries have jumped on the bandwagon to benefit from blockchain technology and are thus seeking consultancy for enterprise blockchain.
Here is an insight into the industries ready for blockchain adoption and how the technology can bring a profound, positive change to each industry.
The existing banking and finance services struggle with obsolete operational processes, limited transparency, slow payment settlements, and security vulnerabilities.
Blockchain technology can address these problems by enabling transparent and accountable governance systems, better security, enhanced incentive alignment between stakeholders and efficient business models. Additionally, blockchain allows the digitization of financial instruments, thereby leading to greater liquidity, reduced counterparty risk, lower capital cost and opportunity to tap into a broader investor and capital base.
The conventional approach requires both national and local governments to rely on archaic processes, legacy software solutions, and inefficient operation structures. Yet, the sector needs high-level security.
Blockchain, combined with smart contracts, will enable governments to build trust and transparency, improve accountability and responsiveness, reduce costs, improve efficiency, and establish high-performing functions with highly-secure and cost-effective structures.
Currently, problems like incomplete information, data silos, and lack of communication between the hospitals, doctors, and patients beset the healthcare industry.
Blockchain-based data sovereignty complemented with permissioned exchange will forge the path for accelerated, more efficient and secure processes like medical data management and tracking of drugs and other medical devices. This can help ensure the authenticity of drugs in circulation across the globe and lead to enhanced patient care.
Real estate investments are usually inaccessible to many individuals. The industry is plagued with problems like limited liquidity and third-party involvement that leads to higher transaction costs.
Blockchain can benefit the real estate industry by making third-party functions redundant, thereby streamlining processes. In addition, blockchain will enable the digitization of assets and financial instruments, resulting in increased liquidity, fractionalization of ownership and democratized access to real estate investments.
The current global supply chain industry is affected by poor tracking process and inefficiency. The huge paperwork involved can account for half the cost of container transport, and there exist various cases of mislabeling of products.
Blockchain builds a shared IT infrastructure that streamlines workflows along the supply chain. The technology will enable accurate asset tracking, improved licensing of products, services and software, and bring more transparency to the provenance of consumer goods.
Blockchain has a huge potential to transform the way business done. From offering more transparency and security to streamlining workflows and increasing efficiency – blockchain offers myriad benefits and can transform any business for better.
At Millennial Partners, we serve as reliable enterprise blockchain consultants and developers, helping enterprises to identify blockchain use-cases, and pilot and implement blockchain solution to navigate to a decentralized world.