Top 5 Industries that Blockchain is Changing

The blockchain is proving to be an invaluable technology in numerous industries that can help businesses function more efficiently, as well as increase transparency and trust among parties involved in transactions. Several industries have already implemented blockchain technology and there are many more expected to follow suit in the near future. Here are 5 industries that have benefitted from the implementation of blockchain technology benefits so far and what’s in store for them moving forward.

1) Healthcare

By decentralizing certain healthcare data, blockchain can increase security, safety, and trust. For example, storing records in blockchains could help prevent identity theft because a hack would need to attack millions of separate databases at once. This improvement also ensures information remains up-to-date as opposed to being stored in one place on a server that may become outdated or unavailable at any time. There’s some serious potential for cost savings too!

2) Transportation

One of the most obvious uses for blockchain technology is in modern transportation, and recent developments prove it. By providing a secure, digital system to allow vehicles to talk to one another, blockchain can help make transport safer. GM has already invested $5 million in vehicle-startup Lyft because they believe it’s essential to ride-sharing companies like Lyft and Uber.

3) Real Estate

There are already several blockchain real estate projects under development. One of them is Propy, a peer-to-peer platform for purchasing properties across borders. This will help avoid notary fraud and speed up property transfers. On top of that, blockchain can potentially make real estate transactions cheaper and faster by allowing buyers to directly pay sellers (no broker fees required) and by making it easier to verify property ownership.

4) Banking

Today, bank accounts and online transactions are increasingly being recorded using a blockchain. In addition to providing customer information, blockchain technology will make it easier for businesses to exchange large sums of money with one another without delays or extra fees. It’s expected that banks will benefit in multiple ways from incorporating blockchain technologies into their day-to-day operations. They’ll be able to transfer funds more quickly, reduce operational costs and prevent fraud.

5) Legal

Information on a transaction or contract can be recorded in a blockchain and made easily accessible to all parties involved. In addition, any amendments to said information can be automatically and transparently reflected within each copy of that blockchain. This makes it particularly useful for secure record-keeping purposes, especially since it doesn’t require users to maintain personal copies of individual blockchains; instead, everyone has access to a central database with all relevant data.

Conclusion

There are many more ways than just five where blockchain will change our society and help our lives be better. The last thing to note is that we are still in its nascent stages and it’s quite early to tell what industries will completely revolutionize by adopting blockchain technology but in my opinion, those industries above have a lot of potential.

However, jumping directly into Blockchain implementation without proper planning could be a costly mistake. So, it is better to understand Blockchain technology and then start a project with the help of a blockchain development company in India.