When we come across the word blockchain, bitcoin and cryptocurrency are the first things that strike our mind. Indeed, It has become known due to cryptocurrency. But cryptocurrency is just an exemplar of blockchain. It is comprises a list of records known as blocks that are connected using cryptography forming a chain.
It is an emerging technology with its implications in various industries. According to the latest market research, the blockchain technology market is expected to grow at a substantial rate in the upcoming years.
Here is the list of some top industries that will experience a promising future with the application of blockchain technology.
Blockchain in Healthcare Industry
The healthcare industry is one of those industries that hold personal data of the patients. This industry has a high probability of data breach, fraud, error, and loss of data. The application of blockchain in this industry is changing the method of medical data and records are stored and share. It allows timely access to the doctor and authorized employees to transfer it to the relevant departments.
Blockchain in Gaming Industry
The increasing popularity of gaming has unlocked the benefit of this technology for the gaming entrepreneur by offering a safe environment to gamers. Many games today need to be purchased before playing. It help in buying and selling of the games without relying on the third-party payment providers. This prevents fraud activities and also to manage rewards earned by the players.
Blockchain in Finance and Banking Industry
Million of banking transactions take place every day across the world. It has the potential to solve the problems faced by the industry. Through blockchain, one can easily transfer bitcoin without the interference of the third party. It offers full proof security to ensure payment transfer.
Blockchain in Legal Industry
One of those industries that contain extremely sensitive, personal and legal data of an individual. It helps to securely verify and store multiple data. If any modifications in legal documents will be first verified and then stored. There can be an extensive range of data of ledger-based activities such as chains of custody, funds transfers, contracts, legal opinions, UCC filings, court records, etc.
Blockchain in Food and Beverage Industry
It has the potential to prosper the food and beverage industry. Blockchain technology help in trust-building between consumers and restaurant owners. It helps in tracking food fraud, food security, and transparency. Also, it helps to keep track of the supply of materials, manufacturing processes, quality assurance, and sales.
It is one of the best technology businesses should opt for.