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Blockchain technology has redefined the term ‘Trust’ and revolutionized the way contracts are tracked among parties and has emerged as the talk of the town. The blockchain is a distributed ledger system that creates blocks of transactions in a multi-party system where all the concerned parties have access to this ledger through their private keys.
Small and medium-sized enterprises (SMEs) were dependent on larger enterprises as credit cycles were not under their control. Payments used to get a delay, and the credit terms as stated in the contracts were also not honored by few parties. Here blockchain can resolve this issue as the smart agreements is based on consensus among parties.
The industries that can be benefitted from this technology are mentioned below.
E-Commerce sector has transformed the way of shopping and lifestyle, and the opportunity for blockchain implementation in this sector is plenty, especially in supply chain management. Blockchain offers fast, secure and low-cost transactions and overall fantastic customer experience for any e-commerce model. Moreover, with the introduction of AI and machine learning retailers can take decisions faster and bring transparency in the whole process.
In the field of manufacturing, much attention on blockchain centers on how it can be useful in supply chains as most of the company information flow through the supply chain. Blockchain has the potential to create smarter blockchain that can track the journey of a product through in real-time visibility.
As compared to other industries, healthcare is the one that needs to escalate faster to provide quality healthcare services and also ensuring health management at superior levels. As there is an enormous amount of data available, the crucial data is not accessible and handy in times of urgency.
Blockchain applications can be leveraged in this industry, and every citizen who is insured can avail government-provided of private insurance in any hospital, and they cannot be denied the service. Aadhaar number can be linked for personal verification, and if the information is wrong, the system identifies the process and stops the execution of the transaction.
Government is making use of the blockchain technology to enhance services, secure transactions and trust amongst the system. It has numerous applications for the public sector that can aid in improving government services, safeguard property rights, and prevent fraud while improving transparency. Many issues like food safety and profit identification in its supply chain and land registration can be dealt with the adoption of the blockchain.