“Blockchain has the potential to leapfrog technology advancements in emerging markets, in both the public and private sectors. CIOs of end users can use this research to evaluate, plan for and adopt blockchain wherever it has the potential to support business, economic and social objectives.” - Gartner
The blockchain is largely associated with the financial sector but its distributed ledger functionalities can be extended to other industries as well. Its successful approach to security has made it a valuable asset to companies that are looking for technologies that help them maintain data securely.
As Digital Transformation tries to take over every business operation, security becomes the biggest concern and this is where the blockchain technology comes handy. In this article, let us discuss few industries where blockchain can disrupt the way activities take place.
“By 2020, new businesses and business models will emerge based on smart contracts and blockchain efficiencies.” - Gartner
Banking and Financial institutions manage hundreds of transactions per day and are one of the most susceptible sectors to online frauds. With the blockchain technology, the security of asset or money transaction can never be compromised and money transaction can be held more securely. Read out the article on Blockchain and its Benefits in the Banking Sector to know more.
If we consider a country like India, voting scams are one of the primary concerns during elections. With the introduction of Blockchain technology, its audit trail can help track the voter’s identity store the data securely. The data cannot be altered without the encryption key which can be in control of the election commission authority. Any irregular activity can be instantly reported and this can help in processing a fair election.
The supply chain network involves management of data across different levels, right from the manufacturer to the end consumer with the whole sellers and retailers in between. With the help of the blockchain technology, it will be easy to track down any information regarding the product – where and how it has come to the end user. With the help of Smart Contracts management of these data will be easier and more secure.
The music industry is one of the most vulnerable industries when it comes to illegal downloads. It is estimated that music artists lose 86% of their proceeds because of this. Blockchain can help artists earn their music without going through the record label. Mycella is one such platform that uses blockchain based streaming.
The real-estate industry involves a great deal of paperwork and in-out transactions. With the help of blockchain, the information can be stored securely and can be tracked down without the involvement of any intermediaries. This also reduces the chances of any corrupt activity to take place, as data is immutable and requires multiple authentications to make even a single change.
The blockchain is just beginning to transform the business models upon which the businesses were operating till now. It holds a lot of potentials to disrupt a lot of industries, and we cannot wait to see how!
Abhishek Prasad is the Director, Head of Digital Transformation at Aexonic Technologies. He has been a Management Consultant, with the first-hand experience of how technology can drive business change. Worked with Big Four accounting firm, he is experienced in advanced analytics and reporting within the professional services, Life Science, Utilities, and banking industries. Abhishek has consulted with multiple fortune 100 companies and startups, so understands the challenges faced by large enterprises and how technology can help them gain competitive advantage. He has been an SAP consultant and led multiple business transformation projects across the globe.