Blockchain Technology is growing rapidly and captivating the eyeballs of various industries. According to the regional outlook, industry analysis report and forecast (2020-2026), it is said that the global market size of the blockchain is expected to grow from $3 million in 2020 to $72 million by 2026. According to the Deloitte report 2020, 70% of organizations in China and 42% of organisations in Germany agreed that the adoption of Blockchain technology is their top strategic priority.
Blockchain technology continues to dominate in the financial sector and it’s new fascinating updates are gaining the attention of the healthcare and gaming industries too. The world’s fortunate companies like IBM, JP Morgan, Walmart, Microsoft are adopting Blockchain technology in order to counter safety concerns and carry out the processes in a more speedy and efficient way.
This article will guide you with features of Blockchain technology leading to its exponential growth and how it can become the game changer for various businesses.
Features of Blockchain technology attracting eyeballs of various industries:
With numerous advantageous features, Blockchain is redefining every industry, below examples are the proof of it.
1. Smart Contracts:
Smart Contracts are set instructions between two or more parties stored on a Blockchain that automatically run when preset conditions are met.
We can see its wide range of adoption in various industries like healthcare, real estate, insurance and finance. Here with an example of one of the companies, we’ll see its use case.
BURSTIQ: Popular industry located in Denver, Colorado.
As it is one of the popular companies in the healthcare industry, it holds responsibility for databases that are filled with patient information.
BRUSTIQ designed a unique system that allows patients to decide what kind of data they want to share with doctors and when. For that purpose, users create a kind of Smart Contract, where they specifically mention the kind of data they want to share, with whom and how.
Due to its unique use of Blockchain technology, Indian IT firm Tech Mahindra has shown interest in partnering with BRUSTIQ to bring additional functionality in the existing system.
2. Internet Of Things:(IoT’s):
Blockchain coupled with IoT’s has the potential to completely reshape the various industries by assisting higher security, transparency and traceability.
IoT opens up numerous opportunities for industries to run efficient and smart operations. In this digital era, each device we use in everyday life is now equipped with sensors, sending data to the cloud. Therefore, combining these two technologies can help renew and renovate the existing technology.
IoT is being successfully used in VeChain enterprise, let’s understand how they are using it.
Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum
VeChain: It is one of the known supply chain management enterprises, which uses a combination of IoT concepts and Blockchain technology. In the supply chain system, this helps to precisely check the quality, transparency, last mile delivery of respective products from the manufacturing facility through to the final delivery to the end consumer.
In order to carry out this task, VeChain makes use of smart tags and sensors that transmits important information to the blockchain network, which can be accessed in real time by authorized users, also its superior NFC chip allows users to verify any product’s authenticity.
Vechain Foundation, which owns the Vechain supply chain platform, is becoming increasingly popular every day creating pilot projects in more than 35 institutions. For example, Shanghai Gas Group, a China based company collaborated with VeChain in order to enhance energy trading.
3. Money Transfer Applications:
Cryptocurrency transfer apps are increasingly becoming popular day by day. These apps permit its users to securely pay bills for various services.
Let’s have insight with a simple example.
LALA World is an Asian blockchain based organisation located in Singapore. It has recently released a blockchain based payments app for iOS users in India and UAE. This application gives various benefits for its users to pay for services like:
- Mobile Recharges: Users can make their mobile recharge in a very quick and secure manner.
This application strives to provide mobile recharges for over 900 network operators worldwide. Ex:Digicel.
2. Electricity bill payment: Lala World includes various electricity boards, where you can pay your monthly electricity bill in a secure way.
Boards included: BESCOM, NPCL, IPCL, UPPCL etc. Lala world with problem free interface and offers an undeniable degree of security.
4. Personal Identity featured apps:
Blockchain technology plays an important role in preventing massive data breaches. Most companies have already developed an app using blockchain to store the sensitive information of the user or employee on a decentralized ledger.
Let’s analyse how popular CIVIC is using this feature.
CIVIC: Identity security industry located in California, USA.
CIVIC’s secure identity app is going to bring a drastic change in the way customers handle their personal information. With the assistance of Smart Contracts agreements, users can set who can share their own data and how much. If any unauthorized source tries to steal the private data, the user will be alerted immediately.
In this article, we discussed how Blockchain technology with its updated features ruling various industries. It is also evident that soon this technology will take over many of the everyday processes that various industries undertake. It is suggested that companies should keep on experimenting with this technology to survive in this competitive world.