What Can You Expect For A Future with Blockchain?

When most people hear the word Blockchain they straight away connect it with a rising trend in bitcoin and other cryptocurrency mining. This technology has the potential to radically change the face of the business world while making it a more secure and transparent way to record transactions and service records. 

With a more extensive network and platform for development, Blockchain Technology provides new ways for upcoming corporate players to take large steps into new markets.

What Blockchain Can Do 

• Manage and secure decentralized private records with encryption.
• Tracking the provenance of products and materials.
• Enable distributed, autonomous marketplaces.
• Reduce friction in business transactions.

Areas where Blockchain can create impact:

• More Efficient Supply Chain Management– Blockchain Technology and supply chain (A dynamic duo). It has been set to be a game-changer for supply chain management. 3 properties of Blockchain are Decentralization, Immutable and Transparency will help to supply chain management system to smooth, because it enables the management team to have a complete documented history of a product, from its inception to the transferring of goods to warehouses and real-time reporting of inventory availability.
• Better Quality Assurance and Auditing-  Blockchain will change the way auditors operate and will enhance the quality of the audit. It saves time and effort in the auditing process by streamlining the process of financial reporting and auditing which allows senior management to focus on other strategic areas.
• Intelligent Contract Execution- When Blockchain Technology is applied to commercial contracts no central authority is needed to clear payments or verify compliance with contract terms because the status of the contract is fully visible to all the parties.
• Faster Business Transactions With Lower Fees- Blockchain Technology eliminates the need for an intermediary when the payments processing system costs very low in comparison to credit card payment which helps in business transactions with lower fees.

How Blockchain Helps various industries:

Distributed ledger technology has immense potential for providing real-time information, improving efficiency, and reducing costs.

Banking Industry –

Blockchain technology has the ability to solve the enormously serious and significant problems faced by banking industries today. Blockchain undoubtedly has a secure and safe system that would provide a permanent record of the millions of transactions that take place in banking industries each day.

            Benefits-                         

• Faster Transactions.                
• Improve Security.
• Record Keeping.
• Cost Reduction.

          

Real Estate –

In the Real estate, lots of lot of paperwork is required. To overcome this issue we need a perfect chain solution. With the help of Blockchain, all these documents and transaction records can be stored securely with less work and less cost.

      Benefits-

• Increase transparency in the records.
• Automate payments.
• Prevention of Fraud.
• Smart contract.

Healthcare Industry-

Strong medical data and records are significantly the main concern when it comes to the healthcare industry. Blockchain Technology can give new and improved form to the healthcare industry by securely storing medical records that can be accurately and safely transferred to and accessed by the doctors and people who are authorized.

    Benefits-

• Complete medical history of patients uses by physicians.
• Reduce time and increase efficiency in providing quotes

Retail Industry-

Blockchain shapes the retail industry in the coming year by replacing the middlemen’s requirements of fee and distribution, connecting customers to the retail directly. So, by integrating blockchain in their retail processes retailers can also deliver undeniable evidence of originality and excellence.

     Benefits

• Transparency in logistics, ability to store and track all data.
• Increased trust due to decentralization.
• Better tracking of buying habits.

Energy Industry-

Blockchain helps energy companies improve how they track resources and maintain regulatory compliance and also enable them to settle future trading much faster.

      Benefits-

• Promotes alternative energy sources and shared energy.
• Reduce transaction costs and settlement time.
• Improve transaction security and data quality.

Other Areas Where Blockchain Shows its Significance

The Blockchain benefits other types of businesses like Insurance, Sports, Government and Public Records, HR, Video Streaming, Crypto Exchange, and much more. 

Blockchain could also contribute to a more functional and streamlined system. In critical applications like money and identity, they potentially allow for system adoption. 

The future of blockchain technology is continuously shaping to change the way modern businesses operate. It is one such powerful technology that cannot be ignored as it is impacting a wide array of businesses. So, If you want your company to take the benefits that new-age businesses bring to their organization to contact us: info@aryausa.com