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Technology

In which industries can blockchain technology be used or is being currently used?

Answers 2

The boom of cryptocurrency and its value hypnotized the consumers all around the world. Bitcoin one of the most expensive cryptocurrency, at its peak reached $20,000 valuation. Although it is impressive but at the same time a question pops into mind what is the technology behind it and the answer is "Blockchain". It is unbelieveable the vast amount of benefits that it provides such as transparency, security, immutability, verification capability, etc. It is but obvious that with time it will be used in day to day life. Some of the industries where it has already being used are: a) CyberSecurity: Gospel Technology and GemOS. b) Healthcare: Nebula Genomics, Iryo and Gem. c) Financial Sectors: Bank Of Nagoya, Bank Of Okinawa, Bank Of Thailand, Bank Of The Ryukyus are some of the banks that have already started using. d) Freight Industries: Organisation such as BiTA. e) Travel and Tourism: Arcade City and IBM Blockchain Solutions. f) Agriculture Industry: Albert Heijn


Blockchain technology is currently disrupting the market in a positive way. It provides a lot of features that not only saves time but also saves money and at the end of the day it is all about the “money”. It has provided transparency to businesses, enhanced securities, saved time and money on logistics and materials, helped to carter contracts between parties without any mistrust and the most beneficial use of blockchain is the decentralization of the technology as no one particular body or a person has the control over the dealings. It is directly between the parties itself. With the concept of decentralization, it not only keeps the ledgers in blocks but each of this block are connected to each other which forms chain with one another, so until and unless majority of the these blocks which contains the ledgers are changed for a particular rule within them or for any other reason, the rules within them can’t be tempered with. Few of the markets that are using this new form of technology are: a) Cryptocurrency: As the name suggest its money/currency which is being crypted using specialized algorithms. There are several cryptocurrencies like Bitcoin, Ethereum, Leocoin, Xalcoin and Dogecoin are some of the few popular coins that benefits using the technology. b) Cloud-Computing: Yes, it can be used in cloud-computing technologies too where projects like Golem which allow users to rent out their CPU capacity. Intel too is planning on launching its server-based gaming where gamers from all around the world will be able to play high density intensified gaming on their normal gaming rigs without the necessary hardware specs. Because all of required specs will be provided by Intel through their Cloud based servers for a minimal charge. c) Supply Chain Management: Supply Chain is to move a product or a material from place A to place B. Now, this may sound easy but there are many blockades when it comes down to the management. There could be delays, added cost, errors, human errors and much more. Provenance is one of the first companies to use this technology for tracking down the products and materials, which will allow consumers to be in direct touch with the point of sale with the suppliers all along the suppliers. This not only helps to reduce the time but also helps in saving time and money with less space for any predictable errors.


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