Before introducing blockchain in business first we should ask whether it is required for the organization or not.One key factor when looking at blockchain from the business front is to choose a project that needs distributed control of data instead of centralized.This emerging technology is becoming increasingly popular, and CEOs are starting to ask how it can help boost revenue, increase productivity, streamline cost and create a better customer experience.Companies shouldn’t use blockchain simply because they want to leverage the new technology. Starting with blockchain and searching for problems to tackle it is the wrong approach. Instead, identify the problems in your organization and then ask yourself if blockchain is the best way to solve them. If not, find a different solution.
The first business opportunity is to use blockchain features that are integrated into the company’s supply chain, finance, HR and other core business applications, rather than treating blockchain as a standalone application.
Here are the major industries in which blockchain technology can be used for their businesses.
1. Banking industry
Blockchain in banking will significantly reduce the risk of data loss due to the reliability of these records. Transactions will have a small commission, and the transfer of funds or information will occur instantly.
2. Health care industry
It allows hospitals to safely store documentation data, such as medical records, and share it with authorized specialists or their patients.This Will improve data security and help with the accuracy and speed of patient diagnosis and various medical documentation.
3. Juridical industry
Records (such as various wills) that are stored and processed in a blockchain can be quickly and reliably verified.It will be impossible to change or delete them due to the immutability of the block chain.
4. Cryptocurrency Exchange industry
With the increasing popularity of cryptocurrency, their turnover increases, and hence the popularity of cryptocurrency exchange platforms.
5. Politics
Government systems are often prone to corruption, besides that they are also rather slow. The introduction of blockchain-based systems can significantly reduce bureaucracy, increase the overall security of government processes, their efficiency, transparency and performance of various government operations.
6. Social privileges
The public goods system is another fairly important sector that suffers greatly from slowness and bureaucracy. Blockchain technology can significantly help in this matter by assessing, verifying and distributing various unemployment benefits in a safe form.
7. Cybersecurity
Cybersecurity also includes the protection of confidential intellectual property. With Blockchain technology, all copyrights can be stored in the form of intelligent contracts that will automate the business, along with an increase in online sales, eliminating the risk of copying information.
Therefore,blockchain has the potential to disrupt countless industries and how organizations operate within them. The technology is real and it is being evaluated seriously by many enterprises and government agencies to enhance and streamline operations.