Blockchain. We’ve all heard of it by now, and most of us still associate it entirely with cryptocurrencies. As much as blockchain is rooted in virtual currency, this technology has applications across all industries. It’s one of the most disruptive technologies we have witnessed in the modern age.
In a fast-paced economy, businesses need revolutionary tools to help them evolve and adapt, grow and become better by the day. The global public ledger can now be applied to different industries. It all started with banking, but the use transparent, verifiable and registered exchange of data has made developers believe they can contribute to changing the economy and the industries sustaining it from the roots. Because blockchain has numerous applications and huge potential, below are some ways it has changed only several of the modern industries.
#1. Healthcare
The pre-blockchain era for the healthcare sector was slightly gloomy and deeply disorganized. Thanks to this technology, it now becomes more patient-centric and less focused on paperwork and procedures. A fast and accurate exchange of data, a transparent yet private approach to patient information and a streamlined medical act – this is what blockchain technology promises to bring to the sector.
The current healthcare system is burdened by federal regulations, rules, protocols, and paperwork. And as much as healthcare providers want to offer patients top-notch medical services, all these seem to stop them from achieving this goal. Today, critical patient information remains scattered in different places. GPs rarely have access to medical data from previous providers. Doctors of different specialties rarely have the opportunity to corroborate all the data they have on their patients. And without an ample view of the patient’s medical history, the quality of the medical act remains just as high as it was decades ago.
The blockchain solution?…Easily accessible information, by anybody, who is directly involved in patients’ health: doctors, pharmacists, physical therapists, and patients themselves. A similar system can be accessed from different devices that use different operating systems, without discrimination. This technology can improve diagnosis accuracy, prescribed treatment, and has a real potential to lower the otherwise high operational costs that exist in the healthcare sector.
#2. e-Commerce / Retail
The healthcare sector isn’t the only one that benefits from blockchain technology. By working with a blockchain development company, retail and e-Commerce platforms seem to have huge development potential in the context. Because of the currency and transaction focus of this technology, it seems to be a natural fit for e-Commerce. The exchange of data doesn’t have to be financial, to be successfully used in the industry.
- Improved order fulfillment capabilities – one of the major benefits of blockchain in e-Commerce is the transparency offered in the “block” link. A visible chain of events that can reflect the process of filling in an order offers businesses a clear outlook on the events. For instance, when blockchain technology is integrated with e-Commerce platforms, each step of the process can be identified by the time it was performed. This works as a way to establish trust across the chain, from buyers to sellers and even shipping companies. In case of disputes, these can be easily solved by using the data from the chain of ‘blocks’.
- More secure payments – blockchain-based e-Commerce platforms come with another benefit for customers: they don’t offer access to identifiable information on the person who operates the transactions. This decreases the chances of payers to fall victims of credit/debit card fraud. Currencies based on blockchain don’t require users to offer data that might be traced to them the only identifiable thing here is the randomly-generated identification number.
- Faster transactions – according to specialists in the field, a traditional payment method can involve up to 16 different steps and accumulates fees that can, sometimes, go over 6%. Blockchain transactions take place on a single network. As they explain, blockchain technology eliminates intermediaries and transactions happen at a faster pace.
- Alternative payment methods – blockchain technology is the cornerstone of modern payment methods. Customers can choose to pay with crypto with the same ease as they would choose to use PayPal or another payment processor. The ease of use and implementation of this type of technology makes it today, one of the preferred options on the market.
#3. Education
The education system will soon be improved, thanks to blockchain. CB Insights has identified multiple ways in which blockchain can improve education. Blockchain can be implemented by schools, networks, and learning-oriented organizations to improve the learning process.
- Transcripts – Academic credentials are not standardized and verifiable. The process, as it is today, is a manual one. Blockchain technology has the potential to streamline and automate the entire process and prevent fraudulent claims of unearned educational credits and achievements. An open infrastructure to create, issue, view and check blockchain-based certificates increases transparency and prevents academic fraud.
- Student records – using blockchain to secure and share student records between institutions is not a novelty. IBM and Sony Global Education have already created a similar blockchain-based platform.
- Smart contracts – blockchain can be used to execute agreements in smart contracts once all specified conditions are met. In a sector that is based on paperwork heavily, this perk comes to offer more flexibility and reduce the processing time necessary for educational contracts. Smart contracts can check and validate academic attendance and assignment completion. Professors don’t have to check manually and keep track of these and students have the security all their records are accurate and detailed. These can be pre-programmed to be released with different criteria is met: eligible providers, terms and conditions, necessary skills and experiences and academic scores.
#4. Insurance
Insurance companies are already using blockchain technology extensively. One of the biggest performances in the context of blockchain implementation is fraud reduction. Insurance companies lose $40 billion yearly to fraud. Their profit margins decrease by the year.
Blockchain technology implementation in the sector can help companies record all transactions and boost collaboration capabilities. This enforces better fraud management capabilities and allows insurers to detect early such attempts. Developing a blockchain network used at an industry level could also solve sensitive issues like data and identity privacy concerns.
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Founder Dinis Guarda
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