Blockchain Technology is a buzz word when it comes to the revolution in several business verticals. This evolving technology is attracting businesses to invest in blockchain to leverage best out of it. Still, there are plenty of entrepreneurs and startups who are not aware of the significance of blockchain as a decentralized model. The Blockchain is not about changing your business. It is all about changing a methodology your business follows and how you’ll get more blockchain business opportunity.

What Makes Block-chain Technology Unique?

Its nature of decentralization makes it’s so special. Distributed Digital Ledger is utilized to store the transactions happens every second. Those are the data which cannot be altered if once entered. Block-chain is also increased transparency of transactions. Even though it is a decentralized model, security is at its best. These are the major reasons Block-chain Technology is adopting the number of verticals rapidly world-wide.

According to report, this graph showcases increasing size of Block-chain Technology Market globally from 2016 to 2021.

Let’s check out why different Industries are in love with Block-chain Technology

Block-chain had already established the trend of creating trust with unknown identities and reevaluate online transaction management.

Block-chain Technology in Banking and Financial Services

The process of value transfer has always been an expensive and quite sluggish; especially for cross-border payments. Block-chain Technology makes its faster with the benefit of cost reducing. With the Fin-tech Block-chain Technology, trading of shares will get accuracy and short process for settlement. With smart contracts, organizations can automatically execute agreements, without any expense of a middle authority. 

Central banks are leveraging best out of block-chain by shifting their payment systems on this technology as well as to launch new cryptocurrencies like Bitcoin. Banks have been finding a stage from very long to set up a shared digital platform to maintain customers’ identities and update them on a regular basis. Blockchain Technology aids banks with crypto protection and facilitate with the ability to share constantly updated record.

Block-chain In Healthcare

Block-chain technology has the proficiency to transform healthcare industry by improving and authenticating health records in an openly distributed ledger. With smart contracts, consistent methods are created to access and analyze patients’ data. Transaction costs as well as real-time processing expenses are reduced to make the system more competent.

Block-chain encourages all-in-one information sharing that can remove the duplication issues as well as errors which were arising with traditional, centralized data storage method. The smart contract application shrinks the necessity of middle man to handle and execute patient contracts.

Research from IBM, Healthcare Rallies for Blockchain, says that 16% of surveyed healthcare executives have strong strategies to get involved with commercial block-chain solution this year, while 56% predictable by 2020.

Block-chain Technology In Retail

Retailers are constantly identifying transformative aptitudes of block-chain in this digital arena. As retailers are struggling to maintain margins, block-chain technology will enable them to decrease costs by 82% by restructuring operations and automating tasks. With Private block-chain application in retail, retailers can customize the standards as per their precise organizational needs.

If we talk about the privacy, permission block-chain networks perform enthusiastically. It will aid to implement methods that enable users to limit their data access. For retailers, blockchain offers the affirmation of delivering trust in a product and transaction more effectively and with moderate cost. 

Block-chain Technology In Supply Chain

It takes very long to complete a payment process among vendor to customer and manufacturer to the supplier. For their legal agreements, they need a middle man like a lawyer or any banker ,and it will turn into extra cost and time. The resistance in supply chain is also a big hurdle. Block-chain application in the supply chain is the key to all these issues. Transfer of fund would be easier than ever before globally. No need for bank authorization in Supply Chain Management.

Product status can be recorded throughout each stage in the life-cycle of product development. A transparent and trustworthy distributed ledger is self-assured to transform outdated traditional methodology of tracking and authenticating goods on the ground of supply chain. 

Bill Fearnley, Jr., research director for IDC’s Worldwide Block-chain Strategies, recently visited company clients in China and he found everyone wants to talk about supply chain.

“The real value for block-chain is when you use distributed electronic ledgers and data to connect with suppliers, customers and intermediaries. With distributed ledgers, manufacturers and retailers can all be looking at the digital and physical products in the supply chain, and they can all be looking at the same information, which enables them to cut steps in the shipping and payment reconciliation process. If you’re able to improve record keeping, with distributed ledgers, then you can improve reconciliation, and then you can speed up the payment process; you can reduce fraud and get people paid faster,”. 

– Fearnley said.

Block-chain Technology In Insurance

Block-chain and smart contracts are transforming the industry of insurance as well by changing the way insurers deal with their customers. It will facilitate with easing paperwork, minimizing fraud, cultivating efficiency, developing a system for management & verification of different claims rapidly, etc.

The insurance business models need an integrated, solitary procedure to guarantee information accessibility and transparency to independent stockholders. Block-chain Technology is working with distributed nature having the great privacy that will aid insurance vertical. Instant policies and P2P insurance are changing the way by eliminating a majority of human interaction. 

Block-chain Technology In Travel Industry

Block-chain technology is here to end the pain points of Travel Sector in this digital arena. Block-chain’s feature of preventing double-spending can also aid in double booking in the travel industry. Merchants who sell travel will always be in the risk because of the refunding amount. But with this technology, payment would not be reversed if once paid. This mechanism keeps frauds away.

User’s profile safety is a big issue in travel. When any organization engages with Travel Management Company/airlines/other suppliers, they need to provide access to employee data to receive expected service. But with block-chain, it could eliminate much of the pain on both sides.

Summing Up

Offering anything, anywhere to anybody at any time without any centralized authority or any resistance, replication or manipulation is the primary goal. This can be simply attained by moving your business on to a ground-breaking Block-chain Technology.  

Espay is pioneer with comprehensive understanding of block-chain development for your banking and financial sector. We can also develop Crypto exchange platforms and Crypto wallets for great security. Contact us for your block-chain related needs.

Source: http://bit.ly/2G5LEv2