Different Industries Using the Blockchain

A large range of industries are already expressing an interest in using blockchain technology in the future to improve their business. Some examples of the sectors in which it could be used can be found below.

Banking – The banking industry will have many benefits from blockchain technology. Fundamentally, it will give faster transactions, reductions in cost, improve security, and will be able to keep records. The 90% of major North American and European banks are in the process of exploring blockchain solutions. There are already some early adopters including SCB, DBS Bank, The Central Bank of Lithuania, and Deutsche Bank.

Supply Chain Management – The benefits of blockchain technology in supply chain management could be a reduction in fraud and errors, time saving and increased efficiency, improved inventory management, and improved customer engagement. British Airways has already started testing blockchain to manage data about flights in 2017, and it is likely that we will be able to see this implementation continue.

Gambling – There is a huge range of sites out there that provide Bitcoin gambling, with the ability to use Bitcoin instead of traditional forms of payment. Just look up some reviews of reliable gambling websites on BitFortune to make sure you’re gambling in a legitimate online casino.

Insurance – For insurance, the benefits of blockchain could include the transparency and relevant record keeping, a reduction in opportunities for insurance fraud, a reduction in cost and the time of processing insurance claims, and improved customer engagement. The 56% of insurance firms said they recognise the importance of blockchain, so it is likely we will see them use it in the future.

Cloud Technologies – The benefits here include a reduction in costs, security protection systems, and it will be resistant to cybercrimes. There have been a number of startups in this area that include Storj, Maidsafe, FileCoin, and iExect, to name a few.

Cyber Security – There are a lot of benefits of blockchain for cybersecurity. These include the use of smart contracts, decentralisation, accurate tracking, confidentiality, protected communication and a reduction or elimination of fraud and errors.

Transportation and Ride Sharing – Using blockchain for this purpose could see a reduction in time for lease, rent, and procurement. There will also be a transparency of customer case and direct connection between drivers and riders. InstaRyde, for example, has expressed an interest in using blockchain to become more transparent and speed up transactions in 2018.