Blockchain Technology applications in diverse industries

July 17, 2019

The utilization of blockchain technology is significant in a wide array of industries such as healthcare, government,financial services, retail, hospitality and travel etc. Many giant companies such as Apple also can’t any longer ignore blockchain.

Healthcare:

Blockchain is imperative in the healthcare industry as it enhances the safety, interoperability and privacy of the healthcare data. The third party interference is eliminated as well as the overhead costs. All the records of healthcare can be maintained in diversified databases with the help of blockchain, ensuring authenticity and privacy.

Hospitality And Travel:

The blockchain application can drastically modify the industry of hospitality and travel. It can be used to store essential documents, put into use in the monetary transactions, managing rewards, loyalty, travel insurance, making reservations etc.

Financial Services:

Blockchain technology is been utilized in a plethora of ways in the financial industry. It streamlines and simplifies the complete procedures related to payments and asset management wherein each and every participant can get access the the transaction’s data. This results in eliminating the requirements of intermediaries, and hence effective management and transparency is ensured.

Government:

Blockchain can transform the services and operations carried out by the Government. With the aid of blockchain, the suitable sharing and linking of data ensures effective data management across various departments.

Everything has its own cons

Just like any other system developed by the human beings, blockchain also has its own cons. It has a scraped learning curve, particularly for the ones who do not have any technical background. The Concepts of computer science and jargon may scare away some users to even utilize it on trial.

However, the evolution of cryptocurrency and its gaining popularity is bringing the technology into mainstream with access to a number of resources for making it more considerate.

The utilization of blockchain technology is significant in a wide array of industries such as healthcare, government, financial services, retail, hospitality and travel etc. Many giant companies such as Apple also can’t any longer ignore blockchain.

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Written by Zamask

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