TMCnet Feature
October 27, 2021

3 Industries That Can Benefit from Blockchain Technologies



Blockchain technologies are beginning to make their mark in the worlds of business and personal finance. This is particularly noticeable in the rise in popularity of cryptocurrencies as mediums of exchange and as investment instruments, both among individuals and enterprises. However,cryptocurrencies aren’t the only application of blockchain technology. Beyond cryptocurrency, blockchain maintains its relevance as a mostly fool-proof process of recording and implementing transactions with heightened security and privacy within a decentralized system. 



Because of blockchain technologies’ viability, businesses and whole industries are taking notice of their unique potential. It’s little wonder why experts believe that the blockchain market is expected to grow at about ten times its current value in the next four to five years. Because of this, blockchain represents an interesting turning point in the digitalization of many businesses, mostly for the better.

Here are three industries, in particular, that will find blockchain technologies useful:

1. Finance

The finance industry is the most obvious beneficiary of blockchain technologies’ potential. This sector’s familiarity with blockchain is largely due to its relationship with cryptocurrencies, whose role as mediums of exchange between individuals and businesses is still continuing to grow due to their secure and decentralized nature.

The security that blockchains lend payment processes is particularly relevant to the finance industry. The industry can utilize this further with the use of blockchain wallets, such as an XMR wallet, that not just enable transactions but also give businesses and individuals full control over their transactions through an additional layer of security keys available only to the end users.

Blockchain technologies are also ideally compatible with other digital innovations that the finance industry is also setting its sights on, such as the Internet of Things (IoT). The similarity between the interconnectivity of blockchain processors and IoT machines makes them work together easily, something that could be further explored in the future.

2. Healthcare

Recent developments in the global health situation have revealed the need to innovate, especially in this particular industry. A fast-paced turnover of patient information during major events such as the ongoing pandemic, and adapting to the healthcare needs of a large aging population, among other things, have poked holes in the health industry's defenses.

The importance of the healthcare industry in our daily lives, and its pitfalls in responding to patient demands and accommodating patients' needs due to a slow and at times inefficient system, calls for the innovation brought about by blockchain technologies. As the industry that attends to the needs of an individual literally from birth to death and all sicknesses in between, healthcare is an essential part of a person's life.

For example, locating, identifying, and supporting patients each has at least two corresponding sub-processes. Blockchain technologies may not be able to speed things up completely, but the automation of some steps will definitely help in organizing and sorting out patient data. This saves time, energy, and room for the many other priorities that should be done in the healthcare industry.

Blockchain technologies will also be able to substantially address the shift toward patient-centered healthcare through its interconnectivity. The focus of patient-centered healthcare is to empower patients by enabling their goals in treatment. The first step towards this is connecting disparate data together, and mapping out patients’ desired outcome from there, which blockchain is able to do due to its very nature.

3. Government

Governments have always been universally known for their bureaucratic processes, which are, in turn, demonstrated by the slow turnaround of the most menial tasks. While any innovation in this respect is welcome, blockchain technologies, in particular, could be used to streamline otherwise scattered and unconnected processes. Instead of standing in line at the records section, for example, clients can expect their documents to be retrieved and processed through a computer in just one click.

Furthermore, blockchain technologies can improve government transparency in terms of showing how taxes and other such dues have been received and spent. Instead of manually computing and inputting data on government funds, officials and their staff can turn to blockchain to arrange the data in such a way that shows taxpayers where their money went. 

Blockchain’s decentralized system also adds some level of assurance in that aspect of transparency because there are no possible suspicious third parties manipulating the data. This removes the element of mistrust among governments and their constituents. Indeed, trust-building is a key benefit that blockchain technologies can afford different concerned parties.

Conclusion

As technologies continue to innovate and grow, so do industries and the environments they thrive in. Some of these industries may be quite updated on the latest technological trends, while others might lag far behind in that respect.

However, it cannot be denied that changing times call for technological adaptation for everyone, and blockchain technologies may just provide organizations with the efficiency, agility, and innovation that they need to run more efficiently and effectively.

Indeed, the interconnectivity that blockchain processors lend each other can actually innovate and automate more rigid industries that are not as receptive to change, making it an important innovation that’s here to stay.



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