Future Applications of Blockchain, part 3

Technological advancements in Blockchain in recent years have led to significant improvements in its quality, reduction in costs and have attracted investments from private firms, federal bodies and funding organisations globally.

Earlier this year, we conducted a comprehensive study into the technological advancement and opportunities in Blockchain. The objective of the study was to understand development trends, future opportunities, technology road maps and to identify emerging areas across various industries.

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Insights > Future Applications of Blockchain, part 3

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November 19, 2020

Applications of Blockchain in industry

Retail

With the growth of online shopping and an increase in counterfeit products, small margins and increasing competition is squeezing retailers worldwide. While there is no way to solve all the said challenges in one go, a sophisticated technology like Blockchain has the ability to address most of the retail challenges.
Using Blockchain’s distributed ledger concept and powerful encryption capabilities along with its ability to generate smart contracts, retailers can significantly collaborate and enhance trust across the value chain.
Implementation of Blockchain into the Retail Industry will enable retailers to provide more information about their products to customers.

Banking

Blockchain is expected to radically change today’s Banking and Financial business, it is emerging as one of the most enhancing technologies which has the potential to change the financial industry by making transactions faster, cheaper, secure and transparent.
Being a secured and open source platform, Blockchain will help banks to minimize processing fees and also offer a platform to create new products and services. They will generate a new revenue stream. Banks are experimenting various use cases to determine how they can leverage Blockchain to attract new customers.

Healthcare

Advancement in IT has helped the Healthcare industry in genetic research and precision medicine, and has provided an innovative approach for disease prevention and treatment.
Healthcare is expected to have maximum benefit from Blockchain, especially in the areas of Health Management, Payment and Payer Contracts, Medical Trials and Patient Generated Health Data.
Present IT healthcare infrastructures do not provide security or inter-operability for connected living. Blockchain-powered health solutions will provide a solution to health data inter-operability. Most importantly Blockchain will provide secure data exchange systems.

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