Five Industries that will be impacted most by Blockchain - Kumar Gaurav

With surging popularity of blockchain, we envision a world where decentralization forms the key. There are many potential benefits of blockchain which can be leveraged across industries. The blockchain is not just a distributed ledger, but a distributed consensus ledger through which trust is created by a collectively agreed-upon consensus protocol inevitable for it to become a part of every sector and industry.

Blockchain poses as an asset across industries being a platform to share information discreetly as well as instruments of crypto. With a plethora of opportunities it provides, its usage cannot be limited to a handful of industries. Be it healthcare, communication or automobile. With transactions happening every second, speed and reliance are the benevolent characteristics of the blockchain. Digitization is pacing or rather “coining” all the way to the top.

The following industries will be impacted most by Blockchain technology-

1. Healthcare Industry

Blockchain can revolutionize the healthcare industry by mandating a digital record system which holds every registered users’ medical history including past medical history. Such records allow easy access to doctors, pharmacists, and general staff and allow them to check the patient’s history before treatment. The distinctive characteristics of a blockchain-based open network are verifiable identity through biometric identification, drug verification, consistency, transparency, privacy, and security.

2. Banking Industry

Rapid changes in financial sector along with India’s plan to become a cashless, digital economy brings along a plethora of chances for the banking sector to overturn their processes of transactions. Official figures of stupendous growth in online payment sector speak for the same. Constant efforts of Indian Government to make way for digitizing the economy has brought in more reliance on blockchain’s features. Efficient remittance, cost-effectiveness, reliability, and safety, are some of the perks of blockchain that could transform the way financial industry has been processing. Industry can improve the settlement and clearing process, in turn, improving cyber safety by implementing blockchain.

3. Stock Trading Industry

With the entire world conversing in blockchain lingos, stock exchanges are exploring it in a directed manner. Blockchain comes as an escape from tedious regulations, feasibility, legalities and expedited uniform codes of trading. Decentralization ensures removal of broker and hence, facilitates smoother transactions. Accessibility, secrecy and verified participants will make the entire trading process more efficient.

4. Energy Industry

Blockchain allows a peer to peer energy exchange. Traditional means of energy certificates can now be replaced. Instead of lengthy settlement times, high transaction costs, large data handoffs and null transparency. Blockchain will help create a sturdy platform that is cost-efficient, easily accessible and smooth. It could even help end the centralized paradigm of buying and selling energy by building a system that will allow participants to indulge in energy selling.

5. Human Resource Industry

HR management has to spend time,effort and money in finding the best candidate for the right job, which nowadays with fewer opportunities and more applicants, HR management is becoming more tedious. Records and documents of applicants can now be stored and verified securely, all thanks to blockchain technology. This evades any chance of falsifying and tampering of records.

Blockchain technology has taken every industry by storm. The Indian government has finally acknowledged its existence in Union Budget; now it’s getting ready to take a bold step, making a mark on the global market scenario in the financial sector. What remains to be explored are more avenues in a range of industries creating a different, decentralised trust infrastructure.

(The Author is Kumar Gaurav, Founder & CEO of Cashaa and Chairman of Auxesis Group and also Blockchain Speaker & Influencer).

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