Blockchain technology is generally synonymous with cryptocurrencies like BTC, ETH, etc. However, the ecosystem is gradually growing and becoming more robust and expansive.
Now, blockchain has managed to grow and insert itself across multiple industries. Here are some of the most common sectors where blockchain has become big. Here are some industries where blockchain technology can grow and become huge.
Here we go!
Healthcare
Blockchain is significantly increasing the industry’s efficiency and response time. It is improving the landscape by introducing features like data integrity, transparency, security, etc.
In some ways, the technology has overhauled and addressed some of the most prominent and key pain points that plague the industry. Here are some of the benefits of blockchain technology in medical science:
- Secure patient records that stop people from making any unauthorized alterations.
- Sharing data and records in a more seamless manner that does not create any loss.
- Tackling counterfeit drugs using supply chain data.
Supply Chain Management
Companies dealing with a complex supply chain ecosystem have also benefited from blockchain integration. Blockchain offers security, which further ensures traceability and customer satisfaction.
Industry insiders have noticed that blockchain has made the business more airtight, reducing human intervention that can lead to mistakes. Here are some of the key benefits of blockchain in supply chain management.
- End-to-end tracking enables companies to track a package throughout its journey more easily and clearly.
- Package traceability helps reduce fraud or revenue leaks due to such activities.
- Smart contracts make payments more streamlined and efficient.
Real Estate
Blockchain has managed to make the industry faster-paced. In other words, it has managed to do away with the sector’s snail-ish and archaic pace, making the business more streamlined and aerodynamic.
Historically, real estate transactions take time, but blockchain integration has turned the tables and improved the landscape with more clarity. Here are some additional benefits oif blockchain in real estate.
- Secure transaction with detailed and minute-to-minute record of the documentation.
- Faster transactions with the aid of smart contracts and automated name transfer.
- Reducing the processing cost as digital arrays are being used more.
