Revamping industries in the light of blockchain technology


Any new idea or technology surface, big thinkers start brainstorming to find ways to incorporate the same technology into refurbishing the different components of the industries.

Mobile technology has already paved the way for transformation, portraying to the world how a tiny device can be a portable answer to many queries. Top-rated mobile application development companies around the world juggle with ideas and come up with easy solutions in the form of mobile apps to transform industries.

So, when blockchain technology entered our lives, it is but expected that industries will try their hands at it to improve the infrastructure. Before finding out how this technology can contribute to the betterment of the industries and the people, it is important to understand what is Blockchain technology and how the different industries stand a chance to get well-served by it.

Also Read: 7 specific corners blockchain goes wrong in 2018

Hence, in simple words, Blockchain technology is…
A decentralized and distributed ledger digitally interfaced to offer a secured platform for conducting online cryptocurrency transactions. Also, maintains a record of the same across computers such that it is unaltered without modifying the blocks and collusion of the network.

Once loaded in the ledger, the transaction data distributes across different nodes and remain safe there.

Also Read: Bitcoins, the legit digital mode o…al money transfer

Before proceeding further with the benefits, it is very much important to point out the fact that Bitcoins and Blockchain technology are two different concepts. Even though blockchain was originally coined to serve as an accounting method for Bitcoins but it can be successfully applied to bring about alterations in other industries as well.

Here we will speak about how blockchain technology influence industries and can bring about positive change in their framework including the banking and finance sector.

We begin with.
The Healthcare sector is the one that is most benefitted from the blockchain technology especially when the sector is loaded with confidential data and documents of the patients. Doctors, as well as the patients, can have access to reports in real-time, which, are cryptographically secured, eliminating the cost of data reconciliation.

Automating the bill processing system, blockchain eliminates intermediaries and diminishes administrative costs, thereby removing the chance of Medicare fraud and money laundering scheme.

For, Government agencies, blockchain technology are the ultimate tool to enhance their performances and establish a connection between citizens and concerned government bodies. Routine tasks such as payment of taxes, acquiring passports, stay informed of government policies will become a lot easier.

Then again, the huge volume of data needs seamless accessibility when we speak about Law and legal matters and blockchain technology ensures secure transmission of crucial information among parties involved, cutting off intermediaries and bringing down the overall cost.

Prevention of unauthorized access, modification of critical infrastructure, operating systems and network firmware is a necessity in Defense to avoid uncompromised national security. Blockchain technology delivers information among distributed data centers to alert them against attacks on important network and hardware equipment.

Blockchain has already proved its indispensable aid to managing the Banking, shares and financial sector. Facilitating faster and improved services, reduction of maintenance costs with banks and share markets, detection of fraudulent activities as well as tackle any bad loans by verifying the loan history.

You must be probably surprised to see the sectors where blockchain technology did play a significant role, bringing strategic transformation into them, something that the mobile application developers did not think of earlier.

Nevertheless, there is scope for improvement always. To facilitate trading with bitcoins and ether, few android application developers did come up with mobile applications that offer a single platform or a wallet to save your collections and accept bitcoin payments at any retail location for the business.

Blockchain: Bitcoin and Ether wallet- Store funds, exchange BTC and ETH as well as instantaneous transaction across the world.

 Blockchain Merchant- Accept Bitcoin payments at any retail location to grow your business.

Recapitulating the keynotes

Covering up the key sectors, now it is time, to sum up, the important benefits drawn from blockchain technology in general:

Maintain transparency with blockchain to facilitate transparency in controlling the transaction and retain the trust of the users when offered with full control over their monetary exchanges.
Secured portal using complex cryptography provide assured information and amazing security to the transactions and data once fed into the technology remain unaltered. Technology distributed across different data centers wherein security assured against varied network and hardware equipment.

Not possible for backdoor transactions anymore.
Quick transactions as altered to a traditional method of making payments where the time taken for the process is within minutes.
Eliminate third-party involvement in the blockchain network minimizes overall transaction costs for the users.

Final thoughts

The node-to-node network under strict ethical standards is likely to convert blockchain into a powerful tool designed to improve business and sectors, democratizing global economy and facilitating fair play in all aspects of the society, something that the mentioned points already threw light into. It falls within the realms of top-rated mobile app development companies to merge up with big thinkers in designing similar blockchain applications that touch another field as well.

The future of this technology is gradually unraveling but it promises a future, which can prove tougher for cybercriminals to prey on the digital network. This technology is here to stay transforming the traditional methods gradually.

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