Blockchain technology caught the attention since its introduction in the market. Estimates suggest that global blockchain technology revenue will constantly experience huge growth in many years to come. The global blockchain market is expected to reach over $20 billion in 2024. It has been creating a major impact on numerous industries in the past few years. Here are the top ones.
Healthcare
Blockchain is the ultimate technology in the healthcare sector as there is plenty of information that needs to be stored digitally. Medical records and other sorts of healthcare-associated data is now kept in the secured blockchain network that has complete integrity and no single point of failure. All information stored in this network can be traced back to its original source. Doctors and all specialists can work together on the patient’s data through a blockchain network without worrying about losing its confidentiality and integrity.
Education
This is another industry that has been revolutionized by blockchain technology which provides the most useful collaborative platform for universities and institutions. Blockchain-based solutions are widely used by increasing numbers of universities for communicating the reports, performing researches and many more purposes. This advanced technological development has made the enrollment process much easier by facilitating universities to quickly access the records of students without getting in touch with specific high schools manually.
Finance
It is not a surprising fact that blockchain has a major impact on the finance industry as this technology was developed to decentralize the financial system. More than 60% of the market value of technology is concentrated in this field. Cryptocurrencies have been considered as the vital investment instrument that is used by numbers of well-established and reputable investment companies across the world. 69% of banks are currently experimenting with blockchain. $8-$12 billion annual savings have been reported for banks using blockchain technology.
The use of cryptocurrency as the preferred payment method has been seen in many business domains and other sectors such as online gambling. Any firm or organization can invest in cryptocurrency to expand portfolio with the preferred coin.
Online Gambling
The launch of blockchain technology to the gambling industry would provide permanent and verified records on a distributed ledger that cannot be changed. It eliminates centralized control and provides enhanced privacy with the principle of anonymity. The decentralized ledger of blockchain techs allows sports betting websites to take wagers with the assurance that bets are placed in a completely transparent way and odds are produced fairly, thereby providing fair results.
Information Security
Blockchain’s decentralized ledger provides excellent security solutions used by companies and organizations for protecting data integrity and information. These solutions are used by enterprises to manage the flow of purchase orders, corporate accounting information, and lots more. Digital document distribution is also based on blockchain technology. State-of-the-art crypto-based security systems allow companies to develop and use traceable and responsible internal communication systems in numerous ways. For example, an internal messaging system.
Given the increasing potential of this innovative technology in different industrial domains, blockchain will become an industry on its own very soon.
