Role of Blockchain Technology in Different Industries


The blockchain is a revolutionary technology that is transforming the different industries by enhancing customer experience and winning the trust across the businesses. Bitcoin and other cryptocurrencies have already availed the benefits of this technology but this distributed ledger technology doesn’t stop here. It is stepping ahead to redefine the top leading industries like banks, health and pharmaceutical, supply chain, aeronautics, real estate and many more. Read how blockchain technology is interrupting the different industries. 

·         Supply chain Management 

Blockchain technology can provide the benefit of tracking all the steps of a supply chain. In this way, the company owner from where you ordered the product can check the product details on the blockchain ledger and easily find any type of issues in the supply chain. Like, they can check the complete process of the supply chain from the farmer to producer, distributor, retailers, and the purchaser. In short, it offers complete transparency for the transactions shared by different supply chain partners. All transactions are stored in blockchain ledger which can be view by both owner and customers. 

Blockchain can use for any type of verification process in the supply chain like in case of seafood verification, you can track the seafood supply from the ocean to market. 

·         Healthcare industry

This disrupting technology is playing well in enhancing security, privacy, and interoperability in the health industry. It provides a new model for health information exchange through which patient data or medical records can efficiently store in a safe way. Currently, the health industry facing difficulty in storing people’s health data because it is stored in centrally located files from where anyone can access the private information of the patient. When it comes to finding the information of any specific patient, it takes hours to locate the file and increase the chances of data breaches, theft or losses. 

In this point, blockchain technology can prove beneficial to resolve these issues. Blockchain can eliminate the need of any central authority and enable quick access to the data. The data is stored in the distributed ledger where each block is connected with another block which makes it impossible for hackers to corrupt the data stored in the blockchain. Apart from it, the healthcare industry is also facing the problem of counterfeit medication where blockchain technology can prove beneficial. Blockchain can resolve this issue by utilizing supply chain management protocol through which medicine provenance can be traced. 

·         Aviation Industry

The aviation industry needs a complicated series of interactions between various entities offering products and services. Each of the entity is ruled by local, federal and global government authorities. This is a reason; the industry is facing difficulty in defining a single source of truth for any product or service and leads to a high amount of air travel. It causes issues for products and services for which flight safety is mainly focused. The industry will be changed in the future due to the following reasons:- 

ü  Increased government regulations
ü  In 2026, 50% more aircraft are expected to be operated
ü  High border security need for better baggage and passenger control
ü  High passenger volume required a more responsive system
ü  High level of security and more

Blockchain can provide solution for the aviation industry by eliminating all the above issues with a immutable single source of truth which is readily accessible by everyone included in the Aviation Supply chain. 
Believe it or not but the decentralized cryptocurrency can help in resolving the various problems of different industries. That’s why most of the businesses are including blockchain in their company process to make it more efficient and error-proof. 

Do you want to reap the benefits of blockchain technology to enhance your business? If yes, then hire the services of blockchain technology consultants who can help you to understand it in a better way to enjoy its numerous benefits.  Group 50 is one of the leading consulting service providers which provide supply chain blockchain services and blockchain and IoT consulting service to empower your business to the next level. 



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