The Top 5 Niches for Blockchain Adoption
World is ready to get a serious upgrade
The blockchain is an amazing and yet perplexing thing for many people. The technology is complicated, but yet very simple. In most cases the use of a ledger, certainly nothing new, allows for greater efficiency, and a reduction in overhead due to the ability to automate these processes in an immutable and trustless ecosystem.
If you work in a particular sector niche, odds are there is a blockchain company trying to shake up your life. They’ve covered everything from decentralized computing to supply chain logistics, and the business world is ready to get a serious upgrade.
In this article we’ll go over the sectors that have had the biggest boons from blockchain applications and their implementation. If you’re looking to invest in cryptocurrency, here’s a few places that you could start searching!
The world of finance is often cluttered, and it’s sometimes very disorganized. Blockchain companies have been running rampant in this sector providing solutions for everything from automated investing to credit risk assessment. There’s also the banking aspects themselves.
The ledger would allow for any financial institution to have a record of every transaction that is securely managed, and more resistant to fraud and brute force attacks. This also provides another benefit in that their responsibilities to the government would be reduced, as immutable records can more easily be audited. This would lift a major burden from all financial apps under strict financial regulations.
Logistics is a major headache for all retail and manufacturing companies. Product is constantly lost, damaged or never even sent out in the first place. Even with the advent of computer systems, there’s still a lot of money being lost to data inefficiency. Blockchain applications allow for an immutable ledger to record every transaction from the manufacturer, all the way to the retail sales floor.
Not only does this allow for a more structured and traceable logistics system to avoid unnecessary losses and overhead, but it also provides a clear way to identify fraudulent merchandise. Counterfeiting is growing in size, and it consumes everything from designer goods to food to medications. Retailers and customers alike can now use the blockchain to ensure that their product is authentic by verifying it first.
#3 Health Care
Medical mistakes are something that most people don’t think about, but they happen everyday. Many times this is due to misinformation or the lack of any information at all being shared with other medical practitioners or facilities. Much like the supply chain issue, despite the fact that all computers and devices are now interconnected, these facilities do not share information with each other efficiently.
This means that important patient information can be omitted from charts or files lost during transfers. By utilizing the blockchain, this information can be stored privately, and then accessed by medical professionals to give better care to their patients. What’s more is that information can be automatically logged using connected health devices to give a better overall picture of a patient’s health and care.
#4 Politics and voting
Believe it or not, even politics can benefit from having its own chain. Recent occurrences have shown that many people just plain do not trust election procedures. With all sides accusing each other of gaming the system, it’s clear that a better method is needed.
By utilizing an immutable ledger, organizations, corporations and even governments could provide a fair and transparent voting procedure. Entries would not be able to be tampered with, and verification could happen automatically, preserving the integrity of the results.
#5 Storage and computing
It’s estimated that Amazon Web Services hold around 31% of cloud computing and storage. That’s an enormous number, and it presents a huge problem. The larger that Amazon’s market share grows, the more centralized the internet becomes. This creates an issue with outages and up time, and it also means that they can soon control the industry’s pricing.
However, crypto projects are slowly creeping in, offering decentralized storage by distributing it across user’s computers across the globe. This setup not only allows for better up time, but it makes the pricing more fair as the infrastructure required to host such a network is much lower than what any business could provide its customers.
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