Last Updated on August 11, 2020 by CryptoCreed
Many people across the world are resistant to change and do not want to adopt new technologies. These technologies are aimed at developing their lifestyle and make it more convenient. However, as the advantages hugely outweighed the cons, the affected industries were bound to adapt.
Among the newest technologies that were introduced, blockchain has received global acclamation. It is a digital ledger that keeps a record of all transactions taking place. Many businesses have adopted this technology already. Also, people have started trading in digital currencies. There are so many trading platforms like bitcoin loophole. You have to visit this account, click on this website, get yourself registered, and you can start investing in Bitcoins
Mentioned below are five industries that are accepting blockchain apart from Bitcoin:
The Healthcare Industry
Among all the industries that will benefit from the blockchain technology, the medical sector shows the maximum potential. Given the nature of the sector, many records have to be maintained securely and accurately. These records contain information about many patients and their medical condition. In case a document gets misplaced or lost, there will be a lot of issues. From medical records to admittance or operation results, all papers should be stored in a particular order so that it is easy to find them whenever necessary.
Traditional methods of storing documents come with a lot of complications. The chances of losing a record or misplacing are very high. Such mistakes can have detrimental effects on someone’s life. This is why blockchain is an ideal choice for this sector. This ledger records all modifications as follow-on data, making it easy to understand. Every time a new data is recorded, it gets connected to the previous thread featuring the date and time of the record.
Experts use it to:
- Keep track of a patient’s medical history
- Store records of a patient
- Check for approvals of insurance
The Banking Sector
There have been many discussions on how the blockchain technology will impact the banking and finance sector. Many experts believe that this technology will revolutionize this sector. However, there are many speculations regarding it as it is a decentralized country and can cause a lot of problems for the traditional financial institutions, the banking sector only to develop in the long run.
Further, in a competitive market, most financial institutions would like to adopt the technology due to its various benefits. This will help to make transactions much faster while ensuring complete security.
Mentioned below are a few banks that have shown interest in this technology:
- State Street
- Canadian Imperial Bank of Commerce
- Credit Suisse
The Automotive sector
The global automotive industry is a booming industry. With the adoption of blockchain, the automotive industry has witnessed immense development in the coming years. Experts reckon that there are various ways the automotive sector benefit from this technology.
Mentioned below are a few processes that can be regulated using the blockchain technology:
- Tracking down the location of a car
- The various functioning of a car
- Ability to use cloud services so that data can easily be stored
- Automation of multiple tasks
- Ensuring that all information about the vehicles are secure
- Avoiding the chances of any cyber threat
Many countries have witnessed various problems associated with their governments in the past and continue to do so. Countries such as Brazil and India are suffering immensely due to corruption. Also, votes are manipulated as well. Blockchain can quickly put an end to such things.
Blockchain can meticulously store information about voter registration and identity verification and make sure that only legitimate votes are counted.
The Startup Industry
Every day, a new individual is coming up with a new and innovative idea for a startup. All these startups are looking for investors who will invest without affecting the security of the concept. Similarly, it is difficult for investors to find companies they are willing to invest in.
Blockchain technology will help to eliminate this issue. Many companies are trying to develop ways so that startups can securely pitch their ideas.