These Five Industry Have Been Transformed By Blockchain Technology
Mar 16, 2018 Posted / 4765 Views
Banks have been a vital part of the global economy since the emergence of the modern civilization. Banks served as the main secure storage of wealth in terms of cash. The emergence of blockchain technology has benefited the banking sector in a multitude of ways.
Blockchain being a secure tamper-Proof digital ledger banks easily recognised that it could be adapted to enhance the the accuracy and ease of sharing data in the financial sector. In doing so banks were able to safe huge sums of money through a reduction in the cost of operation. This reduction is quantified by many experts to in the banking industry to be in the tops of $20 billion dollars.
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Currently many banks are eager to adopt and implement a blockchain solution towards its transaction processing and security. The use of blockchain in banks is proven to increase the profits earned by the banks without putting any pressure on the customers in terms of hiking bank charges. It's now possible using blockchain to start a banking venture and a much lower cost than before using blockchain technology.
Being the most vital sector of the world, development in agriculture has been rapid over the years with the introduction of specialised farming machines and improved seeds. Blockchain use in the sectors has been in terms of tracking the identity of produce from source to its final destination. Blockchain is used as a market forecast tool to guarantee farmers a fair payment for their produce.
Customers of agricultural goods which without surprise includes everybody living in the world can now be sure of the origin of their food and retailers can be assured of the legitimacy of their purchase. With the development of smart farming technologies, artificial technology and the internet of things, blockchain can revolutionize farming logistics thus creating a superior smart farming infrastructure.
Blockchain application found a find application opportunity in the governance of a state. With blockchain technology departments such as Statistics, procurement and logistics will immensely reduce cost and time of operation. Blockchain can also be used in running elections a case example the latest election in Sierra Leone has been organised on a blockchain run platform.
Since government strive to improve service delivery to the general public, Blockchain technology helps in improving transparency and efficiency in service delivery. The actual scope of deployment of blockchain in Government is unlimited with possibilities in the health records management, education, transportation systems, tokenized welfare payments and corruption alleviation.
Retail business forms the basic unit of the supply chain, and it is and still remains to the entity responsible for bringing goods nearer to the final consumers. In the retailing sector blockchain is deployed in the purchase of goods and tracking transportations to the forecasting goods with seasonal demand patterns.
Many retailers have improved payment systems involving the use of tokens and cryptocurrency which all run on the blockchain. Setting up and online order shop is made simple and more efficient with the adoption of blockchain technology. Customers look for goods, secure place orders and make payments in escrow mode. Retailers then deliver the goods to the consumer before getting access to the funds which is already in his wallet.
Existing payment processors constantly posed a barrier to the flow of micro transactions of funds towards a charity cause. The introduction of blockchain made it possible for micro payments to stream from different parts of the world in real time.
Blockchain also gives the ability to the donors to track where their donations is going and when it arrive to the final benefactors of the funds.it delivers a new class of accountability and transparency which addresses complaint such a organizational inefficiency or financial misconduct that can prevent money from service the cause it was requested for.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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