Blockchain is a proven technology to maintain accuracy, security and reliability of information being passed, edited, deleted or any modification as it uses cryptography. This information is being carried by Blocks which are secure enough as it contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Blockchains are typically made from 3 things as mentioned below
- Private Key Cryptography
- P2P Network
- BlockChain Protocol
In digital world to make any changes, Authentication and Authorization should be validated which happens through Cryptography and P2P network. Blockchain is estimated to be the market worth of 2.3 billion by end of 2021. There are many Industries which are taking advantage of Blockchain technology as it helps in enhancing the customer experience and streamline the processes.
We have mentioned below how various industries are getting benefited due to Blockchain technology.
Banking – Banking Transactions have become smoother as it only requires the ledger entries, hence its faster than ever before and its secure as well since the verification happens in real time with the help of Private key.
Governance – Government can be greatly benefited as it holds a lot crucial data and Blockchain can help conduct elections polling securely, and manage identity of citizens accurately at various interfaces.
Supply Chain – Blockchain offers great features to Supply Chain industry as it can help trace the movements of good, payments, and it brings a new level of transparency.
Health Care – Healthcare industry strongly needs a source to store the crucial data and make it available to only Authorized people, so Blockchain solution will provide a trustworthy solution to make the data available to only authorized persons like doctors & patients.
Legal Industry – Legal Industry will avail the benefit of Blockchain to make the documents, contracts process faster than ever before as it can verify the identity of the person and it can help in legal procedures which requires contracts and identity.
Accounting – Accounting industry can greatly be benefited with the help of blockchain as it contains a lot of sensitive data which can be processed faster within an authenticated protocol.
Real Estate – Realestate finds a great scope to improve as Blockchain can reduce the reliability on Paper based record keeping and it provides secure platform to transact for ownership transfer, payments, etc.
We have the industry best Blockchain developers to help you make secure systems to let mass users transact and interact with system securely. If you wish to explore the opportunities in Blockchain technology, then wait no further and speak to our Blockchain experts.