Analytics

Impact of Blockchain & Practical Guide for Success

Robust and disruptive, blockchain has been garnering the attention of not just IT experts but even the non-technology enthusiasts. Blockchain is in its initial stages of development and blockchain experts believe that it can significantly impact the business community in near future. However, reports indicated that certain enterprises are still in a dilemma as to whether blockchain is a boon or bane. Once the impact that blockchain would have on companies are brought to light, many companies will surely have blockchain in their carts.

Banking: Minus blockchain, the infamous BitCoin. However, both aren’t the same as BitCoin comes with an intention to bypass banks although it makes efficient use of blockchain technology. On observing its merits, many banks are reportedly planning to leverage blockchain technology for seamless operations and improved customer satisfaction.

Internet of Things (IoT): Internet of Things is the hot buzz today. It’s connecting multiple devices that stay connected to exchange information by leveraging IoT technologies. While IoT simplifies the life, the other side of the coin is widely debated. What if hackers gain control of your devices? Especially if it’s a smart city, the outcome would be tough to imagine. To put a check to the same, blockchain can be leveraged. Since blockchain has the potential to decentralize the critical data, it seals the efforts of the hackers making IoT devices more secure.

Donations: Donors often want to know the destiny of their contribution. So far, they have been depending on the information being provided by the recipient itself. When blockchain is made mandatory for all non-government organizations, every minute detail would be recorded on blocks, and you could view the same on the public ledger.

Healthcare Industry: Blockchain would undoubtedly have a huge impact on the healthcare industry. By recording the medical information and sharing it with the patients, information can be more secured and undestroyed compared to conventional database systems. Also, medical representative contact information, if stored on blocks, it would be fruitful for patients as they have an option to contact the right medical professional of their choice directly.

Travel: Travel apps although provide ride details and live tracking, when it comes to service charges, no one clearly knows how it functions as they have got a monopoly on it. Blockchain has the potential to break this monopoly and provide transparency for customers.

Conclusion: Reports indicate USA is ahead of other countries in leveraging blockchain technologies followed by China. According to a study by VeChain, 85% IT employees believed that blockchain was tamper resistant while more than 50% of them said that this technology would be useful in supply chain management. Whatever the reason they must vouch for blockchain, everyone has one thing in common—blockchain can impact the enterprises. Still not convinced about blockchain? Read our infographic-Top 5 Blockchain myths to understand the fact and fiction about this technology.

Techwave has partnered with IBM to offer blockchain services. Should you have any query on leveraging this technology, please get in touch with us at info@techwave.net.

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