Blockchain was earlier just a supporting network for the bitcoin but today it is much bigger than one can even think of. The blockchain is actually a distributed ledger that keeps the record of all the transactions. It is a decentralized system or network which can be accessed from any part of the world. On the other hand, it is extremely secure as it can only be accessed by an authorized person for a particular duration of time. Therefore, many of the leading companies are making use of this technology for storing their valuable data which can be accessed from anywhere without any compromise in terms of its security.
Here is how some of the leading industries are taking advantage of the safe and transparent blockchain network.
Nowadays Government industries are making wide use of blockchain technology. Government organizations need to tackle a very big amount data on the everyday basis. So they are making use of blockchain to store public records and other valuable data on a decentralized network without worrying about the security of data.
Medical Industries are equally interested in blockchain technology. Many medical centers have started using it to keep the records of their patients.
Currently, most of the hospitals are making use of centralized systems which is not really efficient and secure. The data stored on these centralized servers are scattered as they don’t interoperate with each other. The data is also very easy to hack.
The availability of these valuable data is very essential in the settings of life and death. Thus storing these patients data on a decentralized network is safer as the data can be accessed from anywhere in the world regardless of the borders. There is also no compromise in its security as it can only be accessed by an authorized person.
The Dutch government has been meeting with Essentia and they both are working on developing a new system of vetting passengers which are travelling between London and Amsterdam. This is much easier as well as extremely accurate both at the same time.
At present, the passenger is verified and checked at multiple checkpoints of the two countries. It is very inconvenient and time-consuming. Here blockchain will enable to store the passenger’s data without the risk of data getting tampered. This will also enable the agencies of both the countries to access the same data securely.
The world’s most popular diamond company De Beers Group is now using blockchain for keeping a digital record of their diamonds and their origin. Blockchain technology is used to ensure each and every diamond is real and is not swapped with a similar looking stone. As the stored record is indelible it makes sure that the data lasts as long as the diamond itself.
The tourism industry is getting a huge benefit from the blockchain technology. Tourists are able to pay for their goods and services using bitcoin and other digital currencies which is a really convenient way.
Hawaii is trying to improve its economy using blockchain and is allowing people to pay for local goods using digital cash. This way it is attracting more number of people, especially from Asia thus developing its own economy.
The blockchain is also helping the art industries greatly. The blockchain cannot really authenticate an artwork or painting is original or not but it can be used to store the information of the previous owner of the same. This information could really help in the authentication process.
Developed countries like the United States of America and Russia are working on making use of blockchain for storing data related to national security.
The Department of Homeland Security of the US has started a project in which blockchain will serve as a secure means of storing the data received from security cameras and other sensors.
Technology giants like Google and Microsoft are also working on making use of blockchain technology.
Google is making the use of blockchain technology in order to support its cloud-based storage system.
The blockchain is only used by small companies. In Georgia government is using the blockchain for the land registry. They have designed a blockchain network which is integrated into the records of National Agency of Public Registry. This way the Georgian Government is taking advantage of the secure and transparent network of blockchain in decreasing the land frauds to a large scale.
Supply chain management is getting most benefits out of the blockchain system. The blockchain is an ideal method for those industries where goods are passed from one hand to another. Walmart has teamed up with IBM to launch a Blockchain Food safety alliance in China. It is designed to improve the food safety and tracking this makes the verification of food easier that whether it is safe to consume or not.
China has also set up the world’s first agricultural commodity blockchain. It has started a project with the French and Dutch Banks for buying soybeans where the transactions will be settled much faster in comparison to the traditional methods using blockchain and digital cash.
Similarly, many of the other important industries like oil and gas needs depend on third-party intermediaries. These companies need to pay a lot of money to the brokers which really affect their profit. Thus, by implementing the blockchain method, they can save thousands of dollars.
Author Bio. :
James Tredwell is a Technical SEO and Content Developer with Hopinfirst.com, one of the top iOS app development company. James is passionate about SEO, Technology and management and blogs frequently on the topics.