In 2017-18, the global business world has noticed the impact of blockchain technology much greater than ever thought before. The terms like blockchain, digital currency and coins have become the center of attraction in all sectors and the segments of businesses to garner funds, speed up their business processes and earn great ROIs globally.
Every company – startup or existing – is finding itself in the middle of the gold-rush to capture the best opportunity in the marketplace. This phenomenon in the business world has exponentially increased the demand of the blockchain developer, the main role behind the realization of this technology. Hundreds of new blockchain projects based upon blockchain technology are being consistently started all over the world.
According to the Gartner forecast, the total blockchain business value will cross $176 billion by 2025 and $3.1 trillion in the next five years by 2030. Till the time of writing this article, the total number of registered blockchain startup companies in the USA was over 1917, as per Angel.Co information.
Almost all kinds of industries are heavily influenced by the impact of mushrooming of blockchain platforms and Cryptocurrency Initial Coin Offers (ICOs) in the marketplace.
Most Popular Uses of Blockchain Technology
The blockchain technology is one of the most powerful, secure, reliable and decentralized database of digital data in the form of foolproof encryption. These features of blockchain technologies can be extensively used in the multiple business and social sectors, such as finance, insurance, eCommerce, digital identity management, online banking, data security, marketing, asset transferring through smart contracts, regulatory compliance and many others.
Many blockchain applications are extensively used for managing numerous business processes in the above-mentioned business sectors with high security and reliability and without any centralized control on the critical information. The blockchain smart contracting process lays a foundation for solid commitment and agreements. No one-sided changes in the terms and conditions are possible, once the contract is signed, which provides full business satisfaction.
Thus, blockchain technology offers reliability, security, speed and peace of mind altogether.
Main Industries That Blockchain Technology Can Revolutionize
Owing to the reliability, security and robustness of the blockchain development technology, you can use it in multiple businesses and processes. But, finance, insurance and digital data management are some of the major industries, which the blockchain technology can revolutionize. There is a huge prospect of using blockchain technology in the following industries too:
- Government sector and defense industries
- Identity management and digital asset management
- Digital voting systems
- Smart contracting for a better business relationship
- Encrypted and distributed data storage applications without data centralization
- Banking sectors
- Online transactions and eCommerce
Changes and Benefits of Blockchain Technology in Major Industries
Banking: The business owner has to fulfill many requirements and follow a long process in the traditional banking system to secure financing, which has changed in the blockchain technology through smart contracts. Thus, an entrepreneur can get funds very fast without any long processes.
Finance: With the help of secure and reliable blockchain technology, you can initiate an ICO for fundraising for even a startup company. Thus, you are not required to run after financial companies to invest in your business. You can net finance easily through the use of blockchain technology.
Startups Business: The main reason for the startup companies to fail has been the fund crunch in our traditional business systems. The blockchain technology has changed the way the startups can garner the funds for their new ideas for businesses. The secure, robust and reliable mechanism developed by blockchain developers can facilitate the startups to raise the required funds more easily.