We all know the prominence of blockchain, and with time, more and more industries are embracing this remarkable technology. Blockchain gained popularity mainly due to facilitation in the transaction of cryptocurrencies. And due to the transparent structure of its distributed ledger, industries have secure experience while transacting cryptocurrencies.
But with its ever-expanding applications, blockchain is turning out to be an asset for other industries as well. The benefits of blockchain are significant enough to sustain its relevance in the future.
In this article, we will be focusing on industries beyond the financial sector that are reaping the benefits of Blockchain.
1. Energy Supply
The traditional means of managing energy supply through government-sponsored tradable certificates are good enough. Still, certain block holes need to be plugged to make the system more potent and unblemished.
With time, blockchain is enfolded as a part of the payment in commercial establishments and households. The blockchain-enabled “transactive grids” can precisely track the usage of energy supply.
For instance, Powerpeers in Netherlands and Exergy in Brooklyn are already using blockchain to track the energy supply chain in their respective domains.
2. Stock Exchange
How can we forget the fiscal crisis of 2008 that was due to the proliferation of opaque financial instruments and that incident pushed us to look out for alternative solutions. And here comes the role of blockchain technology.
The blockchain governed smart contracts can rule out the possibility of shady transactions. Even Swedish bank SEB and Nasdaq Stockholm have already tested the implementation of blockchain to register transactions.
Norbert Biedrzycki, the Head of Services CEE at Microsoft, has put forward his thoughts on how blockchain can transform the stock market.
Norbert stated, “Today’s investor relies on a traditional system of buying, selling and accounting for transactions that are old enough to be called ossified. The system generates considerable costs and adds to the time needed to close transactions.”
And if these transactions can be handled by blockchain, it can make the whole framework transparent and will weed out the need to involve and third-party involvement.
Accounting is one such operation that can’t go wrong; at least, that’s what we believe. But we are humans and we tend to make mistakes. However, sometimes such petty mistakes can cost us billions of dollars in the blink of an eye. Therefore, we need such a mechanism that can do away with any erroneous accounting.
With blockchain in operation, the possibility of any error remains quite distant and almost rule out the possibility of any kind of tempering. And it’s because, during every transaction, records are verified. The more transactions are made, the more transparency will prevail.
Digitization of records is another benefit that comes along the blockchain technology. For longer use, blockchain seems to be an excellent option for accounting.
4. Supply Chain Management
Due to the extensive trade-off of the goods and services, supply chain management is one such sector that demands traceability and cost-effectiveness and blockchain is efficient enough to deliver the same.
The blockchain technology can easily handle the tasks like production process assurance, ownership transfer, movement of goods, and payments.
By introducing blockchain in supply chain management, we expect the following changes:
- Transparency in the transportation of consumer goods
- Precise tracking
- Augmented licensing of products and services
The Future of Blockchain
Blockchain has already fueled the transaction of cryptocurrency and now, it’s widely accepted across the globe. And with time, more and more industries are adopting this phenomenal technology.
As we have mentioned above, sectors like energy supply, stock exchange, accounting, and supply chain management are already into the radius of blockchain; we can undoubtedly expect more addition to the list of industries that will include blockchain in their routine operations.
Author Bio:- Twinkle is the product head of MobileAppDaily and keeps a close eye on the latest and trending tech releases. With her wise taste of the tech industry, she has single-handedly created a recognizable brand image.
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