Blockchain & Their Impact in Various Industries

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Blockchain is a digitally distributed, decentralized immutable ledger that facilitates the process of transactions and tracking assets. The history of any transaction on the blockchain cannot be altered because of its distributed and transparent nature across the network. Since every block is a data or a record and every authorized one has the access to the blockchain, fraud attempt gets negligible and is constrained. These blockchains are more secure as it is decentralized and uses hashing technology.

The approval of any transaction is authorized by multiple systems on the network, which authenticates the transaction and safeguards it from tampering. The innovation of blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

Blockchains can be undoubtedly infused into various industries for their enrichment and higher production efficiency. Few such curated ideas are as follows :

EDUCATION

Though the use of blockchains seems to be in the infancy period with only a handful of institutions adopting it, This technology is on the verge of altering the whole process into an uprising. Giving students ownership access to their academic and personal records online anytime will provide them with greater accuracy of credentials whenever they feel like sharing them or taking a look at them. They don’t need to rely upon

the institution for their academic history and achievements nor keep paying large sums for receiving these documents and files. Diminishing storage for holding up the physical records and minimizing the funds spent for their maintenance can be widely done. Missing records and tampering complaints can be zeroed down. Research done in universities and successful projects, such a valuable package of knowledge can be passed onto the next generation unaltered and untainted through blockchains.

MEDIA AND ENTERTAINMENT

Release of music albums and singles online through various platforms like youtube, Spotify, iTunes, and a lot more exclusive bases as well as binge-watching/streaming movies and content exclusively through streams like Netflix, amazon prime video, Hotstar, etc might seem like a great leap in digitalizing all these work and encrypting them. This has just been a cover-up when explored it is literally visible with the actual creator or maker receiving only an approx of 20% of the fund gained through online streams giving the remaining 80% to the platform where it gets uploaded.  Though these tertiary parties have funded a lot for advertising and acquiring rights, the creators/makers can directly upload them on blockchains upholding the streamlined royalty payments with themselves as a reward for their work with a higher share of profit. OTT platforms can upload their acquired content in blockchains and consider bringing in the concept of pay per view which can pull in a humongous crowd that can’t afford yearly/monthly subscriptions and also curtail people who enjoy their favorite content through piracy.

HEALTHCARE

Blockchain features can play a pivotal role in upgrading the healthcare sector if tuned in the right way. Health Information Exchange is a time-consuming task as well as a repetitive one. Encrypting them on blockchains makes them universally available and unaltered and patients can be provided with the required treatment and medication anywhere on the globe without information misinterpretation. This ledger technology helps healthcare researchers uncover genetic code by facilitating the secure transfer of patient medical records, managing the drug supply chain, and facilitating the safe transfer of patient medical records. A patient’s whole health history of diagnosis, test reports, scan reports, medicines prescribed, and medicines being taken currently is completely encrypted. These preserved patient data are not only shared among the hospitals but also can be provided access to diagnostic laboratories, pharmaceuticals, and also physicians providing them with pertinent treatment.

LOGISTICS

With more number of stakeholders involved in supply chains, directly and indirectly, Logistics is growing wider every day. Such enormous growth will literally lead to new daily challenges. Few such them are as follows,

Tracking shipments is usually unknown leaving it hard in planning the delivery time frame and also getting difficult in creating a trustable audit trial due to sustainability expectations. Still following pen and paper while tracking and invoicing pushes the whole process delayed and make it less effective. As a result, the solution for dependability and transparency in logistics amidst this rising demand can be blockchains. Primarily using blockchains in tracking shipments transparently involving the manufacturer, consumer, and intermediate transporter will lead to less tampering and on-time delivery. Handling all invoices, bills, and payments through blockchains reduces the processing time and share everything opaquely with everyone who is involved. Tracking of transit vehicles can also be a brighter option in curtailing the theft of shipments.

REAL ESTATE

Being one of the world’s largest and inarguably the most significant markets, but still, adoption of blockchain has been hardly any. Property transactions like purchase, sales, financing, leasing, and maintenance can be completely encrypted through blockchains updating the whole sector. Smart contracts are a set of instructions or protocols that are programmed and registered on blockchains. Following these protocols, every information i.e, transactions, agreements, updates, payments, bills everything gets encrypted reducing the paperwork and providing a lifelong uneditable source for proof. They also automatically handle payments, and bills reducing the processing time and providing accuracy along with high security. It curtails ownership disputes and fraudulence to a higher scale. Having every tiny detail properly encrypted will provide banks with a proper clarity leading to faster approval of loans and other funds. Payments through cryptos and tokens will widely be narrowing down the black money economy as every penny spent is encrypted and can never be edited or viewed by anyone who holds the authorization. Thus providing greater liquidity in a market that has been an all-time loophole in investing currency that rises up the market value.

CONCLUSION

Blockchains will revolutionize every industry it is indulged into boosting the confidence between every participant and improving the efficiency of any process with verification and close monitoring of everyone involved reducing the time factor widely and building up the trust in every step of the process.

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