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By Michael Wilson
Blockchain is a technology that gained ground heavily after the advent of cryptocurrency, like Bitcoin. Yes, it was developed initially to verify and store certain transactions on a decentralized network so that no one can change them as per their requirements.
And this way important information can be shared among all parties, who are part of that network, to carry out some instrumental tasks. But as time went by, some experts realized its potential to bring a major change in other industries too, in addition to the banking and finance industry.Ā
And that is the main reason the best Blockchain development company is helping hundreds of business owners in implementing this technology in several areas like:
- Banking and FinanceĀ
- HealthcareĀ
- Supply chain managementĀ
- Real estateĀ
- Media
- EnergyĀ
- Government sectorĀ
- And more
And today we are going to learn how this technology can make a difference in some of these fields and how your entity can benefit from the same. So, letās begin the information acquisition journey now:
Some stats about Blockchain gathered by a leading Blockchain development company
- The blockchain market worldwide will be valued at $1431.54 billion by the end of 2030, rising at a Compound Annual Growth Rate of 85.9% between 2022 and 2030.
- Till the end of 2022, worldwide spending on Blockchain solutions will touch the $11.7 billion mark.
- Considering the figures of July 15, 2022, there are no less than 83,434,000 blockchain wallet users.
- A small portion of the world's population, i.e., 2.8% is already making the most of blockchain.
- Factoring in the figures of July 15, 2022,almost 748,655,000 transactions have been done on the blockchain.
- The United States of America is forecasted to invest a little over $2.5 billion in Blockchain technology.
- The world has splurged $6.6 billion on blockchain solutions in the year 2021.
- Blockchain is capable of decreasing 30% of banksā infrastructure expenses, which is a little over $10 billion each year.
- 9 out of every 10 blockchain platforms need to be replaced in 2021.
- The FBI is the owner of 1.5% of total bitcoins in the world.
- Somewhere around 60% of CIOs thought of incorporating blockchain into their infrastructure by 2020.
- 55% of healthcare applications will exploit Blockchain by 2025 in order to deploy it commercially.
Now, if you are also planning the commercial deployment of blockchain within your organization but do not have a solid strategy in place, then you must connect to an excellent Blockchain development company on the web to get expert guidance.Ā
With that finished, it is time to continue the discussion about:
What is the greatest and most relevant use of blockchain as per the best Blockchain development company?
- International payments
Very few people know about the finest trait of Blockchain that it can create a tamper-proof record of all the sensitive activities in a secure and efficient manner. And this particular quality is highly suitable for international payments and money transfers as well.Ā
For instance, in April 2018, a leading Spanish multinational financial services company based out of Spain launched the first blockchain-based money transfer service in the world.Ā
The most exciting part of this service is that it takes advantage of Rippleās xCurrent to allow consumers to perform next-day or same-day money transfers internationally.Ā
Thus, the aforementioned financial organization has minimized the number of intermediaries, often needed in such transactions, by automating the whole process on Blockchain and making the entire process more efficient than ever.Ā
Needless to say, how much retail clients will benefit from more efficient and cheaper payments down the line, especially in the field of international money transfers?Ā
Thus, the experts of a top-notch Blockchain development company suggest every banking and financial service provider tap blockchain technology to drive down money transfer costs by eliminating the need to settle international transactions manually.Ā Ā
- InsuranceĀ
In the insurance sector, perhaps the biggest blockchain application is smart contracts. Yes, you heard that right! These contracts enable insurers and buyers to manage every possible claim in a safe, secure, and transparent way.Ā
And as per the POV of a top-ranking Blockchain development company, it is feasible to record all contracts and claims on the blockchain and then validate the same by the network. By enabling this, it will be a walk in the park to remove invalid claims as blockchain technology would dismiss several claims, if done, on the same accident.Ā
A case in point here is that a network developed on the IBM Blockchain Platform with the American Association of Insurance Services, named āopenIDLā is playing a crucial role in automating insurance regulatory reporting as well as streamlining compliance needs.Ā Ā
- Supply chain managementĀ
Do you know which ability of blockchain makes it the best fit for the supply chain management field? If not, we must let you know that we are indicating its immutable ledger feature.Ā
Yes, because of this particular functionality, it is a cakewalk to pay heed to real-time tracking of goods as they move and get transferred from one individual or entity to another through the entire supply chain. Hence, calling on blockchain opens up a lot of options for organizations transporting these commodities from Point A to Point B.Ā
Wondering how? Well, the specialists of an exceptional Blockchain development company say that the entries on a blockchain can be utilized to register every event within a supply chain, like giving newly arrived goods at a particular port to various shipping containers.Ā
In short, this specific technology is so useful that it offers a fresh and dynamic method to organize essential tracking data for shipping entities and bring them into use.Ā
- HealthcareĀ
Health data that is appropriate for usage from the blockchainās point of view entails:
- AgeĀ
- GenderĀ
- Medical history
With the term āmedical history,ā all we mean is the health situation of patients, such as immunization history or any vital signs of a specific disease. Since none of the aforementioned information will be able to recognize a particular patient, that is what allows it to be kept on a shared blockchain.Ā
This way, it will be childās play to access the information by a large number of fellows without any sort of privacy concern.Ā
Now the way the specialized connected medical devices are becoming more common and getting linked to the health record of every possible person, it will become more convenient to connect those devices using blockchain with the aforesaid record.Ā
These devices will become capable of storing the data produced on a healthcare blockchain and then adding it to the medical record of every person.Ā
However, one particular issue these devices are facing at the moment, according to an optimal Blockchain development company, is the isolation of the data they generate. But the good news is that blockchain can play a significant role in bridging those isolations.Ā Ā
Wrapping-up
Finally, if you want to make a blockchain-based solution for your agency associated with the logistics, healthcare, or banking industry now, please make sure to converse with a well-known Blockchain development company.Ā Ā
Author Bio
I am Michael Wilson, a mobile app developer with several years of experience in the field, and I'm working with one of the fastest growing Web app development Company, iWebServices. We are providing web app development services to convert your ideas into reality. We use the latest web development tools and technologies to create website that are fast, responsive, and user-friendly, and we are committed to delivering projects on time and within budget.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.