Particularly after the recent release of the budget, blockchain technology has become the talk of the town. Finance Minister Arun Jaitley claimed that the government was considering implementing blockchain technology to disrupt and streamline numerous sectors when introducing the Union Budget 2018–19. While the vast financial services industry appears to be the first to gain from this ground-breaking technology, other sectors also appear to be in line to gain from it.
The banking sector
One of the industries most likely to experience disruption from blockchain technology is banking. Since this technology offers an immutable, secure, and encrypted ledger, the banking and financial services industry has a significant opportunity to adopt it. In addition to providing accuracy and security, it will help the government hasten financial inclusion. According to research released jointly by EY and ASSOCHAM, 19% of Indians still lack bank accounts.
Adopting blockchain technology can drastically reduce this lag and generate digital identities for the large population at the base of the pyramid who are excluded from banking and financial services. With the help of blockchain technology, the government may create digital identities for people and the members of their families, enabling them to manage bank accounts, send money to others, apply for loans, and much more. This will significantly increase financial inclusion.
The healthcare sector
The Indian government has introduced arguably the biggest healthcare program under the Union Budget 2018, providing up to 10 crore financially underprivileged individuals and families with a healthcare benefit of Rs 5 lakh. The government is making significant expenditures to ensure everyone has access to healthcare, and blockchain technology can even more support this vital initiative.
The Indian healthcare sector still needs a comprehensive system that can quickly record vast amounts of data and make them conveniently and securely shareable. It frequently takes a lot of time to get the same data, time that could otherwise be used to provide the patients with the finest care possible.
By eliminating middlemen like Google or Facebook’s advertising features, BAT enables users to trade ad space with businesses. Users who choose to use the services are given Basic Attention Tokens as compensation. Ads driven by blockchain could revolutionize internet advertising in the future since the system is more consensual and rewards people.
Can be used in voting
We are all familiar with the uproar caused by tampered EVMs. Blockchain technology adoption, however, can greatly solve the issue. In actuality, the tools provided by blockchain technology give a practical method for casting votes, keeping track of them, and tallying them.
They also aid in protecting the voter’s identity and personal information. When deployed, blockchain technology would totally screen out any risks of fraud or other wrongdoing, ensuring that democracy will triumph without a hitch.
Encrypted messaging application
Blockchain technology is being extensively investigated for the establishment of such platforms to facilitate peer-to-peer and commercial communications because it is encrypted and decentralized. As of right now, it appears that decentralized and encrypted messaging services are on the rise.
One messaging service that uses encryption, Telegram, is, for instance, finalizing blockchain implementation. Other similar networks, including Kik and Line in Japan, are experimenting with blockchain technology and cryptocurrencies.
Walmart can maintain track of the entire food supply chain using technology rather than written paperwork and video demonstrations. The impact of food recalls would be lessened since it would be possible to identify the sources of food contamination immediately.
More than 600 million people worldwide who are currently suffering from consuming contaminated foods have hope because of Walmart’s example. Additionally, there is a chance to lower the number of fatalities caused by foodborne illnesses. Further, stakeholders in the food chain would get their money back sooner as the prevalence of tainted products declines, from their point of view.
These are some of the industries that will continue to benefit from blockchain technology. Don’t forget that cryptocurrency also runs on the blockchain, a network that keeps the digital coins stable. Thus, as you plan to sign up and start using Bitcode prime for trading, be sure to have these facts in your head.