Industries have their way of determining the potential of a particular technology. For example, blockchain technology gained fame in 2008 with the emergence of Bitcoin, a cryptocurrency built on a blockchain. Websites like bitcoin superstar provide a platform that permits you to begin digital currency trading in three steps. In the past, many technologies could diminish human intervention, such as AI and the internet of things, and one of these technologies is blockchain.
Undeniably people have classified blockchain technology as the most disruptive of this decade. Still, at first, the focus on Bitcoin as a digital currency overshadowed the potential of blockchain technology in other industries. But, in recent years, the applications of blockchain technology have been increasingly recognised outside the financial industry, and it is now being applied in various fields. Finance was the first to recognise what potential blockchain carries within it; with time, it seems industries like real estate have also started to realise its potential.
Various industries are using distributed ledger technology, blockchain technology, and blockchain networks
- Finance and banking
- Healthcare technology
- Supply chain management
- Transportation and mobility
- Information and communication technology
- Energy and infrastructure
Let’s start with the topic that receives the most attention: banking and finance.
Banking and finance
Blockchain offers several advantages regarding transparency, security, and better record-keeping in the financial and banking sector. It is the ideal solution for banking needs like fraud prevention, client onboarding, and anti-money laundering. The obvious application is monitoring, as blockchain’s digital nature enables transparency, improved traceability, and quicker analysis.
Contrary to what most businesses believe, the healthcare sector and emerging technologies have much more in common. So it should be no surprise that the global blockchain market for healthcare could reach $5.61 billion by 2025. Blockchain technology implementation could assist in resolving urgent healthcare issues that cost us hundreds of billions of dollars annually.
In 2020, every single individual produced an estimated 1.7 MB of data every second. Every day that amounts to more than 2.5 quintillion bytes of data. We keep much data and information on hand, making a security breach possible.
Transportation and mobility
The COVID-19 pandemic severely impacted the transportation and mobility industry. It might be among the sectors most adversely affected by the crisis. It led to a change in mobility behaviours and transportation modes worldwide. In accordance with a study on travelers mobility in the EU, a car is the most widely used way of travel. However, the market for shared mobility is increasing and could surpass $751 billion by 2030.
As a result, the total global revenues may reach $30 billion by 2022. Due to technological advancement, digitalisation, personalisation, generational differences in behavior, and the ongoing evolution of pandemic effects, the size of the market is rapidly expanding, which presents many opportunities and challenges.
Information and communication technology
By the end of 2023, The anticipated estimation of the ICT sector is of $5.5 trillion worldwide. Accelerated ICT adoption during the COVID-19 pandemic was observed in several sectors, which helped fuel trends like remote work that are commonplace across many industries.
Energy and infrastructure
One of the top concerns of international governments today is access to affordable clean energy. Global energy consumption decreased by 4.5% in 2020 due to the COVID-19 pandemic, but it increased by nearly 5% in 2021.
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Applications for blockchains are expanding globally over many industries. Blockchain technology is utilised in some of the sectors you can see above. However, it is also utilised in other fields, including the production, sales, and transportation sectors.
So far, the finance industry has delved thoroughly into blockchain technology. Businesses have already investigated how blockchain can transform the ease with which international payments are made, how identity and data confidentiality can be improved, and how smart contracts can expand capabilities into the general corporate world. Blockchain technology is here to stay, given the enormous number of industries and sectors it can potentially disrupt. Blockchain technology’s influence on the world will increase as it evolves. In industries like real estate and music, you will notice drastic changes by the time they utterly adopt blockchain.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.