In today’s era of globalization, if you are employed, you automatically fit into any of the prevalent industries in the world. Once you belong to any industry, your primary aim is to make your work easier and smoother and along with that bag the greatest business opportunity possible. Almost every industry today is exploring the scope of Blockchain technology in their realm of work and fortunately enough, the trial seems to be interesting. This article will discuss the advantages of citing blockchain to any industry.

We will first talk about the basic advantages of introducing blockchain technology to any industry. It is notable how all of these gains are in essence, signature traits of blockchain itself. After that, we will talk about some specific industries which can benefit from Blockchain. Let us begin.

Some primary and basic advantages of Blockchain Technology

1.Transparency

All industries that have to manage transaction histories suffer from one unanimous problem – the transparency issue. With Blockchain and its distributed ledger system, transactions can be maintained with transparency. This means that all the nodes in a particular network will share the same document as the network ledger. An attempt to change any input will make all the other participants of that network aware of that change, hence making it very difficult to cheat authenticity.

2. Security

A blockchain refers to small pockets of information, stored in little blocks of a particular storage capacity and then chained to one another using a special computer language known as cryptography. Now this entire crux of its functionality is based on better security when compared with primitive or manual ledger systems. Any input needs verification from all the nodes, thus making it layered with safety. Any industry will always seek better options at security and a firewall against false information and frauds.

3. Traceability

An industry that deals with a complex supply chain might find blockchain technology to be of utmost use. All previous methods of maintaining a supply chain made things very complex and difficult due to traceability issues. With the inception of blockchain, every minute detail of a commodity is put into the ledger, thus making it easier for officials to trace it down to its origin. Not only can it show every stop that the commodity made on its journey, but also put forward the entire transaction history to encourage better traceability and prevent double-spending.

4. Efficiency

Blockchain is decentralized. Many industries face some typical problems that are exclusive to middlemen and all the intermediary nodes in between two parties interested in a transaction. This is an issue that is managed by blockchain technology. Crypto-friendly financial services are vouching for speedy international transactions. Along with that, blockchain also means canceling out transaction fees thus bringing in a new scope of efficiency with digital currency. This also improves the trust issues amongst all the participants of a network.

Let us now talk about some specific industries which can benefit from Blockchain

• The energy sector – it is very important how data is managed in any sector whatsoever. However, blockchain contributes to sustainable development in the energy sector due to advantages like better efficiency and record-keeping facilities.

• Real estate industry – Real estate has a bad reputation for its greedy middlemen and poor management of records. But this trend is on a decline with the advent of blockchain that helps automate between a seller and a buyer. Smart contracts between two parties also help in the better functioning of this industry.

• Finance and Trade industry – Blockchain helps the entire finance industry in numerous ways. Starting from data integrity to market reactions, with blockchain, the finance market has speeded up, and with huge advantages. Many people have also shifted from traditional stock markets and are exploring crypto trading using software like the cryptocurrency wallets.

Conclusion

There is no doubt that blockchain technology has a bright future ahead of itself. Now that you are aware of the advantages of this technology, you can make a call whether you want to invest in it for your company or not.