The global cryptocurrency market size was valued at USD 4.67 billion and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030, according to a blockchain market report. However blockchain technology is something more than a system for securely transferring cryptocurrencies. Outside of cryptocurrency financial services, it can be used in applications including healthcare, insurance, voting, pharmaceutical, artist royalties and more!
Increase in transparency, security, and efficiency in the areas of supply chain management, digital identity verification, payment processing, and smart contracts by creating a decentralized and immutable record of transactions, are few of its key features that make it buzz in the digital landscape and will continue to impact business operations dramatically.
Adding up to the facts, Walmart, the retail giant has integrated blockchain technology into its food chain supply to add transparency to the decentralized food supply ecosystem. After implementing blockchain, the company can now track the condition of its perishable items imported from China. With The power of transparency by blockchain technology, it is already impacting business and society on many levels and many the global economy is preparing for the blockchain revolution.
So let’s sneak a peek on more on the role of blockchain technology in various sectors of the global landscape.
It reduces operational risks by enabling real-time verification of KYC/AML. Traces transactions more quickly and finds error in a timelier manner. This enables banking and financial sectors to find errors even before a transaction is completed.
From production to distribution, blockchain technology enables to document updates on a single shared ledger and provides complete data visibility. As transactions are always time-stamped and up to date, companies can query a product’s status and location at any point in time.
Secure transfer of patient data while making it easier to share records across providers, payers and researchers. Control over access remains in the hands of the patient, resulting in trust buildup.
Immutability features help to create a tamper-proof record of prescription information that can't be easily altered. A created item can be traced from origin to pharmacy or retailer with traceability, helping to prevent counterfeiting and enabling manufacturers to locate a product in seconds.
Secured storage of government, businesses and citizen data. Immutable audit trail assures regulatory compliance, manage contracts with agencies, faster identity verification and authentication process of citizens. Reduction of labor-intensive processes and costs associated with managing accountability.
Creates smart contracts to track insurance claims, automate outdated paperwork processes and safeguard sensitive information.
It eliminates the need for printing ballot papers or open polling stations. Enables voters to vote from wherever there is an Internet connection. This increases voter turnout because it becomes more convenient for voters to cast their ballots online than to have to go and wait in a long queue at a polling booth.
Although AI simulates human reasoning and reacts quickly to large volumes of many different inputs. However, this is also its drawback, an untrustworthy data source will create problems while training the AI, leading to undesired results. Where the blockchain can provide intrinsic audit trail and trace anomalies in datasets.
Serenity is introducing non-fungible tokens (NFTs), a new form of digital goods with unique properties. NFTs are scarce, tradable, and usable across multiple applications, offering the programmability of digital goods. Serenity aims to foster vibrant economies by leveraging open protocols and interoperability. They provide tools for consumers to freely trade their items, creators to launch new digital works, and developers to build integrated marketplaces for digital items.
Digital Philanthropy is a groundbreaking social purpose marketplace that utilizes blockchain technology. It ensures that every transaction contributes to a nominated charity or a general pooled charity fund managed by an independent public charity entity in Singapore. The platform aims to empower charities and social enterprises by providing them with tools to raise awareness, generate revenue, and engage donors effectively using Web 3.0 technologies. Additionally, it offers artists and creatives an opportunity to align their personal passions and values with giving, while accessing attractive income streams within the blockchain-for-good and crypto-savvy communities.
If you are an artist looking to monetise your creativity, then tokenize your artwork and gain access to new markets beyond traditional art galleries and auctions. Besides, artists can retain the copyright and royalties of their works, and to set their own prices and terms.
That’s obviously a huge and phenomenal role of blockchain in different industries. But how would it benefit your business? If you paused for a while for an answer or still have foggy views about blockchain then reach us or explore our informational guides products to gain a deeper understanding of different aspects of blockchain such as how it works, ways to use it and benefits of its implementation into your business.