5 Industries That Must Use Blockchain Technology🏭

How Blockchain Development Will Transform The Following 5 Industries

Image Source: Google

Distributed ledger technology (DLT) is not limited to just one or specific industry. Similar to how banks and Fintech firms are closely watching the DLT trends, other technical, non-technical, non-financial sectors are tagging along too.

Here are some mind-blowing examples of how other companies from diverse verticals other than financial sector are exploiting blockchain technology to make any difference:

Ride-Hiring Services

One unique property of blockchain technology is that it doesn't ask for a middleman to run a process. Which means it's holding up a completely new league where every business will abide by the decentralization theory. The existing services reside on a centralized platform whereas similar services on blockchain technology function independently connecting the real seller and buyer removing the middleman et al.

Considering the ride-hiring schema, it's Uber and Lyft who stipulated the demand for this type of service. Bringing blockchain technology inside the building will help ride hirers connect with the drivers without the middleman like Uber or Lyft and sort. This method of authentication will be the primary set up. Completely avoids the unnecessary charges for both drivers and the customers.

Data Management 📁

A very popular company that is investing in blockchain technology for data management, causing a notable breakthrough in the blockchain technology implementation is Factom. It uses blockchain-driven identity ledgers to support diverse applications in database management and data analytics. This way some of the tedious tasks like record management, maintaining business processes becomes a lot doable. With Factom companies can also look after the vulnerability and compliance issues.

Since the data recorded by Factom are permanent and time-stamped, the cost to manage and process data and the complexity of conducting audits become extremely affordable.

Digital identity, identification and authentication within Industries

DLT is not restricted to just financial firms or mainly for funds transactions, it can be used to store data and make transactions in a safe and transparent way. Owning unique blockchain identity will so surely help users to keep track of who has their personal information and how they're using it.

Adjoining the blockchain principle with id verification, a digital ID can be generated that would serve as a digital watermark which can be allotted to every online transaction of any asset.

Commodities

Uphold helps to move, change, transact and hold the different form of money or commodity. It links bank, credit and debit cards and bitcoin to digital wallets to offer free financial services and transactions. Businesses can use their credit/debit card along with bitcoin while adding funds to their Uphold account.

Energy Generating Industries🔥

Energy could be the next vertical where blockchain technology/DLT can make a huge difference. Let's take Grid Singularity, an energy data exchange platform which is decentralized and supports energy data analysis. Serves as the yardstick for trading green building certificates, investment plans and validating energy trade.

Its decentralized business model delivers every energy-related data in real-time. Since it's hard for any anomaly to track down the energy data or steal the resource from the main body, it's predominantly termed as - cryptographically secure.

None of us can afford to miss out on the wild amount of opportunities we’ve currently because of the blockchain technology. To catch up with the aforementioned brands there’s only one thing we all must consider, which is adopting the Blockchain Development as soon as we can. To be the next top business model proudly hosted on the blockchain network, here is where you need to go.

Good luck. 🙌