The blockchain is completely transforming our economy. From banks to finance, blockchain holds the potential to change everything. For business, it provides an entirely new opportunity to bank on its success. The current trends also hint at faster adoption. As of now more than 50% of the corporations are adopting blockchain or thinking of doing so shortly.
As of now, there is a lot of business opportunity for blockchain. In this article, we will go through those five opportunities that we think blockchain will bring to the business. Let’s get started.
Five Business Opportunities for Blockchain in 2018
Blockchain has a wide array of application. However, it is not possible for us to list every sector or industry that it will impact. Right now, the market is booming with hundreds of blockchain business ideas. That’s why, today, we will list the only industries that we think will have the significant impact.
1. Internet of Things(IoT)
IoT has grown tremendously in the past few years. The technology is used to connect smart devices including cars, homes and other smart devices. With blockchain, we can see it grow even more. The growth is purely by distributed ledger technology.
Just think how companies can utilize distributed blockchain to store and retrieve data on the fly. Currently, we have improved consensus algorithms that are extremely fast and efficient when it comes to resource management. Moreover, the smart devices when connected with the blockchain can also help enable economy on it. For example, Ethereum, EOS or even Bitcoin can be spent on the network.
As new investment comes into IoT, we can see a surge in its growth.
Despite the popular belief, blockchain can be used to improve banking systems. A prime example would be the use of Ripple in the banking sector. Even though Ripple is heavily centralized, it does carry the idea of blockchain with it. Many banks have already released their digital currency. One good example is Unity Settlement Coin (USC). Switzerland’s UBS bank creates the coin.
As you might have guessed from the name, it is a digital currency used by several banks across the globe to settle transactions more safely. Some of the banks that are using USC are MUFG, State Street, Barclays, and others.
3. Manufacturing and Supply Chain Management (SCM)
One of the unprecedented sector that can take advantage of blockchain are manufacturing and supply chain management. Smart contracts are what will make the use of blockchain possible in these sectors. For the uninitiated, smart contracts automate actions on blockchain which is decided beforehand. They are pretty secure and does their job 100% of the time.
Manufacturing, for example, can use smart contracts to communicate specifications and requirement across different departments. To make this work, smart contracts need to be embedded within the program management software application. The use cases are unlimited. One such example would be the use of smart contracts to check the quality standards of the product in development.
SCM, on the other hand, can benefit from smart contracts as well. For example, smart contracts can trigger the need for new items based on certain conditions. The whole process will be completely automated. The benefit of using another system is that smart contracts will bring security and integrity to the system. They can be coded according to the vendor and also improve the authenticity of the products being delivered.
4. Connected transport
Another clear integration of blockchain for business is the transport. The future of transport will change as the automotive industry is trying to connect every car. The idea of “connected car” can be achieved with the help of blockchain as it can be used to store information more transparently.
For example, blockchain can help cars communicate better. I can be Vehicle to infrastructure(V2i), Vehicle to Everything or Vehicle to Vehicle (V2V). IoT will also play an important role in making the whole system working. The main benefit of using IoT and blockchain will mean that communications are secure, fast and easy to interpret.
Blockchain will hugely impact the last sector that we think in healthcare. Healthcare is one of the most underutilized when it comes to using new technology. Blockchain can open up new ways how we see and use healthcare. It can be used to record medical records. Anyone anywhere in the world can access these same medical records. This will make treating a patient easier. The shared ecosystem can work wonders for both local and international treatment, making it paper-free.
In today’s article, we discussed how blockchain can change our world. This can also lead to more blockchain job opportunities. Overall, we just need to wait and see how it change the industries and the way we do business. So, what do you think about it? Comment below and let us know.
New to this world? Here is our ultimate Blockchain beginner’s guide.