Already, blockchain technology is the lifeblood of cryptocurrencies like Bitcoin. It is creating a considerable impact on the payments sector as well. But this technology has the potential to create a considerable impact on many industries.
Blockchain technology is here to stay even if cryptocurrencies are banned as illegal in some countries. But you might wonder which industries will flourish using this technology. Let us find out here:
Industries To Flourish with Blockchain Technology:
The accounting sector can benefit a lot in the near future by using blockchain technology. Particularly, with this technology, the accounting sector can automate data collection. Even, it will help the sector keep accounts organised. It will ease accounting functions like payrolls. The great thing about this technology is that it will considerably reduce or even nullify human errors and fraud.
2. Cyber Security:
Are you already aware of blockchain technology? If so, you might wonder how this technology will help with cyber security improvement. Indeed, the blockchain ledger is public. But, it uses advanced cryptography for verifying and encrypting data. In turn, the probability of data being changed or hacked without authorisation is nullified.
3. Real Estate:
The real estate sector has already started using blockchain technology. Buying a real estate property is typically a lengthy process. It involves a lot of paperwork and it carries a considerable risk of fraudulent activities.
Blockchain assures the creation of a distributed and permanent ledger. It will do it between insurance companies, lenders, agents, and buyers. Even, this is possible with anyone else involved in real estate buying and selling. It brings transparency to the process of property buying and selling. It quickens the transactions and gets rid of the costs associated with human intermediaries.
So, one of the industries that are going to get promising benefits from this technology is real estate.
SAAS is a domain that includes companies that use software to provide service to customers. This industry is yet again one of the promising industries to benefit from blockchain technology. These companies can benefit from this technology with durable revenue that needs credit lines. Some years ago, this process took a long time. It was complicated for founders to cover gaps in their corporate revenue. But, with smart contracts in blockchain, founders can submit their annual recurring revenue. They can also get credit within just a few minutes securely on the blockchain.
5. Waste Management:
Nowadays, many world nations have started focusing on waste management. The reason is that environmentalists have started warning authorities about one thing. It is that waste management is going to be the biggest challenge in the future. You will be surprised to know that blockchain technology is going to make waste management easier.
Here, a blockchain-based solution can help improve the recycling systems that are being used. Many companies these days are coming forward to incentivize recycling. For instance, some companies have started offering digital tokens in exchange for used plastic. When people are rewarded for properly sorting their recycling with coins, this domain is going to get unbelievable benefits from blockchain technology.