Does Blockchain Technology Impact Only Financial Sector?

BlockchainIt is not surprising that Blockchain is widely being considered as the era defining technology that would have its impact felt across several niches. The technology which was behind the digital currency Bitcoin went on to become popular as a highly secure technology for financial and banking transactions. Ever since its launch it became a watchword for the next horizon of technology for IT in financial sector. Well, today many people simply consider Blockchain as a new technology having lot of impact for banking and financial sector.

But is the impact of Blockchain is limited to only financial industry? Presumably no, since a whole contingent of industries and businesses are also finding Blockchain immensely helpful to ensure fast paced, secure and real time transaction. So, Blockchain is not just about a financial sector but almost vast majority of of businesses and business transactions. Let us explain some industries having the impact of this new technology.

  • Businesses Can Facilitate Direct Transaction

The best thing about Blockchain technology is that it literally made third party payment gateway solutions obsolete with its real time, highly secure transaction systems leveraged over the web. This will in the future change the entire dynamic in the relation between customer and brands. Such transactions requiring no intermediaries will be more common and will help cutting the entire cost incurred for third party services. This will also make transaction faster and almost make them real time.

  • Addressing Concerns On Intellectual Property Rights

Another major way Blockchain technology can intervene and make things smarter is through addressing intellectual property rights with tamper proof ‘write once’ record of a creator, artist or author when something with intellectual property right is unleashed in the market. The tamper proof, unalterable database of Blockchain will prevent violation of any such right. This will allow more transparency for marketing and financial profit sharing with all kinds of intellectual offerings like music, books, published articles, movies, etc.

  • A Great Economy Based On Sharing

The core value of Blockchain is sharing and more businesses embrace the Blockchain database better equipped and more powerful it can prove to be. With a transparent and openly verifiable database Blockchain allows every stakeholders and all businesses within a niche to evaluate historical data concerning transactions. This shared database eventually will make more businesses to work in a concerted manner getting all the security advantages from tamper proof, ‘write once’ database.

  • New Impact For Manufacturing Sector

One of the most era defining technologies of our time is the 3D printing. In spite of being still at its nascent stage, it offered huge promises for the entire manufacturing industry. With Blockchain connecting the 3D manufacturing industry of the future protecting intellectual property rights for each product design will be much easier. Moreover, with the Blockchain database the entire metadata of products, their manufacturing process and IP of their creator designers can be comprehensively saved for all future reference.

  • Blockchain For IOT

The impact of Blockchain will also be a high pitched one in emerging Internet of Things or IOT apps, gadgets and platforms. A robust ledger with Blockchain database can procure every single transaction data pertaining to all IOT gadgets and apps that can be accessed anytime in the future. In future when a light in the workplace consumes power, the respective charge for the power can be settled and paid in real time. Such things still may sound futuristic, but can be a reality anytime soon.

 

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