Making the Future of Blockchain a Reality: 5 Industry Use Cases

Making the Future of Blockchain a Reality: 5 Industry Use Cases
Aditi D Kohli
Insight article written date
16-05-2023
Insights written date
Blog

We all dream of a utopian future! And the entire human race is only moving forward in that direction - even as we speak! To cite an example - You hit the Google Voice Search button and say “Egypt” and the exhaustive information & vivid imagery bank on Egypt pops up on your digital screen - in a fraction of a second! 

Super-computers driven by 3D Printing technology are deciding how machine parts will come alive in a factory. Green hydrogen powered planes are busy taking their test flights! 

That is 2050 in the making for you. 

But, none of these inventions have made that huge a commercial impact as "Blockchain Technology" in business settings. The Blockchain Industry is estimated to be well-worth around $163.83 billion in the next 5-6 years. 

For all the rookies & young investors out there hopping on the Bitcoin trading frenzy - without knowing what Blockchain is or what Blockchain does - there is more! The fact about "Blockchain" that is grabbing all the headlines right now is that - apart from saying “I'll protect you” to Global Cryptocurrency (Bitcoin, Ethereum & more) trading transactions, Blockchain is also talking about revolutionizing Businesses at multiple levels! 

The Future of Blockchain Technology Is Bright in These Industries 

  • Supply Chain and Logistics 

The Supply chain industry is experimenting with Blockchain, under the umbrella of Data Utility and Repository-keeping. Any goods making their cascading moves in the supply chain cycle can trust Blockchain now and in the future to log in to their incoming or outgoings securely, sans any tampering. 
Plus, the technology can generate ready historical data background checks on any "Goods" in question - from their creation to the point of sale. For example, IBM-developed, Blockchain-empowered TradeLens has 50% of the world’s container ships signed up with them. Why? TradeLens and its blockchain solutions can give a fully transparent birds-eye view of the cargo data and documentation!  

  • Finance 

Banking sums up services like transactions, mortgages, payments and loans. The turnaround time for all these core financial solutions is high (up to 60-90 days) when it comes to borrowings of real estate or monetary funds. But as Blockchain enters the story Banking will change :  

- No waiting! Real-time verification of KYC documents and AML data will be usual. Consequently, the fraud and operational risk cases will drop.  

- Credit scoring will no longer face the "getting data out of silos into the analysis models challenge". The outcome will be auto-generated by instantaneous mapping of user sanctions and activity, all thanks to Blockchain! 

- Cross-border payments will be path-breaking for the worldwide financial ecosystems. Ripple, a San Francisco Software Vendor has been one of the first movers in the global payments space. Their enterprise-level crypto solutions offer services like cross-border Small and Medium Enterprise (SME) payments, optimized liquidity and there is only more to watch out for! 

  • Construction

9/10 Construction Projects are completed way after their deadlines. Blockchain’s solution to the conundrum? Blockchain can give Construction workers access to secure data about complex bureaucratic approvals, asset management and supplier relations to rein in large-scale project delivery timelines. “Smart Contracts” will be the future as "If/Then" digital agreements between the parties will be stored in Blockchain. For example - If the door framing is executed by a certain date, then the payment will be auto-processed to the Supplier.  

  • Cybersecurity and Data Analysis

Businesses are becoming more aware of ways to avoid Cybersecurity breach nightmares. Blockchain, being a decentralized and encrypted system with peer-to-peer connections, a singular point of malicious attack remains impossible. In the coming years, with companies becoming more dependent on the Cloud Infrastructure, Blockchain will see much more applications. Blockchain can reduce the business cost of collating & analyzing consumer data while locking it in a tamperproof network architecture. Data Accuracy and Traceability thus are set to become more guaranteed!   

  • Healthcare

Patients today are looking for more than medicines prescriptions. They expecting superior care experiences from their healthcare provider. With hospitals & healthcare institutions going completely online, Blockchain technology can enable the ultimate Digital Patient Health Record keeping - that cannot be corrupted or erased in any way. This electronic healthcare data can also be auditable! What the future will see more of, when it comes to application of Blockchain in Healthcare is:  

- Near-patient Genomics management

- Telemedicine Sessions data management

- Chatbot patient data recording

- Wearable Devices patient outputs 

Get Ready to Use Blockchain Technology in Business 

A Deloitte Survey reveals that about 81% of business movers and shakers say Blockchain is ready for mainstream adoption.  

If you're curious to learn more about Blockchain, UniAthena offers the MBA in Blockchain Management Online Degree as well as an Online Postgraduate Diploma in Blockchain Technology.  

Take your pick! 

Both the MBA and Diploma Certifications in Blockchain have been designed keeping working professionals and their upskilling needs in mind. The Programs are self-paced, flexible and offer byte-sized learning modules for easy comprehension.  

The Masters of Business Administration in Blockchain Management is a 9-24 Month Course that gives you comprehensive knowledge on the Blockchain Fundamentals. It also takes you through practical industrial Applications of this fast-advancing technology.  Post completion, you’ll be awarded a 60 ECTS final Certification from the globally-accepted Guglielmo Marconi University (GMU), Italy, along with add-on Certifications like the Postgraduate Diploma in Blockchain Management from Cambridge International Qualifications, UK and the Certified Manager Certification from Chartered Management Institute, UK.  

On the other hand, a Diploma in Blockchain Fundamentals can be completed in one to two weeks for those who want to pursue a beginner-level UniAthena Certification in the domain.  

Make a start and get future-ready with Blockchain expertise! The choice of Industry is yours. Enjoy the merits of Blockchain application at your business!  



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