Blockchain is defined as a continuously growing list of records, called blocks, which are linked and secured via cryptography. The best part about blockchain is that it is resistant to modification of the data, which made it find its place in many sectors nowadays.
The banking sector uses blockchain to make faster transactions, reduce costs, improve security, and in keeping records.
FACT: Potential annual savings for banks using blockchain technology is $8.12B.
In cyber security, blockchain is used for decentralization, accurate tracking, confidentiality, making smart contracts, protecting communication, and reducing or eliminating fraud and errors.
FACT: By applying blockchain to the clearing and settlement of cash securities, the industry could save around $12B in fees, capital charges, etc.
Insurance is another sector in which blockchain is used. Transparency and relevant record keeping, reduced opportunities for insurance fraud, reduced cost and time of processing insurance claims, and improved customer engagement are just some of the advantages they acquire from it.
FACT: Blockverify offers a service for users to check for stolen or counterfeit goods and fraudulent transactions by storing the history and supply chain in the blockchain.
Blockchain is also used in the healthcare sector and it helps in completing medical histories of patients for use by physicians. BitFortune.net brings up the very sound argument that blockchain is a tamper resistant means of storing medical histories, and it reduces time and increases efficiency in providing quotes.
FACT: PokitDok use blockchain to provide a secure network for all sources of patient data, from EMRs to medical devices and pharmacies.
Even governments started using this technology. It brings many benefits such as eliminating third party involvement, enabling transparent, fast, and cost efficient transactions, reducing corruption at the state level, giving more opportunities for companies to manage their assets, and securing assets and assuring data privacy.
FACT: Dubai is aiming to put all its government documents on blockchain by 2020.
The fact that 25% of Global 2000 companies plan to use blockchain for digital trust by 2021 gives us a hint that the blockchain technology has a bright future in front of it.