Importance of Blockchain Technology in 2021

By 2021, most of the industries will be enabled by blockchains to reduce their transaction costs. Likewise, at least 42% of the companies may have at least one active blockchain pilot program. Studies predict that innovators would take forward the blockchain trends that started in the year 2020 and use them to their fullest in the upcoming years.

30% of manufacturing companies will have more than $5 billion of revenue blockchain by 2023, Gartner reports. Further, Gartner suggests that the business value will grow more than $176 billion by 2025.

What impresses business leaders to opt for blockchain?

Let’s understand blockchain technology in brief here.

A Brief note on blockchain technology

Blockchain operates as a digital distributed ledger facilitating multiple parties to transfer and store sensitive information. This simplifies paper-heavy, expensive, and complicated financial systems including remittances and cross-border transfer. outside, finance, it is being explored in logistics, healthcare, pharmaceuticals, and education field too.

The main reason it removes the intermediaries and reduces operational costs. Also, it brings efficiency to a system leading to growth. Most of the pilot programs are successful and many use-cases are in favor of the businesses. This has triggered the businesses to opt for blockchain technology into their domain either partially or as pilot programs to start with.

Mention not to say, the exclusive features such as transparency, immutability, high availability, security, speed, and reduced transaction fees has attracted business leaders to adopt blockchain technology.

Let’s move further and understand the industrial impact of blockchain. The major sectors influenced by blockchain technology include healthcare, logistics, retail, insurance, real estate, and many more.

Blockchain in finance

Some of the business benefits in finance include authenticity as it brings data integrity and ensures authenticity in the systems. Further, it streamlines the operational efficiency, real-time settlement, reporting, and audit. The entire business logic stays protected due to data privacy, compliance, and identity. Moreover, there are many economic benefits like improved operational costs, infrastructure costs, and transactional costs.

Blockchain in healthcare

Currently, the healthcare department faces record maintenance problems as the patients need to carry the documents and hospitals have records in separate. So, it is difficult to retrieve the record.

With blockchain, some of the business benefits in the healthcare department include easy patient consent management, drug traceability, secure electronic health records, clinical trials data security, and micropayments incentivization.

Blockchain in supply chain

Presently logistics industry lacks transparency, accuracy in tracking, and licensing. With blockchain-enabled logistics, the industry will have improved transparency, traceability, and credibility. This impacts the sector the most as almost all industries need a logistics department for their businesses.

Blockchain in manufacturing

In the manufacturing industry, blockchain addresses many of the prevailing pain points like avoidance of monitoring of supply chain, easy detection of forgery and piracy, identity management to know the actions referred by auditors, engineers, or attorneys, asset tracking, quality assurance, and regulatory compliance.

To summarize…

In essence, it is high time that industries move beyond their status quo to win the market. Blockchain adoption is no more a luxury, but a necessity for every industry to ease their working nature.

If any of the industries interests you and you want to build a career in blockchain, then this is the right time to increase your knowledge in blockchain by earning blockchain certification. There are several graduate courses from many universities today that have blockchain as one of their core subjects. Also, there are certifying bodies that provide blockchain certification with the syllabus of global standards.

Get certified from the well-renowned institute or certifying bodies today. Ace your career in the future technology and lead your career pathway toward success.



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