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Industries that will get the most benefits from Blockchain Opportunities and Benefits that Blockchain Offers to various industries.

By Joey Ricard - December 7, 2021

Benefit of block chains

Blockchain has become a buzzword these days. Many people predict that once it comes into widespread use, blockchain’s impact on society will be equal to the one caused by the Internet in the mid-90s. it’s troublesome for potential and applications represent a revolution that will affect the operation of industries like Banking, Real Estate, Insurance, Cannabis and Psychedelics are leveraging its power to enjoy a smoother business process.

So, What is Blockchain? 

We could interpret blockchain as a gigantic digital logbook. It is a technology that allows computers in different places to collect updated information in permanent form, and with all the copies synchronized.

According to The Harvard Business Review, “It is a technology that is at the heart of Bitcoin and other virtual currencies. Blockchain is an open, dispersed ledger that can store transactions between two parties efficiently and in a valid and stable way.

It is distinguished as a blockchain because “blocks” of digital information are stacked together in the public ledger, creating a “chain” of verifiable, unalterable data.

Each block in the chain collects different forms of digital information — like the purchase or transfer of Bitcoin – and includes data such as the date, time, and value of transactions.

The blocks also record the parties included in the transaction and distinguish individual blocks with a string called “hash” that works as a digital fingerprint. Each block in the blockchain can record thousands of transactions. 

Now, let’s move to the part where we discuss different Industries that will get benefits from using blockchain technology.

Benefits from blockchain technology to the Banking Industry

1. Clearance/settlement systems 

A broad ledger technology related to blockchain could enable bank transactions to be settled directly and keep a record of them better than existing protocols such as SWIFT. 

2. Faster and Smoother payments

By placing a decentralized channel (like crypto) for payments, banking institutions can use developing technologies to facilitate faster payments and lower the fees of processing them.

3. Buying and selling assets

By eliminating the broker and asset rights transfer, blockchain decreases the asset transfer fees and reduces the instability of the traditional securities market. 

4. Digital identity verification

Banks wouldn’t be able to take out online financial transactions without identity confirmation. The verifying process consists of many distinctive steps that consumers don’t like. It can be face-to-face checking, authentication (for instance, every time you log into the service), or authorization. For security purposes, these actions need to be taken for every new service provider, and blockchain makes this process a lot easier.

Benefits from blockchain technology to Insurance Industries

Blockchain can be administered throughout the insurance industry and across many lines of business, including:

  • Registries of high-value items and guarantees/warranties.
  • Know-your-customer (KYC) plus anti-money laundering (AML) systems.
  • Parametric /index-based products.
  • Reinsurance modes.
  • Claims treatment.
  • Disposal methods 
  • Peer-to-peer /P2P models

The facts Involved with Blockchain in Insurance:

Insurance with blockchain is about improving existing business practices through better data and data-sharing. Coverage on the blockchain is regarding developing new products on a novel foundation of trust. Finally, blockchain insurance determines underwriting the risks of an emerging ecosystem.

Benefits from blockchain technology to Cannabis and Psychedelic Industries

The following are some ways blockchain-powered technology is already benefiting cannabis and Psychedelic businesses:

  1. Speedy, real-time traceability.

Blockchain’s protected technology ensures an accurate, permanent record, but it also allows quick access to specific details within the large volumes of stored information. With blockchain, firms can instantly get a specific product’s full history and access present and prior locations in the supply chain.

A high-profile mainstream example is Walmart’s establishment of IBM blockchain technology. Blockchain degraded the time it took supply chain tracking to discover lettuce sources from seven days to 2.2 seconds.

  1. Improved efficiency and reduced costs

Labor continues to be one of the largest expenses for cannabis businesses, whether they operate cultivation facilities, retail shops, or both. Blockchain can streamline time-consuming tracking, reporting, and auditing, and eventually reduce the need for staff and oversight related to those duties. Certainly, upfront prices are going to be there, but in the long term, businesses will probably be safe.

  1. Product validation and standardization 

The greatest cannabis-related potential for blockchain’s decentralized, shared ledger lies with genetics. Cannabis has long remained identified essentially by street names. Under blockchain-powered programs like the Shoppers Drug Mart pilot, generative cultivar information is being collected, registered, tested, and published through the secure, permanent infrastructure blockchain provides.

Growers can defend their IP. Researchers can identify specific genetic and chemical profiles. Medical providers and retailers can be assured because they receive consistent products and confirm provenance, testing results, patient outcomes, and other stable information.

  1. Compliance effectiveness

For U.S. growers bound to state-mandated tracking systems Some express doubts about blockchain’s promise: “From a compliance perspective, I just don’t see the need to overcomplicate what is already a very onerous process “. The growers also reflected that they could work with ease and without something troubling under their noses.

  1. Customer confidence

 Blockchain-powered scannable codes and different technologies can increase transparency and provide end customers with secure, verified product classification and information to drive confidence and brand loyalty.

Blockchain

Let us have a broader vision and have a glance at all industries which will benefit from Blockchain

Managers across the world are testing the potential for blockchain applications to serve their industries. According to Forbes, 10 major industries are especially well-positioned to use Blockchain. 

  1. Banking—a chance for more secure record-keeping and increased transaction speed.
  2. Healthcare–the option to save and retrieve all patient data in a single system.
  3. Politics—Protected polling registries that cannot be modified by miscounts, hackers, or any other third parties.
  4. Real estate–intelligent contracts to perform home sales, eliminate escrow payments and decrease transaction time and agent fees.
  5. Law—more authenticity in storing, accessing, and verifying legal documentation.
  6. Security–enhanced digital security with a decentralized, cloud-based data warehouse.
  7. Government–reduction of bureaucratic red tape, rapid funding, thanks to blockchain-based lively contracts that extend funds upon met conditions and modernized acceptance and payment of benefits like welfare, unemployment, and disability.
  8. Rentals and ridesharing–the making of a true peer-to-peer rental and sharing system with no middlemen like Airbnb and Uber
  9. Nonprofit and aid–increased transparency for contributors, smart contracts to deliver project funds, and greater reputation management systems
  10. Education–secure student accounts, which a variety of educational institutions could immediately reach and share.

Want to learn more? Here are different industries that blockchain could remodel.

Conclusion

Are you still confused about whether blockchain will be right for your business?

If you wish to aim for a different sharing platform or streamlined process with less risk and more transparency, then your business needs blockchain.

Raising the real-life utility of tokens, this tech is expected to be tremendously beneficial to the crypto-space.

What are you waiting for, don’t you want to be on the top floor of the best industries in 2021! Click here to get in touch with us at Klizo Solutions and implement blockchain to stay 10 steps ahead in your industry.

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Joey Ricard

Klizo Solutions was founded by Joseph Ricard, an American who has spent the past 10 years working in India, developing good teams and good processes. We have a team of over 40 people, and we develop high level technology in multiple frameworks.