After the incident of Cambridge Analytica of the data breach and data manipulation, data privacy has become a major concern for everyone. No want to leave it on loose. But can they go offline right now to save their information? No.
It might be possible for people for a few days but in this digital age, it is just impossible for organizations to switch to offline mode when IT industry is going supernova. Amidst the dilemma of data privacy and digital dependency, Blockchain comes as the savior!
According to a new update to the International Data Corporation (IDC) Worldwide Blockchain Spending Guide, blockchain spending will continue to grow at a robust pace throughout the forecast period with a five-year compound annual growth rate (CAGR) of 46.4%, reaching a total of nearly $17.9 billion in 2024.
Now you might be interested to know why this change and what you are missing that blockchain has to offer. I’m here to share with you my study on why blockchain is now everyone’s favorite and how it will impact various industries. But first, let’s simplify blockchain.
What is blockchain?
One word has many definitions. I won’t define it but will try to simplify it. Imagine you have all your personal information stored in your locker. Everything you have achieved, your medical history, academic history, everything.
You got sick and now you need to share your medical info with a provider. If you share that information via a blockchain-enabled technology, your data will be shared but he/she won’t have control over it. You have the sole power and you can decide what, when, how, and who want to share with and that too by retaining your privacy simultaneously. Isn’t it cool? I explained with medical reference because healthcare is the first industry that will be the big beneficiary of this hyperledger technology.
Let’s face it, many problems can arise with the data breach in healthcare. Whether it is the small clinical practice or giant hospital, they store an ample amount of data that can become the target for cybercriminals. To minimize these and other problems with the sharing of medical information, many healthcare providers have started using blockchain.
It removes the dependency on central authority and enables a better, faster yet highly secure way to access its information. Here your data is saved in blocks that are connected to other blocks and spread across in the blockchain with nodes, that is how it becomes really tough for hackers to breach that data.
It also helps get the right file at the right time. No need to go through hundreds of files to find single info. It uses a decentralized, encrypted ledger to create a single source of truth for patients’ medical data that physicians, hospitals, pharmacists, and insurers can reference.
There are apps in the market that are already using blockchain technology for money transfer. It removes the middleman from the transaction and brings peer-to-peer transfer of money. It records your information as a digital ledger that can be viewed by any cryptocurrency user but it is tamper-proof and theft-proof.
It gives you the power to manage your finances without any bank account. How cool is that? You can transfer money, make money with Initial Coin Offering (ICO), turn it into liquidity without any delay. Who wouldn’t want that? Right.
Industry: Real Estate
Real estate is one more sector that will get the benefits of blockchain technology. As we all know that buying a property is a lengthy process. It involves lots of paperwork and it takes a huge time when you can actually own the property.
With blockchain owning property and transaction-related become very simple. It creates a permanent distributed ledger between agents, buyers, lenders, insurance companies, and all the other stakeholders involved in the deal. It speeds up the documentation process and brings transparency among everyone involved. It is cost-saving as well as it removes the middleman in the process as well.
As we are seeing that blockchain is disrupting multiple industries. Due to its best offering in transparency and data security, it is becoming important in the legal industry too. It helps in securing and verifying data. It helps to store wills and other legal documents with utmost security. Any change or update in any document first will be verified and then stored.
The main benefit of blockchain in the legal industry is the legal issue of inheritance. It simplifies the legal processes that occur during the asset transfer of any individual to its next generation. Right now it is associated with the investors in cryptocurrency and its transfer. We can expect that it will revolutionize the entire legal industry from contracts, land registry, financial transactions, intellectual property rights, and much more.
Industry: Supply Chain Management
Supply chain management is another industry that will be impacted by this technology. A few companies in the market are already using blockchain technology and transforming their way of doing business.
The blockchain in the supply chain helps to track the entire step involved in the process and help to track back the stages if things get wrong. For example, if you order an agricultural product and you get it in bad form. If the company is using blockchain then it can easily find the stage that was responsible for that. As everything is recorded in every step due to its hyperledger technology, it can be traced and fixed at the right time without much hassle. This will ultimately help to bring a better consumer experience to this industry.
As technology evolves, it becomes the highest priority for businesses to keep their organization updated and equipped with the newest technology to stay ahead of the competition. As data security and transparency are becoming primary requirements for everyone; blockchain is the solution that fits the needs. At AYN we use blockchain in our core banking solution (OAK CBS), enterprise solution (Walnut ERP), and healthcare solution (Cedar Health). If you want to learn how we work check out here