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The A-B-C Of Industries Using Blockchain Technology

The A-B-C Of Industries Using Blockchain Technology

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Blockchain is a technology that can allow individuals and companies to make instantaneous transactions on a network without any middlemen like a bank (if they are decentralized). Transactions made on blockchain are completely secure, and, by the function of blockchain technology, are kept as a record of what happened.

World’s largest freelance platform reported that blockchain is among the top 20 fastest-growing skills and is on its way towards being the 21st Century’s “Cloud”. Not only in overseas but even in Malaysia, the usage of blockchain technology is rapidly growing.

Blockchain basically ensures the traceability and security for the data stored in a particular ledger and the good part is, nobody can ever amend it, even if you’re the one who created it. So, below are the A-B-C industries that have incorporated blockchain technology:

Automotive

Over the last two years, many automakers have started to explore blockchain technology in the supply chain, security, car service, and blockchain for autonomous vehicles. How is it useful? Blockchain helps the industry to track truthful, the full history of a vehicle from pre-production till sale.

Blockchain can effectively enable preventive maintenance by informing spare part suppliers and service shops about requirements based on data received from the vehicle, such as digital contracts, shared inventory and logistics information, pricing, invoicing and payments.

As the rationale for blockchain across the automotive industry is considerable, some of the major automakers have put it to test, like BMW, General Motors, Honda, Ford and Renault.

Banking

It is known that blockchain and distributed ledgers have a bright future and as real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.

Although many governments are uncertain about digital assets, they are open to exploring the blockchain technology as it could potentially save banks billions in cash by dramatically reducing processing costs.

Among the banks that are trying out blockchain which could be used for money transfers, record-keeping and other back-end functions are Swiss investment bank UBS, Central Bank of Sri Lanka, Venezuela’s central bank and a few more.

See Also

Cybersecurity

Navigating the online world safely has become a real concern over the last few years and, looking at how intense and sophisticated some of the recent hacker attacks around the world have been, it seems like things are bound to only get worse.

Even though hackers are getting better at hacking, the ways to combat them are also improving very fast. In fact, we already have a nearly impenetrable technology, known as blockchain, which can be used to protect our data from cyber-attacks and improve cybersecurity across industries.

The complex structure blockchain technology, with the ability to be the most secure form of storing and sharing information online that we’ve discovered so far. That’s why innovators have begun applying the technology in different sectors to prevent fraud and increase protection of data.

Now that we have seen the A-B-C of industries using blockchain technology this week, we shall discover the D-E-F industries next week.

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