How Are Key Industries Benefitting from Blockchain?
The effect of blockchain and cryptocurrency is beginning to be felt in a real way across the business world.
From SMEs to multinational corporations, there are benefits to adopting the new technology, and vigilance is needed to ensure your business isn’t cannibalised by what this technology could do. Technology has always met resistance from the traditional industries who are content with the way things are. The internet had a host of sceptics, but most businesses now couldn’t imagine life without it. The same could be said for blockchain. But, there are some businesses already taking advantage of blockchain – and these big industries have a lot of sway in other industries. So, how is blockchain benefitting us so far?
Traditional trust businesses, such as banking and finance, were one of the first to adopt blockchain technology and integrate it into their systems and processes. For instance, cross-border transactions have long been the domain of the banking industry. But, as blockchain promises it can help revolutionize these, its value-add in this area is expected to grow to $176 billion by 2025.
Indeed, some banks are already talking about transferring SWIFT payments onto the Ripple blockchain to make them faster, safer, and cheaper. Traditional trading also looks to be changed by what blockchain could do. Automated trading platform Bitcoin Compass offers a chance for people to get into cryptocurrency investments representing an advanced form of programming in the world of trading. The award-winning algorithm is protected by strenuous security protocols, reflecting the security and safety that comes with decentralized ledgers, blockchain and the associated cryptocurrency.
Big data is a soaring industry and one that many don’t even realise exists as it does. It could be argued that blockchain is set to partner well with big data, especially due to the need for greater security in the data sector and the ability to be extremely secure as offered by blockchain. One of the main ways in which blockchain and data can work together is when it comes to GDPR (General Data Protection Regulation). Blockchain may help to take advantage of this by cutting the middleman out and dealing directly with customers. If customers are in control of their own data across their social media platforms and smart devices (FitBit, Nest, HealthKit etc.), their information will be more accurate, and businesses will be better able to tailor offerings to a specific customer.
Blockchain has already proven its worth across the board – if nothing else, the market capitalization gained by the industry shows that it is worth listening to. While some industries are embracing the technology as an add-on to their current offering, others are reticent as adding blockchain to their business may drastically alter it. The finance sector is arguably the lynchpin of most other industries and trusted by other sectors and customers alike. Data may be a dark horse when it comes to proving its worth, but there is no denying how important data will be in the future. Blockchain taking advantage of gaps in the existing markets shows the power of the industry, how it is benefitting us now, and how it could further benefit us in future.