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The Benefits Of Applying Blockchain Technology In Any Industry

In today’s dynamic business environment, industries are looking for a system that enhances their productivity as well as secure their data. Blockchain provides trust within its network which is the growing need of the business. 

Amongst its wide range of benefits few of the benefits stand out that gives this technology leverage above all:

Faster traceability

Better transparency        

Enhanced security

Easy and faster transaction

Reduced dependency on intermediary services

Provides a decentralized platform

The range of benefits provided by Blockchain technology is huge and almost all industries both traditional and non-traditional, these industries can reap their benefit as listed below:

Benefits in Banking & Finance Sector: Since Blockchain technology works on a decentralized platform it reduces the interference of intermediary vendors. Both reducing the cost and streamlining the process efficiency. Automation becomes easier through smart contracts and there are fewer chances of errors happening. It also provides a solution to data privacy breach by giving digital security. All aspects such as business process and asset governance along with identity management become seamless as they can be easily programmable and customizable. It provides a network system that is automated which in turn reduces all transactional and operational costs. 

Benefits in Healthcare Sector: Record keeping is the backbone of any industry more so its importance is undeniable in the healthcare industry. Accurate patient history provides a sound ground for administering the right drug and diagnosis. Blockchain technology stores and can track information in real-time, this aspect provides easy access to drug traceability of an individual patient. Due to its high data security and approachability,  decentralization and transparency it allows seamless clinical trials and research.  

Benefits in the Hospitality Sector: Blockchain technology can provide a great travel experience to customers and increase collaboration. It can help in simplifying national and international payments through its security system and provide an easy way for paying travel expenses. Digital payments become effortlessly simple and secure through blockchain’s network that acts as an encrypted ledger. Through its shared digital database customer check-in and identification can be done just by a fingerprint verification. Additionally, through its unchangeable record keeping, it can extend additional benefits of providing accurate baggage tracking. Thus making transactions more contactless. 

Benefits in the Education Sector: Digital learning has increased many folds with the onset of a pandemic. Blockchain provides a solution to decentralize online learning with increased sharing of information in real-time. It provides an opportunity to develop efficient online learning platforms. Through its advanced encryption Blockchain provides a solution to secure copyrights and helps in the verification of student records and accreditation. Its robust features help address the challenges of online learning. 

It would not be wrong to say that Blockchain is a revolutionary technology that has huge benefits and potential for almost all industries. It's critical that businesses both traditional and non-traditional adapt to this at the earliest. Upholding the benefits of Blockchain technology in cognisance, Blockchain Community India provides a collaborative environment for business and blockchain technology enthusiasts to thrive and collaborate.