Blockchain has taken the digital world by storm. Worldwide, the major industries are loaning to shift their endeavors the blockchain technology. Companies are adopting blockchain technology on a wider scale to ensure transparency across all of their processes.
Some important industrial sectors that can be mentioned in this regard are:
- Healthcare sector
- Agricultural and mining sector
- Financial services
- Education, communication, and information sector
- CPG and retail sector
- Public sector
- Entertainment sector.
Healthcare Sector and Blockchain
Blockchain is used in various ways across the healthcare sector. Some of its applications are found in:
Although pharmaceutical industries are considered innovative and fast-moving industries, they still come across various problems surrounding FDA approvals, clinical testing, etc. With a blockchain ledger, an efficient system can be developed to help better innovation practices, enhanced regulation, and stringent security of medical data. With blockchain, safer drug production can also be ensured.
For instance, if an error arises during drug production, it can be detected instantly along with tracing its source. This will help prevent recalls. Also, the manufacturers will be able to communicate with the retailers to reduce the harmful impact of any unsafe drug on patients’ health and the businesses’ finances.
Use of Blockchain in Clinical Research and Trials
To conduct effective research, it is necessary to form coordination among various stakeholders. Also, careful management of a large amount of sensitive data arriving from different sources is required. With blockchain,
- Any gaps found in the data connection can be corrected
- There will be no need to reconcile separate databases created to create a record of the participant’s activities.
Blockchain will also help form an easily accessible audit trail that can be submitted to the regulatory parties, researchers, or auditors. Previously, this job was done by electronic trial master files.
Blockchain for Agricultural Sector
Crops and Agriculture
Blockchain can greatly help with the evolution of the agricultural sector. It can improve the transaction, product-specific logistics, and market expansions across the whole supply chain.
With blockchain in agriculture:
- A level of trust between merchants can be established
- Market expansion can occur
- Healthy competition can be ensured among the sellers.
Food safety, sustainability, and traceability processes are prone to many problems in animal husbandry. However, with blockchain, these problems can be minimized significantly.
Fishing and Blockchain
In the U.S., the share of fish caught illegally counts up to 20-30% of the total catch. Also, this industry is thought to be the one that involves forced labor. However, with blockchain incorporation, this industry can become sustainable, environment-friendly, and legally compliant with ethical work practices.
Banks are storehouses and transfer hubs of value. Therefore, all bank transactions need to be digitized, secure, and tamper-proof. These benefits can be provided by blockchain technology, as it enhances accuracy and secure injection of information in the banking ecosystems.
The crowdfunding industry enables investors to fund their creators and entrepreneurs directly, thus aligning with the blockchain capabilities.
The first and the primary use of blockchain technologies is indicated in cryptocurrencies. It is used for reducing the traditional cyber security risks associated with human intermediaries. When incorporated in cryptocurrencies, blockchain lessens the risks of hacking, human error, and corruption found in crypto transactions.
Some of the major pain points of the real estate sector include:
- Lack of transparency during and after the transactions
- Large amount of paperwork
- Errors in public records, etc.
With the incorporation of blockchain, the amount of tedious paperwork s reduced automatically. This speeds up the transaction processes and allows stakeholders to improve the efficiency of their processes while reducing transaction costs.
Blockchain in Construction and Building
As a tightly regulated industrial sector, construction involves a lot of people. It is thus important to verify their identities and assess their quality of work. Traditionally, these processes were considered to be time-consuming. However, with a blockchain-based system, these processes can be made simpler for general contractors. It can also help with the verification of identities and tracking of progress in a much shorter time.
With blockchain, it can also be ensured that all the products are being sourced from
- Authorized markets
- Are of appropriate quality
Education, Communication, and Information Services
Blockchain in Publication
At present, the publishing industry is dominated by a small group of publishers. This makes it difficult for new writers to enter the industry. However, newer platforms are emerging now, and they are using blockchain technology. With blockchain technology in publication
- Coordination among authors, editors, translators, and publishers can be enhanced
- Piracy can also be managed easily.
Blockchain is used in various ways in libraries. Some of these include:
- Expansion of library services by developing a metadata archive
- Protocol development to support community-based collections
- Effective management of digital rights.
Blockchain in CPG and Retail Sector
Blockchain technology can transform the e-commerce sector by lowering down transaction costs and ensuring transaction security. Many e-commerce platforms, such as Amazon, Alibaba, and Walmart, have explored blockchain technology.
Blockchain can also play a crucial role in global trade practices. It can ensure traceability, proof-of-delivery, and secure tracking of contract details without the fear of data alteration or data tempering.
Food and Beverage Industry
Many mishaps and outbreaks have occurred recently in the food and beverage industry. Some of them include E.coli and Salmonella outbreaks. To avoid these mishaps, blockchain can be used. As a decentralized ledger, blockchain will store, record, and track the data to monitor the food supply chain and, thus, track the contamination source.
By determining the source of contamination, blockchain benefits the food processor, who can then avoid sending that food to the distributors and the retailers. Once distributors and retailers are alerted about contaminated food, they would effectively inform the customer, thus stopping the spread of harmful food items.
With blockchain, the food and beverage industry can also be benefitted in other ways, such as:
- It is reducing food recalls
- Mislabeled products are being identified.
Blockchain in the Public Sector
Government and Public Records
The public services sector is also among those that see extensive use of paperwork and increased fraudulent activities. With the use of blockchain, however, these activities both of these issues can be mitigated effectively. Also, with blockchain, the accountability of authorities and the people they serve can be increased significantly.
It is necessary to validate voters’ identity, vote tracking, and announcement of transparent results to make an election successful. With blockchain, voters’ identities can easily be validated, and trusted tallies can determine the deserving winner.
Also, blockchain can help as a tool for casting, tracking, and transparent counting of votes. If the blockchain is used this way, it will efficiently reduce the need for recounts and foul play.
If blockchain is used for law enforcement, it can help by maintaining the integrity of the chain of evidence. This ensures the presence of a distributed and hard-to-falsify record. Blockchain can also indicate certain types of suspicious financial transactions easily.
Entertainment Sector and Blockchain
Blockchain is helping bring down the costs video traffic, as it has decentralized video encoding, storage, and distribution.
Gaming has become a major industry, as it has seen intense growth in the past few years. With blockchain in gaming, gamers are now more healthy competition, getting rewards, and exchanging their assets across various digital platforms. With blockchain, digital tokens are also being exchanged securely without investing in any third party.
Other Areas Where Blockchain Technology is Being Applied
Aside from the important industries mentioned above, there are certainly other areas where blockchain is being used. They are:
Internet Identity and DNS
Establishing one’s true identity and personal information is not easy in the present online world. With a blockchain-backed identity management system, trusted organizations can issue credentials to their users, who can use these credentials for proving their identities the other organizations. This not only enhances personal privacy but also smoothens the verification process.
The forecasting industries can build a solid foundation for their machine learning algorithms, as blockchain can provide an accurate transaction record to support their data analysis.
Alysidia is Your Lead Blockchain Solutions Provider
Whether it is the financial sector, health sector, or food sector, Alysidia strives to provide state-of-the-art blockchain technologies to all of its clients. We have impeccable expertise in providing and managing efficient blockchain solutions to all the world’s major industrial sectors, especially to the ten sectors mentioned above. If you belong to any of these industries and are looking for reliable and cost-effective blockchain solutions, then Alysidia can be of your help.
To learn more about Alysidia’s blockchain solutions, contact us through our website alysidia.com.