5 Major industries that will benefit from Blockchain Technology

After the recent release of the budget, blockchain technology has become the talk of the town. Finance Minister Arun Jaitley remarked during the announcement of the Union Budget 2018-19 that the government was considering embracing blockchain technology to disrupt and streamline numerous sectors. While the financial services industry appears to be the first to gain from this new technology, other industries appear to be on the verge of doing so as well.

These five key industries will immensely benefit from this latest tech disruption:

The healthcare Sector

The government of India has introduced perhaps the largest healthcare scheme in the world, providing Rs 5 lakh in healthcare coverage to up to 10 crore financially disadvantaged persons and families as part of the Union Budget 2018. As the industries invests heavily in making healthcare accessible to all, blockchain technology can help to enhance this important endeavour. As of now, India's healthcare business lacks a comprehensive system that can quickly record large amounts of data while also making it conveniently and securely shareable. Obtaining the same data frequently consumes a significant amount of time that could otherwise be spent providing the best possible treatment to patients.

The banking Sector

Because this technology provides an immutable, secure, and encrypted ledger, it has a wide range of potential applications in the banking and financial services industries. It will not only provide accuracy and security, but it will also help the industries speed up the process of financial inclusion. Adoption of blockchain technology can greatly reduce the gap by creating digital identities for the millions of people who live at the bottom of the economic pyramid and are denied access to banking and financial services. The industries may use blockchain technology to create online identities for individuals and their families, allowing them to open bank accounts, transfer money, apply for loans, and more, bringing financial inclusion to a whole new level.

Encrypted messaging applications

Since blockchain technology is encrypted and decentralised, it is being widely explored for establishing such platforms to facilitate peer-to-peer and business communications. As of today, the tide of time seems to be in the favour of decentralised and encrypted messaging applications. For instance, Telegram, one such encrypted app for messaging, is finalising adoption of blockchain for various purposes. Other such platforms like Kik and Japan’s Line are tinkering around with blockchain technology and crypto assets.

Blockchain tech in voting

The problem can be considerably alleviated by using blockchain technology in voting. In fact, the capabilities provided by blockchain technology are not only useful for keeping voter information and identity private, but they also provide a practical method for casting ballots and keeping track of them. When implemented, blockchain technology will fully eliminate any possibility of fraud or wrongdoing.

Online advertising

Online advertising has dipped in recent years as a growing number of consumers choose for ad-blocking and DNDs, among other things. Blockchain technology is come to tackle the problem that advertisers and growth hackers are looking for alternative innovative and non-intrusive ways of attracting consumer attention with the correct adverts. The Brave browser, for example, makes use of Basic Attention Token, which was developed by a team led by Brendan Erich, the developer of Javascript. BAT eliminates the need for middlemen such as Google or Facebook's ad functionality by allowing consumers to trade ad space with businesses. Basic Attention Tokens are given to users who sign up for the services. Advertisements powered by blockchain may revolutionise internet advertising in the future because the system is more consensual and incentivizes people.

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