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The blockchain is an integrated database which stores all the transaction history of bitcoins. Just like bitcoin - ethereum also started to grow as bitcoin did and develops its own blockchain, Every crypto coin is having their own block chain database, but all of them operates and depends on the blockchain of bitcoin.
The blockchain is a distributed technology which underlies the bitcoin and other cryptocurrencies, which is more transparent, auditable, and also resistant to outages. Entrepreneurs say blockchain makes things democratic, decentralized and secured.
The arrival of blockchain technology creates a lot of impacts on these most popular industries and sectors which have large databases.
Here are they!
The first industry which will get disrupted by blockchain is banking sector. Because blockchain can do what the banks are doing. There are a lot of possibilities for the banking sector to disappear.And people will start using bitcoin to transfer money to anyone at anytime. But the situation already comes into reality.
To avoid those unnecessary things, banking sectors are now started to invest in blockchain. Statical reports says that by the end of 2017, there may be 15% of banks will start to use blockchain technology.
Cybersecurity is also a very big database which contains a lot of informations gathered around the world. The injection of blockchain technology will prevent the industry from unauthorized changes and hacks.
Blockchain technology also can be used for a supply chain management system. using this technology transaction will be documented in a permanent decentralized ledger. And It will save time, labor costs and more.
4. Networking and IOT
Blockchain also started to mark its presence In IOT and also in networking, Samsung and IBM are now focusing on creating decentralized network of IOT devices using blockchain.
Blockchain will eliminate the need for a central location to handle the communication of IOT Devices, that is there will be no need of use for hub to make the interaction between devices.
5. Insurance sector
The global insurance market runs based on the managing the trust, blockchain helps the industry to manage the trust. Oracle is now integrating the real world data with smart contracts. This type of technology is used for any type of insurance which underlies on real-world data.
6. Online data storage
Centralized or cloud data's are alway unsafe and allow for hacking, data loss, and human error. Blockchain makes cloud storage to be more secure and will prevent from hackings.
7. Hospitality or health care
Which is an another industry, relies on legacy systems is health care, hospital needs secured platform to store and share sensitive datas. So blockchain will help hospitals to store their medical records securely and will share them with authorized doctors.
8 . Retail industry
Blockchain-based retail markets will connect buyers and sellers without a mediator and associated fees. Trust is the important things for the retail industry, here the blockchain will collect trust from smart contract systems.
9. Real estate
Blockchain technology can speed up the transactions by reducing the time usage for paper-based transactions. Will help to track, verify, ensure the ownership and accuracy of documents.
Do you want to integrate blockchain technology with your business startup?
It is clear that many popular industries and sectors are started to use blockchain technology for their business upgrades. So you can start to integrate blockchain technology with your business if you wish to upgrade for better growth.
You can make use of digital tokens or crypto tokens for transacting the assets and funds in a smart way, Digital tokens give ownerships for a specific asset, The holder of the crypto-token have the rights to claim the particular asset.
Bitdeal can help you to integrate blockchain technology with your own business and can help you upgrade your cryptocurrency business startup with a necessary feature.
Contact bitdeal team to ask many inquiries.
Hey Peeps !! This is Anushya an enthusiastic and energetic individual who persists in the field of Blockchain and Cryptocurrency for more than 4 years. At present, surviving as a Business Consultant and Blogger at Bitdeal. I am fascinated towards the upcoming trends and technologies in the digital globe. Stay tuned with us to move forward with innovations in the crypto industry !!
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