Top 3 Industries That the Best Indian Blockchain Development Companies Will Disrupt Soon
If you observe “carefully,” you will find that everything around us is changing gradually, be “it” the culture, communication, or compatibility. But these days, even technology is also facing change. Isn’t it? For example, if you “look” at the tech systems which were developed decades ago, most of them had centralized resources to store and verify the information in various situations. The “biggest” advantage of having such systems is that we can reel in the required information from the central server whenever we need to check, verify, or backup our organizational information, no? But there is a catch with these conventional systems that people can edit or abuse the data if wanted, like an in-house professional or a malicious hacker. However, if you shift to the latest technologies like Blockchain to meet your organizational needs, many of the challenges mentioned above can get eliminated. “But, how?” you might ask. “Well,” Blockchain Technology features a distributed database system that gets shared among the multiple nodes of a computer network, eliminating the need of having a central server. “So, how does it benefit?” right? “Well,” using this technology, you can store your business information in the digital format and maintain a secure and decentralized record of every transaction. What’s more? This tech concept generates trust among users without deploying a third party for securing the given information. And the best news? The users can record and distribute the data but can’t edit them. So, isn’t that a cool technology you should utilize now? So, stop waiting and start acting by connecting to the best Indian Blockchain Development Companies out there to develop modern business solutions for your organization. Ok?
With that complete, it’s time to peep into the next topic about Indian Blockchain Development Companies that reads something like:
Three Key industries that the Best Indian Blockchain Development Companies will revolutionize very soon
Now suppose that you want to send “$100” to your friend who lives in a country other than yours. What will you do? Most probably, you will make use of the conventional banking systems to send the money, and they will charge you $10 or more as their service fee. Now “given” that your friend stays in a foreign country, the transfer rates and other hidden fees will also get added to the additional expenses. Right? In that case, your loved one will get only the 80 or 90% of the money you send to them, no?
What else? The current banking system is “very” time-consuming and expensive and still doesn’t guarantee 100% security. So, you might hem and haw for once when it comes to taking the plunge to transfer the money to your friend, right? On the other hand, if you use Blockchain technology for the same task, you can leverage the peer-to-peer payment system “that” comes with low fees but high security. Since there is no central authority in this tech concept, you don’t need to make payments to any single entity. What else? Your transaction gets recorded in a ledger that is viewed and reviewed by any user in your network. Ok? Got it?
Whether you believe it or not, these days, plenty of problems exist in the health data storage of the patients. For example, anyone can access this information, if wanted, since they remain in the centrally located files of the healthcare institutions. Besides that, if someone needs the medical information of a particular person, it can take hours for anyone to find the correct file, providing them with some golden opportunities to conduct data breaches, theft or loss.
So, the question arises, how to deal with these issues properly? Well, that’s where Blockchain technology comes in, which eliminates the need to have a central resource and allows rapid pull-in of the data.
Do you know how? “Well,” in this tech product, every block remains connected to another block and distributed among various blockchain nodes, making it no easy feat for hackers or crackers to abuse the data. Ok? Understood?
3. Supply Chain Management
Lastly, blockchain technology can work wonders in supply chain management as well that you might not be “aware of.” “But, how?” you might ask. So, let’s suppose that you ordered some food online. When you received it and ate it, you found that its taste was disgusting. Then, you complained about the same to the “owner” of the restaurant, so what they will do?
They can refer to their blockchain ledger and see where in the supply chain things went haywire. For instance, they can shift from the farmer to the producer, the dealer, the retailer, and finally to the customer to find the fault throughout the process. This way, the consumer issues can get “easily” resolved, and they will receive a pleasant experience. Thus, the “Blockchain use” in supply chain management can offer complete transparency and validation of each transaction that “occurs” in the organizational processes. Hence, the business owner or the customer can see each record “as and when” required. So, isn’t such technology beneficial for your organization?
Hopefully, you learned scores of things through this blog, including the industries where the utilization of blockchain technology can make a big difference to their operations. So, if you liked this piece of content and want to avail of reliable and durable Blockchain-inspired solutions for your firm, please communicate with the well-known Indian Blockchain Development Companies without any delay.