The introduction of blockchain technology has drastically changed business and industry as we know it. Recent developments such as cryptocurrencies make it clear that the change is already here; in some industries, however, blockchain’s impact isn’t quite as noticeable.
Nonetheless, the technology is here to revolutionize industries across the board. Here are five industries that will see immense changes due to blockchain.
Foreign Currency Exchange
Remittances often account for a considerable portion of a country’s income. Countries like Honduras, Haiti, and Mexico see a significant portion of their revenue come from remittances; some estimates find that remittances add up to about half a trillion dollars globally. Unfortunately, these transactions are burdened with astronomical fees and costs.
Cryptocurrencies built upon blockchain can completely eradicate these transaction fees. When using cryptocurrencies, money can be exchanged in a matter of seconds with no middleman necessary, so money passes from one country to another without incurring a single fee.
This change may be a bit more evident since blockchain technology began in digital currency and it’s where we see the biggest waves being made today. Cryptocurrencies only need small development teams and eliminate the need for banks. In fact, since the ledger of transactions is made public and easily verifiable, there is no trust involved and no risk that one party won’t pay. Thus, many businesses realize that they have no need for corporations that facilitate their financial exchanges.
Moreover, cryptocurrencies can help companies to find funding by selling cryptographic tokens. This is proven to be extraordinarily effective; blockchain companies doing this have raised millions of dollars in just minutes. With the enthusiasm of customers and businesses surrounding blockchain-based cryptocurrencies, who knows what successes and transformations the future hold for businesses small and large alike.
Supply Chain Management
Trade, especially international trade, is immensely complex. The rising of blockchain technology has logistics and shipping companies interested; blockchain can be applied to supply chain management to simplify many of the complicated or time-consuming processes. The platform can track products and keep thorough records of everything from serial numbers to transportation history. Blockchain can make the supply chain management industry more transparent and streamlined, as well as simplifying the process of international trade through tracking and customs regulations management.
Similar to supply chain management, blockchains can revolutionize the manufacturing industry in all areas, from efficiency to predictive maintenance.
The utilization of modern technology is vital for manufacturing plants to run at top performance. For example, blockchain technology can aggregate and display transparent machine data from a variety of platforms, to help check for efficiency or general machinery problems. Equipment can be monitored, and predictive maintenance used to help save on energy or failed machinery costs. Plus, all records are saved and organized on the blockchain to ensure complete and secure documentation.
Retail and eCommerce Advertising
As more avenues for consumers open up, the retail industry is becoming one of the most competitive industries we see in the modern day. Retailers and e-commerce businesses must utilize advertising to ensure consumer attraction and success, but third-party advertisers can be costly and problematic.
Thankfully, blockchain features the decentralization of public, verifiable ledgers, and the ability for blockchain to record and display user data eliminates the dependency upon those third-party advertising corporations. Blockchain can create a better connection between companies and customers for the benefit of both parties.
Even more, some recently-developed blockchain projects allow customers to securely share their identity data make smart advertising and matchmaking easier than ever.
If you’re interested in utilizing blockchain, but you don’t feel like you know just what you need or how to go about it all, SafeNet is the perfect resource. Partner with SafeNet to learn about how blockchain can revolutionize your business and start using the technology now.