Blockchain is rapidly grabbing eyeballs across the globe because of its virtues of simplicity and security. As per a report published by GlobeNewsWire, the blockchain technology is pitted to grow at a CAGR of 79.6% by 2023. Whether it is supply chain or healthcare, blockchain is gradually penetrating each industry vertical with a promise of consolidated data that is accurate, timely and widely accessible. Labelling blockchain technology with these attributes are not even the tip of the iceberg, lets deep dive to understand why blockchain is considered as an emerging technology that will transform the way businesses operate.
Top Reasons that Make Blockchain the Emerging Technology
Each industry vertical leverages blockchain differently. These different aspects of the technology pitch it as a solution for multiple challenges.
- Blockchain is leveraged by the Supply Chain domain to improve product traceability and adherence to quality This is very critical to maintain the quality of the product delivered by identifying and labelling each stakeholder in the supply chain. For example- In 2011, Wal-Mart China found itself in the soup as Chongqing authorities marked them for selling non-organic pork with organic labelling. After a tumultuous struggle with the problem, in 2017 Wal-Mart China incorporated blockchain technology in its food supply chain to improve food labelling to deliver quality to its customers.
- Blockchain is leveraged by the Healthcare domain in medical record management. Blockchain as a technology has the potential to manage bulk data and create specific blocks of information. The healthcare industry takes advantage of this data management feature to usher a robust data management process in hospitals and clinics. The patient data managed through blockchain technology enables hospitals and clinics to partner with insurance teams in cases of insurance claims. The data blocks created in blockchain ecosystem cannot be tapered so each stakeholder has the same data.
- Blockchain is leveraged by Human Resource domain to roll out smart contracts for freelancers and temporary workforce. Not all the workforce come under the direct rolls of the company and at times, managing multiple vendors becomes extremely tedious for the human resource function of an organization. Herein, blockchain has emerged as a solution in creating smart contracts that make the payment mechanism seamless after every ad-hoc assignments and projects.
- Blockchain is leveraged by the Media & Entertainment domain to crowdfund for collaborative productions. Many creative production houses are leveraging crowdfunding platforms powered by blockchain to launch newer productions. Blockchain-based crowdfunding platforms like iProdoos openly presents funding transactions for clarity amongst investors. With smart contracting options, the payment process has been automated. This particular application of blockchain-enabled enables stakeholders, particularly, investors receive revenue from the projects they funded.
From the above case uses, one can fathom how blockchain has every potential to become a tool powering an entire generation of data and financial transactions. This makes it an important time to explore courses in the likes of Certificate Programme in Applied Blockchain offered by IIM Indore in collaboration with Hughes. The course aims at preparing a workforce skilled in blockchain and can effectively enable its adoption in preferred industries.