4 Industries which will be revolutionized by Blockchain Technology

The blockchain technology is revolutionizing each and every industry. The industries and the companies which are not using the blockchain technology are not that efficient. Moreover, if your competitor is using the blockchain technology and if you’re not doing so, you will not be able to compete on an even footing. That is why using the blockchain technology has become a necessity.

In addition to that, there are quite a few opportunities which are arising out of the use of blockchain technology. We will look into for such industries which will be completely revolutionized with the help of the blockchain technology.

1. Banking and Finance:
Until now, the banking and finance industry was running on the older software. The interface was pretty old as well. Since the system was working fine, none of the banks, as well as the financial companies, tried to revamp the system.

With the advent of blockchain technology, the Fintech sector is emerging at a rapid pace. The growth in the Fintech sector is also pretty huge. Owing to this very reason, the products, and services in the Fintech industry are changing. As a result, the Fintech industry has no other alternative but to actually make use of the blockchain technology in order to solve the finance and banking industry better.

With the help of Fintech-based solutions, the banking and finance industry is able to provide better solutions for their customers. As a result, they are able to easily gain more customers. This is the number 1 industry which is getting impacted and revolutionized with the help of blockchain technology.

2. Manufacturing industry:
One of the main features of the blockchain technology is the real-time tracking. In the manufacturing industry, processes are often slow and there is no way to track them on a regular basis. On the other hand, the ecosystems which are using the blockchain technology have the advantage that each and every process can be trained in real-time. When each and every process is tracked in real time, it becomes easier for the companies to track all the details including the manufacturing time and the stage of manufacturing which is currently in process. This makes it much easier for the manufacturers to predict the demand and to bring the product to the market. This is one of the main advantages which you have got when it comes to using the blockchain technology in the manufacturing industry.

3. E-commerce:
Another industry which can make use of the blockchain technology is the e-commerce industry. Currently, there are various processes in e-commerce industry which are not streamlined. Moreover, when you look at the stakeholders who are involved in the e-commerce industry, you will realize that there are quite a few of them. This is one of the main reasons why the blockchain technology will speedup the process.

Moreover, since the real-time operation is possible and the platform is using blockchain technology, consumers will always be kept in the loop. When consumers are kept in the loop, they will prefer that platform as compared to the others. This is one of the main advantages of e-commerce websites which are using the blockchain-based platforms.

There are already a few companies which are actually using the e-commerce platforms based on the blockchain technology. They are able to provide better services to their customers on a regular basis.

4. Entertainment industry:
One of the main applications of the blockchain industry is in the entertainment and gaming space. Oftentimes, the developers have unsynchronized systems in the entertainment and gaming space. However, with the help of blockchain technology, digital assets can be exchanged across various different games. They can be liquidated between players as well. As a result, it will become easier for the players to get value for the digital assets which they have garnered. In the entertainment industry, on demand industry can be easily revolutionized with the help of blockchain technology. There are a few start-ups which are even sharing the advertising revenue with the consumers for watching the movies and TV programs and also witnessing the advertisements in between. As a result, the viewers are able to gain some advantage by watching these on-stream services as well.

This is only possible because of the blockchain technology. The settlement through the blockchain technology is almost on a real-time basis. As a result, it becomes much easier for the developers to provide proper settlement as well. Once a proper settlement is provided, the viewers will be able to benefit quite instantly as well. Also, scalability is not an issue with the blockchain technology. This is another advantage of the blockchain technology.

With the help of tokens, the developers of the platform can easily share the earnings with the viewers. In addition to that, each and every transaction will be done through a smart contract. When each and every transaction is done through the smart contract, it will become easier for the viewers to execute the transactions as well.

Thus, whenever you’re looking at the industries which are about to be disrupted with the help of blockchain technology, these are the 4 industries which you should look into. When you look at these 4 industries, you will surely realize that blockchain technology can change the entire industry which is an added advantage. If you’re looking for blockchain-based opportunities, then these are the 4 industries which you should definitely look at. If you’re looking to know more about the blockchain technology, you can head over to Coursera, Udemy.