Blockchain originated almost a decade ago, and since then, it has made a significant impact on a number of industries. While Blockchain is an integral part of cryptocurrency technology, it has applications across many sectors in India and worldwide. Experts even call it the most groundbreaking innovation in the history of the internet as it has managed to disrupt almost every industry out there, including healthcare, manufacturing, and retails, to name a few.
In the book ‘Blockchain Revolution’, authors Don and Alex named it the most incorruptible digital ledger system ever for financial transactions. The USP of Blockchain technology is that it can be used to record almost anything that has a value.
How Is Blockchain In India Transforming Businesses?
1. Supply Chain
Today’s entrepreneurs are aware that digital innovations could transform their businesses in a big way. Blockchain is one such technology that can be used to revamp any supply chain system. By utilizing Blockchain for their supply chain, businesses can keep error-prone manual processes to a minimum, and save a huge amount of money as well. However, to use Blockchain networks effectively, businesses need to incorporate seamless process automation and digitization first.
An ultra-sophisticated algorithm at its core, Blockchain offers unsurpassable security for digital transfers while keeping records of everything in an extremely safe system.
The participants in the Blockchain network can access the same information by using a distributed ledger. They can add any additional information but without altering the existing data. With some customization, Blockchain can benefit even the most complex supply chain systems.
2. Banking and Finance
Blockchain works digitally, and this can make cross-border payments more accessible, faster, and more secure than ever before. People from all parts of the world can take advantage of the fantastic banking opportunities offered by Blockchain technology. It also allows authorities to keep a record of individuals and their family members, which makes it easy for people to transfer money, apply for loans, and get approvals quickly.
As already mentioned, Blockchain is an incorruptible digital ledger. It has tempted many firms in the financial sector to invest in research and Integrate Blockchain technology in their operations.
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The Healthcare sector in India has always lagged when it comes to technological innovations. Right now, the biggest problem in most healthcare institutions across India is their inability to record bulk data quickly, seamlessly, and securely. It poses a big obstacle in the Government’s ambitious plans to make healthcare facilities available to everyone.
Blockchain can prove to be a game-changer in the healthcare sector. With the help of this technology, paperwork for treatment and patient’s data can be reduced to a large extent. Blockchain allows medical records to be accessed immediately by both doctors and patients.
As more and more retailers realize the benefits of Blockchain, it is all set to bring a big transformation in the retail sector in 2020. In retail, Blockchain has the potential to transform back offices, prevent frauds, and optimize supply chains. For instance, retail businesses such as pharma, electronics, and Luxury retail can utilize price tags to create safe records in Blockchain databases. This step can dramatically reduce the instances of counterfeit goods as customers can quickly check the authenticity of products at any time. Blockchain will also promote supply transparency, visibility, and security in retail businesses.
Since Blockchain can impact operations across sourcing, supplies, procurement, and monitoring, it can reshape the entire manufacturing industry soon. Blockchain applications can play a crucial role in improving product quality, order accuracy, and order tracking. In simpler terms, Blockchain can help manufacturers meet tight deadlines and increase their overall sales and productivity.
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