- Stock Trading
- Supply Chain Management
- Real Estate
- Infrastructure Security
Blockchain is a breakthrough technology and comes into the limelight from the last few decades. With its decentralized nature, Blockchain technology can lead to great opportunities and benefits companies through enhanced security, transparency, and easy traceability. Most Fortune 500 companies, from finance and retail to airlines and automobiles, are exploring Blockchain Technology for its benefits in business security and operations.
How Blockchain Can Power up Your Business?
Blockchain Technology is not just restricted to the exchange of Cryptocurrencies. The new-edge solution is also being used by governments to create, validate, and improvise people’s access to self-sovereign (international ID) identities. The benefits of blockchain like security, efficiency, and precision are today being enjoyed by multiple domains and sectors, such as retail, healthcare, finance, and more. There are many benefits that this technology can present to businesses, through its decentralized and distributed nature:
- Greater Transparency– The key advantage of Blockchain technology is its transparency. This makes blockchain good technology to store financial records or any other data.
- Increased Efficiency– Because of its decentralized nature, Blockchain removes the need for middlemen in many processes. The technology facilitates rapid transactions by allowing P2P cross-border transfers with a digital exchange.
- Higher Security– Blockchain is secured than any other record-keeping systems as each new transaction is encrypted and connected to the previous transaction. The indisputable and incorruptible nature of blockchain makes it secure from hacks and falsified information.
- Improved Traceability– With the blockchain ledger, we record the exchange of goods, an audit trail is there to trace where the goods came from. This can improve security and avert fraud in exchange-related businesses.
Why Blockchain Testing is Crucial?
As Blockchain paves the way for innovations across industries, it will bring some inherent challenges like privacy and security issues, integration issues with legacy systems, great energy consumptions, high investments, and initial fear around the adoption procedure. With so many Blockchain apps being launched in almost every sector, it is becoming an essential task for testers to overcome the challenges and issues. To help enterprises overcome these threats, testing blockchain apps becomes crucial.
Deloitte’s 2019 Global Blockchain Survey also demonstrates that blockchain is going through a similar path of diffusion across industries far beyond its initial Fintech apps. Sectors like media, technology, telecommunications, government, and health care are expanding their blockchain initiatives.
Verticals that use Blockchain Applications and Need Testing
Banking sector is already racing ahead in blockchain, let us look at a few other verticals that are trying to implement blockchain and are slowly inching ahead.
- Stock Trading– Blockchain application helps to automate buying and selling and trading stocks, making the procedure seamless and well-organized.
- Retail– In this sector, blockchain application can decentralize the customer’s trust by linking it to the sellers across varied platforms and marketplaces. It connects sellers directly with buyers, lessening the hassles of middlemen and the costs involved.
- Supply Chain Management– Blockchain provides the transparent and most secure monitoring of transactions. It helps document these transactions as decentralized records that lead to saving of cost, time, and errors. Blockchain apps thus create a traceability system.
- Healthcare– Blockchain applications are popular in the healthcare sector as well. It can easily manage and maintain the security and privacy of the data. The collaboration of accurate data results in better diagnoses, higher success rates in treatments, and low cost.
- Airlines– Implementing blockchain will help secure the data and make the traveler be at ease. Securing traveler’s data can make them feel at ease.
- Entertainment– Entrepreneurs from the entertainment sector can also use blockchain to share their work via smart contracts and generate the payment.
- Education– The blockchain-based system could serve as an endorser for educational institutions to access secure records and documents.
- Real Estate– Blockchain technologies could simplify the process and improve transparency altogether. Besides, all the documents could be stored securely. A startup company named Deedcoin Inc. offers cryptocurrency driven transactions that reduce the commission rate for the agent to 1 percent.
- Government– Besides voting systems, blockchain systems could be used to help control bureaucratic corruption in government agencies.
- Infrastructure Security– Most organizations today are still easy to hack. Using blockchain, enterprises can effortlessly share data securely. With blockchain’s advanced cryptographic methods, we can also reduce the rate of hacking.
These are some verticals that are likely to see significant advancement from blockchain technology. While there are several vendors that offer recommendations for Blockchain implementation, enterprises need to understand and decide what suits their business requirements, and syncs well with their goals.