How 5 Industries Are Using Blockchain Technology To Drive Growth

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Introduction

People often forget that Satoshi Nakamoto’s White Paper on Bitcoin was composed of two critical components-

  • Bitcoin
  • Blockchain

In simple words, Blockchain can be defined as a decentralized distributed ledger, which records and stored digital transactions by building blocks. Through Blockchain technology, digital transactions become immutable and cannot be overwritten or corrupted. It stores the entire pathway of a transaction by securing it in blocks.

However, while people went gaga over Bitcoins and the promise of a cryptocurrency financial system, they did not pay due importance to Blockchain technology. Nearly after a decade of being in the background as a mere facilitator of Bitcoin transactions, Blockchain has finally stepped out of the shadows of its illustrious and unstable elder sibling.

In this article, we are going to look at five industries that are actively investing and using Blockchain technology to drive their businesses.

5 Industries using Blockchain Technology aggressively in 2020: The List

  1. The Pharmaceutical Industry-

The pharma industry is a business ecosystem, which relies heavily on a great, fast and robust supply chain. We are dealing with complicated details and data, which need to be secured. Life altering vaccinations, trial reports, billion dollar payments and cross-continent operations require a secure, fast and clean technology.

Some of the major pharma companies in the world are experimenting with Blockchain technology to help them take the next step in their development.

  1. The Fashion Industry-

Fashion as a domain is highly dynamic and evolving. Millions of sellers are working with thousands of producers around the clock for purchasing, sourcing, raw material supply and so on. Most of the operations in the fashion industry need to be very timely and seasonal.

Many companies, which manufacture ERP and Logistics software, have stated how fashion giants are requesting a move towards adopting Blockchain technology for building trust and streamlining operations in the industry.

  1. The Humanitarian and Charitable Industry-

How can you move funding and infrastructure like lifesaving drugs to the innermost parts of Africa within moments? The United Nations and other charitable organizations have been calling for processes that can help expedite relief work during natural disasters and emergencies.

You would be surprised to know that the United Nations is using Blockchain technology to operate 16 functions. Most of it is concentrated in running global food programs and ensuring better coordination between agencies.

  1. The Food Industry-

Feeding billions of people all over the world can be a complex task. Manufacturing, packaging and sending billions of tonnes of food to different countries and continents requires the use of the best supply chain and logistics networks in the world.

This is why companies like Nestle, Walmart and others have stepped up their game in Blockchain technology. They are experimenting, investing and creating separate teams to use Blockchain technology to accelerate their global supply chains.

  1. The Energy Corporations-

Energy companies, led by Oil and Gas majors have slowly taken the lead in implementing Blockchain technology as a form of processing payments globally. The energy companies deal with expensive cargo and payments running into millions of dollars for every consignment.

Major oil and gas corporations like British Petroleum, Reliance Oil and Gas and others are working with banking and financial institutions in a bid to use Blockchain technology for payments and supply chain management.

Conclusion

While there is, still some amount of apprehension, when it comes to using Bitcoins and cryptocurrencies, Blockchain technology has been widely accepted as a revolutionary new enabling technology.

In the next few years, we expect the technology to grow rapidly and be adopted by different industries and governments all over the world. Do you think Blockchain can help make a difference on a global level? Mention your thoughts in the comments section below.