How and why Blockchain is revolutionizing modern industry.
Blockchain has created greater transparency and veracity across the digital information ecosystem, transforming an abundance of industries. Here are some of the innovative ways industries are harnessing the power of global blockchain.
As a digitized, secure and tamper-proof ledger, blockchain enhances the accuracy and ease of sharing in the financial sector. Blockchain solutions offer banks the potential to save large amounts by reducing processing costs—a reduction that many in the banking industry suggest could save up to $20 billion dollars.
Many banks are eager for the implementation of blockchain, as the opportunity to reduce transaction costs and the paper processing would make banks increasingly profitable and valuable. The possibility of starting a bank at a lower cost has attracted many Fintech startups to the market.
Blockchain technology has vitalized the the agriculture sector, enabling transparent means to understand, identify and record the source of produce and its journey. All stages of the agriculture process benefit from the implementation of blockchain: farmers are guaranteed fair payment, consumers know the origin of their food, and retailers can be assured of the legitimacy of their purchase.
Blockchain will further revolutionize the logistics of farming, with smart farm technology already creating superior infrastructure.
Governments can now efficiently, transparently and securely deploy government services, due to blockchain. The potential uses for blockchain within the governmental sphere is endless, with citizen engagement, transportation, voting, health records and tokenizing welfare payments just to name a few.
Similar to agriculture, blockchain is transforming retail by ease of traceability within the product journey. The supply chain ledger allows the retailer to be informed on the stages of the production cycle, the location of the product, the steps taken on the journey, and the confirmation of its quality.
For those making charitable donations, blockchain provides the ability to precisely track where your donations are going, when they arrive, and who will be the final recipient of these funds. From there, blockchain can deliver the accountability and transparency to address complaints such as organizational inefficiency, or financial misconduct, that can prevent money from reaching those it was meant for.
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