Unmissable Blockchain Opportunities of 2021

Talking to his college friend, William, a tech enthusiast shared that he is planning to choose blockchain technology as his research topic for the next class presentation. Well, this is certainly a fictional example presented here to make you aware of the burgeoning success of blockchain technology. Launched in 2009 as the underlying technology of the Bitcoin network, blockchain, today stands tall as an individual industrial resource offering a plethora of services to users.

In layman’s terms, blockchain is a decentralized ledger that helps to record transactions without any interference from a central authority. The transactions are recorded in blocks that are interconnected to each other through encryption. Each block is duly time-stamped, highly secure, and immutable from external alterations, modifications, or intrusions. These features make blockchain networks a reliable resource for payment settlement, network operations, control management, etc. While some people continue to see blockchain as a finance wonder, others have explored its application across multiple industrial zones. Today, we can see blockchain technology bringing a revolutionary change in the most significant areas of the public domain such as education, healthcare, supply chain management, hospitality, tourism, etc. to name a few.

Living in 2021 and still maintaining a distance from blockchain technology can be a big mistake on your part. Here, we are highlighting some of the top opportunities that blockchain is likely to offer to its users in the future. So, let’s take a stroll down the blockchain lane:

1.? ? ? Light on your Pockets

It won’t be an exaggeration to say that banks and financial institutions work as the catalysts for the core financial system. They facilitate payment settlement, both at the local as well as the cross-border level, store money, provide loans, etc. To execute these tedious activities, these institutions levy fee charges on customers.

The chief characteristics of a blockchain network offer immutability and high-end security standards to these global finance powerhouses. With blockchain infusion into banking networks, these institutes can bring down the operability costs significantly.

The lengthy paperwork can be replaced with the decentralized ledger solution that helps to store the huge pile of customer information securely. This reduces the workload and costs. As all the transactions are shifted to the digital channel, human dependence for administration and control work is reduced dramatically. This helps to bring down the overall cost for the entities as well as the users.

2.? ? ? Increased Tracking Capacity

Blockchain is all about transparency and systematic recording of data at every endpoint. This unprecedented excellence of blockchain makes it a perfect choice for the food industry and supply chain cluster where provenance is a basic necessity. When purchasing a product, we prefer to know about the safety standards followed throughout by the involved parties. For business houses, maintaining a track record of inventory at every step is necessary to keep a check on mismanagement.

This is where blockchain can help to bring about a change. The decentralized ledger allows users to keep a track of every single process point effectively. The digitalized transactions remain free from manipulation by outside parties.

Through blockchain technology, entities can streamline the core processes related to inventory storage, supply chain, and distribution to retailers. Blockchain offers a unique identity to each product which makes it free from the risk of duplication. This feature can be adopted by the diamond industry where provenance is the ultimate key. Firms like Everledger are proudly using blockchain technology to ensure the supply of quality diamonds to customers.

3.? ? ? Valuable Customer Experience

Who does not love to get juicy rewards in loyalty programs or events? We all do!!! However, in a traditional setup, these reward programs can get quite time-confusing and tiring. This is because of the lengthy processing that takes place within the centralized network.

When switching to blockchain technology, loyalty reward program teams can get away with these limitations easily. The decentralized ledger allows quick calculation of reward points and simultaneous disbursement of earnings. This not only makes the reward system speedy but also allows customers to use the earnings to receive immediate benefits like cash discounts.

Startup firms like Loyall have introduced blockchain-supported loyalty cards for customers. These cards help users to transfer and trade the value in their vouchers across multiple retail spots. The freebie cards make users enjoy a seamless shopping experience.

4.? ? ? Increased Security

Those who know anything about blockchain technology are well aware of its high-end security potential. The use of cryptography makes a blockchain channel a perfect tool for storing data that requires high-tech privacy. Blockchain helps users to store data in blocks that are time-stamped and duly inter-connected through encryption.

It is this blockchain technology that offers anonymity to crypto holders when trading over a network. The entire system is fully independent of a central controlling authority enhances its security standard by eliminating risks of human corruption. As each transaction is tamer-proof, the risk of data theft or tampering can be easily avoided by the users. The use of blockchain technology for cloud storage services has brought a dramatic change in the sector.

5.? ? ? Verification and Identification

Today, we can find blockchain as an invaluable tool for the digital verification and identification industry. The decentralized ledger helps to keep a track of property rights, intellectual rights, and patent norms. Recently, Kodak announced a portal that will track the usage of pictures across the web. This will allow the rights owners to seek legal help in case of infringement. The project is likely to increase transparency and automation in the Internet-supported industry.

The use of a unified, blockchain-powered document storage app can ease the verification process for recruiters, doctors, insurance firms, etc. As each document will be stored on the ledger, it will become easy to access at the time of need without any hassle. Moreover, the owners will become free from carrying the heavy bag of documents from one place to another. The storage of digital signatures on the blockchain remains free from the risk of duplication by malicious intruders.

Conclusion

The content above is a small sneak-peek into the gigantic world of blockchain technology. Stuffed with a chain of user-friendly features, a blockchain network is a perfect solution for your everyday needs. So, if you are planning to expand your business in the future, then blockchain technology can be your perfect companion in the changing dynamics of the industrial knit.??