When it comes to Blockchain, the media mostly focusses on cryptocurrencies like bitcoin. However, the underlying technology has a wider scope beyond cryptocurrencies and it offers governments and businesses huge potential to rethink and innovate the existing processes.

The blockchain technology helps record all transactions of a business, permanently, on a shared network. The blockchain network may be public or private in which participants are invited to join. In a blockchain, all data are immutable and visible to every participant of that network. Hence, blockchain ensures transparency, trust and efficiency of information sharing process across organizations. Using smart contracts (self-executing computer codes), the execution of pre-agreed rules becomes easier with lower costs and a lowered risk of non-compliance.

The benefits of blockchain are obvious. Since blockchain is secure, smart contracts are more secure than traditional contract law. They also help reduce the cost of transaction, by cutting down middlemen. Moreover, by allowing participants to track data from its source, blockchain helps reduce both disputes and fraudulent activities.

Source:Medium

Use cases of blockchain are vast. The implementation of blockchain technology has huge potential to revolutionize industries, not limited to but including, banking, cyber security, insurance, automotive, supply chain and so on.

Banking Industry: The banking industry has already felt a disruption with blockchain’s faster, more efficient and more secure payment methods, threatening the elimination of many financial institutions’ functions.

Insurance Industry: In the insurance industry, blockchain will make the claim settlement process easier as disputes would be reduced due to increased transparency of shared data. Blockchain will also help reduce the cost of claim processing and increase contract efficiency.

Cyber security: The internet security will be highly enhanced with the assured immutability of the information recorded on blockchain networks. It will guarantee the validity of a data as blockchain provides end to end encryption and privacy.

Automotive Industry: The automotive industry has not yet successfully adopted the blockchain technology. However, this technology will make it possible to track a vehicle’s history from its pre-production to sale and re-sale etc. till its end of life. Hence, blockchain has the potential to totally transform the automotive industry.

Supply Chain Industry: In the supply chain industry too, blockchain will have a huge impact by allowing the buyers to trace the source of the purchased products from origination to end user. For example, the incidents of food fraud will be significantly reduced.

Commodity Trading Industry: Similarly, in the commodities trading industry, cases of document alteration and scam can be prevented with an increase in transparency and efficiency of the process using blockchain. Focused on commodities trading, our flagship product KRATOS( https://arkratos.com/) addresses these industry challenges by utilizing Blockchain and smart contracts.

Government and Voting: The governments of several countries such as Estonia, Dubai, UK, Gibraltar, USA and Switzerland are adopting Blockchain to make the system of governance more efficient. Blockchain promises significantly to help with record management, securing citizen identity management, reducing the risk of voter and tax fraud, improving the accountability of officials and so on. Even the education and healthcare systems (private and public) would witness a drastic transformation with an increase in quality, efficiency and trust, by utilizing the blockchain technology.

All these use cases indicate that blockchain is the future and will soon penetrate our day to day life. Right now, the volatility of cryptocurrency prices may dominate the headlines, but the capabilities and potential of blockchain are too powerful to ignore in the long run.







