Blockchain solutions have transformed business operations in several verticals such as banking, financial services, retail, government, and healthcare. The need for sophisticated solutions that enable businesses to enhance efficiency and reap benefits spontaneously is expected to be one of the major factors enabling penetration of this technology across the world. Some of the prominent features offered by blockchain technology include transparency, security, speed of processing, and traceability.
Blockchain technology also helps manage the level of decentralization an enterprise would like to provide. Public, private, and hybrid blockchain platforms enable users to modify their preference on allowing access to specific users. Some of the end-user applications of the technology include BFSI, Media & Entertainment, Retail & E-commerce, IT & Telecom, Hospitality, Government & Utilities, and Healthcare among others.
The technology has already experienced increased acceptance in the Banking and Financial industry, where it is used for payments, smart contracts, exchanges, documentation, and digital identity among others. Blockchain technology in supply chain management has also held a prominent place in the market, as it can be used to document, decentralize functions, monitor transactions, and maintain appropriate security.
The technology is expected to generate opportunities in the government sector for improving outreach of public benefits, policies, and payments. This platform is expected to reduce bureaucracy, increase transparency, security, and operating efficiency. In the healthcare market, the technology is used for record keeping and transferring patient information in a secure way, such that it speeds up diagnostic procedures.