5 Big Industries that Blockchain could transform for the better

September 23, 2022

Fintech is not the only industry that could be influenced by Blockchain. Other industries are recognizing its influence and structural integrity and are keen on imbibing it.

The buzzword and technology trend for 2017 was – BLOCKCHAIN, and it will continue to be so for 2019. An open ledger technology that began with bitcoin and has been around for years seems to have entered mainstream conversation lately. It is basically a global public database/ledger that stores detailed information about every transaction enabling companies to prove the security of their documents by being transparent about who owned the document at any given time, citing proof of the fact that it hasn’t been modified or altered in any way.

This proved to be extremely vital for Bitcoin as it ensured that the same money won’t be spent twice, unless a third-party plunges in. What also makes blockchain further unique is that the ledger isn’t stored on one computer, instead it’s shared across a huge number of computers which allows everyone in the network to have access to it. Because of the reliability and accountability that blockchain entails, it has become a customary element for development of financial technologies today. However, other sectors are recognizing its influence and structural integrity and are keen on imbibing it.

Following are the industries that could be transformed by blockchain technology or have its indelible imprint on their future –


1. Banking

Blockchain can inject enhanced accuracy and information sharing into a structured and complex financial services ecosystem such as a bank by being a digitized and a tamper-proof ledger. Banks are investing the maximum in blockchain startups, for example, R3 CEV, a consortium of global financial institutions collaborating to develop a platform and commercial applications for distributed ledger technology. The platform has been called Corda and it meets the highest standards in the banking industry but will be applicable to any commercial scenario.

This is what blockchain will do for the banking and financial sector –

  • Fraud Reduction

The potential of blockchain technology to reduce fraud is getting a lot of attention from the financial world because 45% of financial intermediaries suffer from financial crimes every year. Most banking systems are built on centralized databases that are vulnerable to cyberattacks where the hackers only have to breach one system to have full access. The blockchain technology would eliminate some of these crimes.  

  • Smart Contracts

Blockchains are capable of storing any kind of digital information which can be computer codes as well. These codes can be executed when two or more parties enter their keys enabling smart contracts. Once a set of criteria has been adhered to these codes can be programmed to create contracts or execute financial transactions.

  • Know Your Customer (KYC)

Financial institutions spend millions to keep up with KYC and customer due diligence regulations annually. Blockchain would allow verification of one client by one organization to be accessed by other organizations so the KYC process wouldn’t have to start from scratch. This would bring down the administrative costs for compliance departments significantly.

  • Trading Platforms

Operational errors and fraud would be reduced if trading platforms started relying on blockchain technology. NASDAQ and the Australian Securities Exchange are already exploring blockchain solutions to reduce costs and raise efficiencies.

  • Payments

Blockchain disruption will eliminate many of the existing intermediaries in the payment processing system. This will bring in fortified security and lower costs for banks to process payments between banks, among organisations and their clients.


2. Healthcare

Healthcare organisations face the challenge of secure sharing of data across platforms, which is an impediment in the pursuit of delivering cost-effective care. Employing Blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security.

For example, Tierion, a blockchain startup has built a data storage and verification platform for healthcare. Also, blockchain company GEM and Tierion have partnered with Philips Healthcare in the Philips Blockchain Lab.


3. Ride Sharing

Taxi apps like Uber, Hailo and Lyft operate as dispatching centres that use algorithms to control their drivers and tariffs. Here, blockchain could introduce a wave of new options where both drivers and users could create a more user-driven and value-based marketplace because of the distributed ledger.

For example, Arcade City, a startup with a ridesharing app for people where users can select their driver, negotiate payment and enjoy personalized service. So, Arcade City is basically functioning in a similar fashion to that of other e-hail taxi apps but allows drivers to set their fares (in place of a corporate) with blockchain recording all transactions. Arcade taks a percentage of the rider fares and helps drivers build their customer base along with providing value based services like deliveries and roadside assistance.


4. Retail

Blockchain could change the existing dynamic of the marketplace by decentralizing the trust. For instance in case of Amazon, its success is dependent on its consumers’ sense of trust, here blockchain will attach that trust to sellers than to site themselves.

There are startups that are developing decentralized blockchain utilities to connect buyers and sellers, without a middleman and the related charges. At these utilities customers purchase goods using any of the available crypto currencies, and sellers are paid in Bitcoin with all data distributed across the global network instead of being stored in a central database.


5. The Internet of Things (IoT)

Blockchain will prove to be a security fabric for IoT, it will give companies invested in this sector the confidence that their IoT devices won’t be compromised. With the rise of IoT severe issues will surface when millions of devices would want to interact among themselves or their users and with the current IoT ecosystem relying on the server/client paradigm, these challenges will be difficult to meet.

Many tech firms are exploring possibilities of resolving these problems with blockchain technology. They are considering importing its core concept of peer to peer messaging devoid of trust a complete possibility as has been proven in the financial realm through cryptocurrencies such as Bitcoin. For IoT networks blockchain will allow billions of devices to share the same network without the need for auxiliary resources. IoT will definitely entail blockchain for a future that involves decentralised and autonomous networks.


The power of global blockchain is waiting to be harnessed in innovative ways by companies, and the above is a mere glimpse of it. If you are seeking for any kind of consultation, solution, service based on Blockchain DevelopmentBlockchain Mobile App Development , you can make contact with one of our executives at +1(512) 488-3568 or drop your enquiry at or Free Quote at –

Recent Posts
The Ultimate UI/UX Trends Taking Over 2024
Selecting the Ideal IT Consulting Firm for Your Business
From Metaverse to Microinteractions: The 5 Defining UX/UI Trends of 2023
Why Consider A/B Trials and Usability Testing for Fine-Tuning UI/UX Experiences
Creating Outstanding UX/UI for Voice User Interfaces
The Next Generation of Mobile Apps: What to Expect
8 IoT Use Cases For Smart Farming
Tips To Elevate User Experience With Progressive Web Apps
10 Most Popular IoT Devices In 2023
Top 8 Cutting-Edge Web Design Trends in 2023
How To Optimize Your eCommerce Website?
Why Do Businesses Need Custom Web Application Development?
5 Powerful UI/UX hacks for top App Development in 2023
How To Migrate from Ms Dynamics CRM to Dynamics 365?
Cloud security has become an increasingly important field in IT
IoT App Development Trends Changing The World As We Know It
8 Top IoT Development Services Design Practices
How Can Breadcrumbs Lead To Best Web Design And Development?
How Are AI And IoT Development Services Driving The Future?
6 Website Building Steps For Every Web Design Company
10 Ways Of Energy Management With IoT Development Services
Entertainment App Development And Digital Transformation
Salesforce App Development For Business Customization
How Can AI App Development Services Fight Climate Change?
Top Web Design And Development Trend Predictions For 2022
7 Budgeting Mistakes To Avoid In LMS Development Services
How to Improve Virtual Care Experience Using Telemedicine?
Ultimate List Of 10 Mobile App Development Trends For 2022
What Does Metaverse Mean For Entertainment App Development?
Which Sectors Use AR / VR App Development For Navigation?
How Telehealth Improves Behavioral Outcomes In Children?
How To Integrate A Payment Gateway In Salesforce App?
Top 10 Uses Of Deep Learning in Various Industries in 2022
Your Guide To The Best OTT App Platforms For 2022
Why Use AR/VR App Development For Employee Safety Training?
How IoT Drives Future Of Healthcare Application Development?
How Is AI App Development Automating The Logistics Industry?
How To Optimize B2B Marketing Automation With Salesforce?
10 Unique Education Mobile App Development Ideas For 2022
Key Tools to Digital Transformation
Importance of Discovery Process for Mobile App Development
How‌ ‌To‌ ‌Monetize‌ ‌Your‌ ‌Healthcare‌ ‌Mobile‌ ‌Apps?‌ ‌
How LMS Mobile App Development Leads To Better Engagement?
Cost Parameters For Mobile App Development Like Clubhouse
Revamping the Customer Support Services: Salesforce Chatbots
5 Patterns In Entertainment & Media App Development In 2021
10 Things Modern L&D App Developers Should Be Doing
How Does AI App Development Deal With Anomaly Detection?
How can Augmented Reality Improve Customer’s Travel Experience?
Fundamental Practices To Ensure Successful Test Environment
How Salesforce Builds Seamless Marketing Campaigns?
Virtual Fitting Rooms: Augmented Reality Development Services
Salesforce Vs. NetSuite: A Brief Comparison For Right CRM
Mobile Apps and Digital Transformation- A Tech-Backed Trend
Customer Experience's Position in LMS Mobile App Development
Integrating EMR and EHR in Telemedicine App Development
How Does AI ML Go Hand in Hand with the Fintech Industry?
Tech Stack that Supports Augmented Reality App Development
How to Build an Effective Patient Dashboard: Telehealth Software Solutions
E-Learning App Development- Tools No One is Talking About
Know Your Salesforce Mobile App Better With This Quiz
7 Little Tricks to Achieve the Best Results in OTT App Development
What Industry Insiders Say About AI and ML?
Know It All About Smoke Testing
Use AI for the Perfect Business Growth
Salesforce Future- Trends to Stay Aware of
HIPAA Compliant Telemedicine App Platforms You Should Know
Trending E-Learning Tools that You Can’t Ignore!
Why AR/VR Will Transform the Future of Web Apps
Remember These Things During Salesforce Mobile Application Development
How IoT is Changing the Telemedicine Industry
Types of Educational Apps That You Can Launch in 2021!
Cloud App Vs. Web App- What are the Differences and Benefits?
How Does AI Enhance DevOps in an Organization
How to Make an AI Voice Assistant App?
Everything You Need to Know About an LMS Software!
Trends in Robotic Process Automation for 2021!
Bots and AI: The Future of Software Testing and Quality Assurance!
Benefits of Artificial Intelligence in Medicine in 2021
How to Create a Dating App like Tinder and How Much Does it Cost?
Salesforce Platform: A Simple Automation Solution for Complex Businesses!
Best 5 Real-World Applications of Artificial Intelligence!
Why is it Necessary To Have an App For Your Healthcare Business?
How Does Quality Assurance Work With AI?
How to Create an Educational App: Features, Cost, and Business Models?
Salesforce Marketing Cloud - All You Need To Know!
Manual vs. Automated vs. Integrated- What's Best for Modern App Testing?
Biggest Telehealth Benefits for Doctors and Patients
How AI & ML are Transforming Social Media?
OTT App Development- Features, Costs & A Lot More!
E-Learning Trends and Predictions to Watch Out for 2021!
Reasons Why Outsourcing QA is a Great Idea!
How to Integrate AI & ML to Your Existing App?
Mistakes Digital Marketers Make with Salesforce Marketing Cloud
Essential Features of LMS That you Can't Ignore!
Pressing Challenges in Healthcare for 2021
Salesforce or Zoho- Which CRM Suits your Business Better?
AI and Organizational Change - How This Technology is Changing it All
How is Salesforce Better for your Business?
Video Streaming Apps - Attributes and Development Costs