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It has been a few years since companies have started to leverage the benefits of blockchain technology, mainly applying it to improve safety and security features of real-time transactions. 2018 became a breakthrough year, as Banco Bilbao Vizcaya Argentaria issued a corporate loan that was completed using blockchain technology and Banco Santander launched the first ever blockchain-based cross-border payments system.
Despite the fact that these achievements sound quite astonishing, there is still a lot to take from blockchain to benefit not the financial sector alone. Below, we present a list of industries that are expected to experience the advantages of blockchain use in 2020.
According to IBM estimates, about 62% of industry’s actors will have blockchain-powered systems in place by 2021, taking advantage of its transformative potential. The latter mainly relates to manufacturing processes, financial aspects and supply chain optimization. It can also make a great contribution to safety when it comes to smart vehicles that are almost entirely dependent on high-tech electronic mechanisms.
Forbes suggests that blockchain is a tool that could remodel the existing approach to information storing, transactions execution and trust maximization for companies operating in various industries. The application of blockchain is especially important and valuable for the environments where security concerns are a constant issue and the requirements to security systems in place are strict. Blockchain can ensure exceptional privacy via end-to-end encryption, while maintaining the convenience of use. Hacking such a system is close to impossible. In addition, blockchain technology can be used to detect and mitigate cyber-attacks much more effectively.
The issue of trust and transparency in politics is a problem that has been under constant escalation for a while now, causing a profound erosion of political systems and governments around the world. Regaining trust is a difficult task but implementing blockchain into the governmental apparatus can be a helpful step for a major upgrade of the system. Blockchain can ensure complete anonymity and transparency, which is an essential attribute of fair elections. The chances of fraud or manipulation under such circumstances are reduced to the minimum.
The healthcare sector is also expected to greatly benefit from blockchain technology in the upcoming year. It will be integrated to enhance medical record management, facilitate clinical research, and aid the insurance industry. Decentralization features, along with improved security and privacy will help companies in the healthcare industry collect, analyze and store larger amount of relevant data, also making various procedures simpler for the clients and patients.
Last but not least, in 2020 we will most likely witness a reform of education with blockchain application. In some institutions, students are already able to enjoy an improved educational process with digitalized transcripts, grades, test scores and diplomas. This makes tracking one’s academic progress a simple task, increasing students’ motivation for accomplishment.