Blockchain Technologyโs Potential Beyond Cryptocurrency
Blockchain Technology Potential in Different Sectors Other Than Cryptocurrency
Blockchain technology is next-generation business improvement software as it improves the business processes between companies. It offers a lower cost of trust and thus significantly provides a higher return on investment than traditional internal investments. From clearing and settlement to insurance, financial institutions are exploring ways to use blockchain technology.
While the two hot buzzwords commonly heard these days are “Fintech” and “Regtech,” if we specifically talk about blockchain technology, it has brought a revolution in various sectors. Nowadays, banking and different governing and regulatory bodies are switching to blockchain for advanced digital verification.
Where Can Blockchain Technology Be Used?
For a wide variety of applications, blockchain can be utilized. This includes tracking ownership, document proofing, digital assets, physical assets, and voting rights.
As we all know, blockchain has become a buzzword due to Bitcoin and the digital currency system, but beyond cryptocurrency, blockchain technology has the potential to penetrate various other sectors such as finance, education, hospitality, regulatory bodies, and more.
Two Main Concepts of Blockchain That Are Universal and Applicable in All Sectors
- Secured Business Network
- Decentralized Ledger
This means participants can exchange and transfer assets securely while maintaining a copy of the content and staying in constant sync with other participants.
Blockchainโs Role in Digital Verification and Security
Document Verification App Developed Using Blockchain Technology
As we all know, the scope of blockchain technology is growing in this fast-developing technological world. Blockchain is a cluster of data and is not limited to cryptocurrency app development or digital currency storage and trading. It is penetrating different sectors, and one of them is regulatory bodies. Thus, we at GKMIT built an application using blockchain technology named KYC Block.
What Is the KYC Block App Developed by GKMIT?
It is an ecosystem designed to store, manage, and update statutory user data gathered from public and private sources. The unalterable hyper-ledger facilitates smooth KYC for individuals, companies, and international trade transactions. It also helps financial companies verify parties and transactions in near real time. Documents submitted by clients are auto-transcribed, encrypted, and stored in ISO and GDPR-compliant storage. It allows its clients to use their own data centers and cloud storage. It is cloud-agnostic and hosted on Amazon Web Services.
Benefits of Developing a Digital Verification App
- Avoid fraud in document proofing
- Secured network
- Once data is entered, it can’t be deleted
- Updates about document expiry
- Generates combined reports from different vendors
- Identifies blacklisted users or companies
- Auto transcription and verification of documents provided
- Single authentication mechanism for all third-party partners
- Hyperledger-based blockchain platform to store verified documents
- Message broker to auto-authenticate documents with multiple report providers
Industries That Are Leveraging Blockchain Technology
Blockchain technology is now used in various sectors. The major five industries benefiting from blockchain are:
- Financial Sector โ Banks and fintech firms are using blockchain for secure transactions, fraud prevention, and seamless cross-border payments.
- Information Technology โ Companies use blockchain to enhance data security, ensure digital rights management, and improve cloud storage.
- Real Estate โ Smart contracts enable secure, transparent, and fast property transactions, reducing the risk of fraud.
- Education Sector โ Blockchain is being implemented for secure credential verification, preventing fake degrees and certificates.
- Healthcare โ Hospitals and clinics use blockchain to store medical records securely and ensure data privacy.
By adopting blockchain, businesses worldwide have transformed their operations. This next-gen technology is set to revolutionize major industries, bringing higher efficiency, transparency, and security.
Future of Blockchain and Its Growing Adoption
Blockchain technology is expanding its applications beyond finance and digital verification. One significant area experiencing growth is Blockchain Software Development Service, which allows businesses to build custom blockchain-based solutions for various industries. From secure data management systems to decentralized applications (dApps), blockchain development is shaping the future of technology.
The marvels of blockchain are spreading like wildfire, thanks to social media platforms and growing industry adoption. If you’re looking to build your next application using blockchain technology, now is the right time.
Have questions? Leave your queries in the comment section below or contact us at [email protected].
Now bring innovation to your industry by adopting blockchain and experiencing its far-reaching impact with countless benefits.
