Blockchain, which is an open, immutable ledger that can record all transactions between any two parties, is one of the most innovative technologies of recent times
With growing applications, it is anticipated that the global blockchain market will reach $19.9 bN by 2026, expanding at a CAGR of 43%
Let's look at the kind of impact blockchain technology can have on some of the key sectors
Blockchain, which is an open, immutable ledger that can record all transactions between any two parties, is one of the most innovative technologies of recent times. Due to its capacity to improve transparency and fairness while also saving businesses time and money, it is having a profound impact on many industries.
With growing applications, it is anticipated that the global blockchain market will reach $19.9 Bn by 2026, expanding at a CAGR of 43%. Let’s look at the kind of impact blockchain technology can have on some of the key sectors.
Healthcare
Even as electronic medical records become the norm, the healthcare sector is constantly working to ensure the security of the patient, hospital, insurance, and billing records. Due to the abundance of data, it can be difficult to keep track of it while maintaining privacy.
Due to blockchain’s ability to act as a single source of truth, it can help in maintaining the security and accuracy of medical records. It also allows for the easy sharing of medical records between different healthcare institutions. Since patients see multiple doctors and their medical needs change over time, this helps ensure accuracy by allowing for quick and secure updates to medical records.
It can also be used to track the process of prescribing drugs to guarantee compliance and security. It can speed up the verification of credentials in the medical field, reducing fraud and inaccuracies and avoiding potentially hazardous situations. Wearable medical devices powered by blockchain can improve patient health while giving their doctors important information about their condition.
Education
To manage student records, including daily data like assignments, attendance, and extracurricular activities, as well as data about degrees and colleges they have attended, blockchain technology may offer an excellent framework. It would be a safe system that guarantees unchangeable educational records.
Similar to student data, teacher data can be safely stored, allowing a school to keep tabs on faculty performance. A time-stamped and tamper-proof record of faculty performance, including attendance, student evaluations, the number of students choosing electives, research output, and publications, would be available on the blockchain ledger. By connecting these records to faculty evaluation systems, greater accountability could be ensured.
The adoption of blockchain technology can pave the way for an educational system that is more capable of handling increased enrollment while also being safe, open, transparent, cooperative, innovative, and future-ready.
Advertising
By 2027, it is expected that the global digital advertising and marketing market will be worth $946.9 Bn. As the sector has expanded, so too have its difficulties and inefficiencies.
For instance, advertising fraud has grown to be a significant problem, costing the industry billions of dollars in losses. Ad fraud is the practice of misleading advertisers with phoney engagement, typically generated by bots, to profit. This practice reduces the reach of an ad campaign and can skew important data.
With its decentralised ledger technology and cost-saving transparency, blockchain in advertising and marketing could provide an easy solution to this urgent issue. Blockchain can also be used to create customer loyalty programmes and make contract trading easier.
Real Estate
Blockchain technology can help to monitor, record, and transact real estate on a platform that links different buyers and sellers. Once a buyer and seller get in touch, they can learn more about each other’s identities, backgrounds, and the asking price of the property. After that, they can sign a smart contract.
The technology will help the sector in cutting costs by allowing buyers to conduct secure financial transactions, connect with other buyers, and find properties on their own, all without having to pay outrageous commissions to brokers or a one-time fee to banks and lawyers. Additionally, buyers who choose fractional ownership can avoid taking out bank loans and the associated fees.
How Is The Indian Government Planning To Leverage Blockchain?
The National Strategy on Blockchain, a 52-page report on the government’s plans to adopt blockchain in several industries, including e-governance, health tech, agritech, fintech, edtech, and more, was published by the Ministry of Electronics and IT last year. A five-year plan to implement blockchain across various industries was also unveiled by MeitY as part of the National Blockchain Framework (NBF).
The ministry has highlighted in the NBF the crucial conditions that must be met before blockchain technology can be utilised to its fullest extent. Among them are building a national-scale blockchain infrastructure, blockchain as a service, geographically dispersed nodes, raising awareness, and developing human resources.
The government anticipates that the BICA stack, a convergence of blockchain, IoT, cloud, and AI, will be ready for global use within five years of the strategy’s implementation. It aims to make national-level use cases possible by utilising the BICA stack’s potential. The government intends to establish the National Blockchain Portal, geographically dispersed blockchain infrastructure, onboard MSMEs and startups, create cross-border applications, standardise the India Stack for the adoption of blockchain, and integrate blockchain technology with the majority of national services along the way.
Conclusion
Supply chains, intellectual property, government operations, charity, voting, and crowdfunding are just a few of the pressing problems that blockchain has the potential to address.
It can also process transactions and eliminate intermediaries. Blockchain technology is expected to have a profound impact on several sectors as it has the potential to create cutting-edge solutions and serve as the foundation of India’s digital economy.
