Blockchain technology is more than just the foundation of cryptocurrency – it can improve nearly any digital transaction. The trick is figuring out how to do it right.
Most people know that blockchain is making a phenomenal impact on finance. However, it isn’t the only vertical that may experience a radical transformation due to the proliferation of the technology.
The Blockchain Business Boom
39% of respondents expressed that they plan to invest more than $5 million into blockchain R&D during a recent Deloitte survey of more than 1,000 executives. The technology promises to solve the data security dilemma in a world that’s becoming increasingly digital.
Blockchain doesn’t use identifying information, and the network of computers used to resolve the complex algorithms required to make it work replace the human trust factor.
The following are four industries that analysts forecast will experience revolutionary transformation due to blockchain technology.
Healthcare is, perhaps, the most obvious and logical choice for blockchain technology outside of finance. Combined with artificial intelligence (AI), healthcare networks use blockchain to identify wasteful spending within massive care systems. All stakeholders – including hospitals and patients – benefit from the resulting savings.
Blockchain technology enables health care networks to share large volumes of sensitive information securely. More importantly, various stakeholders can retain ownership of their data and information privacy without sacrificing accessibility. The marriage of AI, blockchain and natural language processing (NLP) enables care providers to deliver highly personalized services to a wide range of patients.
An Israeli startup has leveraged blockchain to create its own digital currency and vegan lifestyle ecosystem. The VeganNation app is available for both Android and iOS users.
The startup couldn’t have chosen a better time to launch the bitcoin powered platform. Many consumers around the world embraced the vegan lifestyle in 2019.
However, VeganNation is about more than the underlying technology – it’s about activists connecting to promote societal good. The VeganNation platform uses blockchain to guarantee a transparent supply chain. Users can then pay for goods using the VeganNation digital wallet.
3. Visual Arts
The creative aspect of art may make the industry seem like an unlikely candidate for a blockchain marriage. Nevertheless, the art world is experimenting with ways to use the technology to transform the way that they buy, sell and validate goods.
Using blockchain, artists can protect their authentic works in a world that can share visual images in seconds. Furthermore, blockchain technology may enable stakeholders in the art field to streamline transactions.
Organizations such as Verisart and Codex enable collectors and artists to certify artworks. Digital blockchain art certificates include the description of the piece, the price and an immutable chain of provenance. One blockchain-powered enterprise, Artory, generated a digital certificate for a $3 million piece of art.
4. Energy Markets
The energy and resources (E&R) vertical can improve transparency, compliance and reporting using blockchain, according to a Deloitte study. However, it may take a considerable investment of resources.
As an example, the proliferation of the Internet of Things (IoT) creates the opportunity for the E&R industry to leverage the massive amount of real-time data generated by a global network of connected devices. Furthermore, the industry could transform energy trading transactions and other related assets, especially those that change hands many times. The most promising potential for blockchain for the energy and resources vertical, however, is the ability to leverage the technology to execute smart contracts autonomously.
Making the Most of the Blockchain Revolution
Many organizations fall into the trap of deploying technology for technology’s sake. Today’s innovations, however, will not conform to that paradigm. Resultantly, business leaders must understand how blockchain can add value before pursuing blockchain research and development.
In today’s highly competitive marketplace, customer satisfaction is priority number one. Accordingly, business leaders must ask themselves, “How can a blockchain R&D initiative deliver a better customer experience?” before experimenting with the technology.
By doing so, executives can use the answer to inform R&D decision-making and strategy. More importantly, however, an understanding of how blockchain R&D creates value enables business leaders to establish a quantifiable benchmark for return-on-investment.
Over 73% of leading CEOs embrace technology as a solution for thriving and prospering in a highly competitive marketplace. The winners in blockchain research and development are creating sensational customer experiences.
On the backend, the resulting technology is highly sophisticated. However, customer-facing resources are fun, relaxing and memorable.
To make the most of blockchain, enterprises leverage management techniques such as Agile to create a continuous feedback loop for improvement. Sometimes failure comes fast when experimenting with new technologies such as blockchain. However, forward-thinking business leaders are also learning fast by leveraging strategies that enable them to quickly temper innovation with consumer needs.