The advancements in technology is continuously changing the way business is done around the world. And with such advancements comes the risk of data breaches. Therefore, technologies that promise privacy and security, such as blockchain, are quickly gaining popularity. While blockchain first started as the driving force behind cryptocurrency, it is now beginning to challenge the practices of many other business sectors. Soon enough blockchain will change the face of business. So let us dig into the industries it will transform:
Using blockchain, transactions can be made in a secure decentralised way; which means you don’t have to pay a third party to transfer your money. With blockchain being a secure and tamper-free ledger, financial transactions can be done more efficiently at a lower cost. The Saudi Central Bank (SAMA) started using blockchain technology in the banking sector in 2020 says Forbes.
Many governments worry about security breaches in their data exchange systems. Therefore, many countries are turning to technologies like blockchain to enhance their security. This will decrease fraud, help the government manage services more efficiently as well as have a transparent system in place to increase accountability. The UAE government, for instance, launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy to help in conducting governmental transactions using the blockchain technology.
Another industry that will benefit from the security and transparency of blockchain is the legal sector. Blockchain will help store and verify legal data in a fast and timely manner, as well as change the way operations are done. For example, in order to provide a cost and time effective notary system, UAE startup, JustChain, launched NotaryChain. NotaryChain is the world’s first blockchain powered notary platform. This way documents can be digitally notarized in UAE without the fear of tampering.
We are honored to have our blockchain-based notary platform profiled in @ForbesME … @MBRIFund @MOFUAEhttps://t.co/jLLfaOenEq— justchain (@justchain1) January 7, 2021
Blockchain can also offer transformative powers to the healthcare sector. Whether it is being able to transfer patient information between medical providers in a secure and easy way or improving the research process by allowing easier and more efficient sharing of results, blockchain is proving to have a powerful impact on healthcare. Patient data can be available from anywhere around the world which makes it convenient to go to different doctors and have your medical history at your fingertips. Creating a shared medical network between health care providers can be pivotal in some cases. UAE startup JustChain created a blockchain application in 2020 that helps keep track of COVID-19 patients by sharing real time information among concerned health authorities.
The fact that people’s personal data is part of their insurance means that blockchain can be used to enhance the security of insurance companies. Blockchain can help in securing customer’s data as well as verifying them to avoid falling for false claims.
Since blockchain eliminates the need for a third-party to carry out transactions, property sales can be carried out directly between seller and buyer. This allows for better security and lower prices. Furthermore, using blockchain in real estates can help keep track of sales, as well as record and verify documents. Technology company Aqarchain, which is operating in both UAE and KSA, used the public blockchain platform, Tezos, to build its real estate investment platform. The company aims to help its customers manage their real estate assets by using digital tokens.
Waleed Rassuli, Head of Tezos Gulf, “We’re thrilled to work with Aqarchain to bring digital asset infrastructure to the GCC region. This collaboration shows the possibilities for blockchain-based digital asset use cases.”— Market Buzz PR (@marketbuzzPR) November 16, 2020
Supply Chain Management
Since blockchain is built on blocks, it can be useful to use it in the supply chain. For instance, when you receive a damaged shipment, tracking where the damage really occurred might be difficult for the company. And this is where blockchain can be useful. With the transparency that comes with blockchain, businesses will be able to track where exactly in the supply chain the damage occurred. Shipments, inventory, transportation and every process can be easily tracked using blockchain. Records will also be easily accessible to both owners and customers.
One of the biggest concerns to people when talking about advancements in technology is the fear of increased cyberattacks. And since blockchain is a decentralized system, using it will guarantee a high level of security and transparency. Tampering and altering data is also not possible due to blockchain’s peer-to-peer connection. Therefore, blockchain can completely transform the face of cybersecurity.
One of the many things that the COVID-19 pandemic has brought to light is how unprepared many countries were to online learning. Education is another area where blockchain can offer great improvements. With blockchain, students can save all their work and data in one place and have access to them from anywhere. Having student records in one place can also help avoid the hustle of keeping so many paper transcripts and certificates. This can be particularly beneficial when applying to university. All academic achievements can easily be accessed and verified through blockchain without the need to manually certify or verify paper copies.
Loyalty and Exchange Programs
Integrating blockchain in loyalty and exchange programs can pave the way for a better customer experience. Using blockchain will allow customers to have their points in a secure place as well as transfer them easily. In late 2020, Etisalat announced that Smiles launched the first blockchain powered reward exchange program in UAE. This program aims to provide its customers with a fast and secure experience.