How Is Blockchain Technology Reinventing Various Industry Verticals? In the last decade, the blockchain technology emerges after cryptocurrency- bitcoin and Ethereum increased their token value in the market (though it fluctuates a lot these days). Thereafter, the industry leading enterprises and SMBs have started warmly-embracing the hottest technology trend to get the solution integrated into the business DNA that keeps records and transfer of data secure, transparent and resistant to outages with decentralization and immutability.
Blockchain’s potential to leapfrog the technology advancements in the emerging markets can be leveraged by the industries to accomplish the business, social and economic objectives and bring winning upshots, as stated by Gartner. Take a look at how the budding technology is all set to transform the industry processes, people and platforms: BANKING AND FINANCIAL SERVICES The unique capabilities of blockchain revolutionizing the banking industry by decentralizing the central repositories and exchanges, which enable transaction settling instantly and securely through a network of computers and excellent data management without wasting the time in redundant processes. The ATB Financial and Fintech startup Ripple are the best instances of financial institutions that have adopted the blockchain model to enable currency-less international transactions in a matter of seconds, which earlier took 2 to 6 business days. LEGAL SERVICES Additionally, in order to protect the public benefits that suffer largely from bureaucracy, blockchain technology can be leveraged to streamline and secure the public benefits distribution by assessing, verifying and then distributing the welfare.