How Blockchain will Revolutionize Industries

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How Blockchain will Revolutionize Industries

• -Hidden Brains
• IT Services Solutions Company India

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Blockchain

• Blockchain is the buzzword in the tech world.
  Invented in 2008 by Satoshi Nakamoto for use in
  the cryptocurrency bitcoin, as its public
  transaction ledger. Given the buzz around
  blockchain and the rapidly increasing value of
  Bitcoin, it is important to decipher the concept
  of Blockchain.
• For all those wondering what is Blockchain, well
  it is a simple concept. Blockchain Defined A
  Blockchain is a digital, distributed transaction
  ledger, with identical copies maintained on
  multiple computer systems controlled by different
  entities.

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How Does Blockchain Work?

• Blockchain is a distributed peer-to-peer network
  which records transactions and assets on a
  business network. A block is a record of new
  transactions. Each block typically contains a
  cryptographic hash of the previous block, a
  timestamp and transaction data. Once each block
  is completed, it is added to the chain, creating
  a chain of blocks a blockchain.
• Blockchain is "an open, distributed ledger that
  can record transactions between two parties
  efficiently and in a verifiable and permanent
  way". Many experts consider Emerging Technology
  Solutions such as Blockchain an effective
  alternative to conventional banking where users
  can eliminate the need of financial institutions
  to transfer money.
• Size of the blockchain technology market
  worldwide from 2016 to 2021 (in million U.S.
  dollars)

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Here is how Blockchain is Transforming Industries
Retail

• Retailers are now recognizing the power of
  blockchains transformational ability to
  streamline efficiency and enable supply chain
  collaboration. However, most are still working to
  fully understand how to harness its potential
  inside their four walls and beyond.
• For retailers, blockchain holds the promise of
  delivering trust in a product, transaction or the
  integrity of data more effectively and at lower
  cost than ever before. Blockchain applications
  could help retailers improve supply chain
  visibility, ensure product provenance and
  authenticity, speed up transactions, reduce
  processing fees, and improve the management of
  networked loyalty programs.

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Healthcare
Manufacturing

• Blockchain technology has the potential to
  transform healthcare, placing patient care at the
  center of healthcare ecosystem. The ultimate aim
  of blockchain technology is to increase the
  security, privacy, and interoperability of health
  data by making electronic medical records more
  efficient and secure.

• The use of QR and bar codes is growing at a rapid
  pace in the manufacturing industry to identify
  products. However, these methods can be
  challenged because of security concerns.
  Blockchain-enabled smart contracts will eliminate
  the need of middleman allowing negotiation of
  terms such as price, quality level and delivery.

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Supply Chain Management

Entertainment

• With blockchain technology, transactions can be
  monitored in a secure and transparent manner
  minimizing chances of human error. This
  decentralized ledger can be used to monitor
  costs, labour, and even wastage and emissions at
  every point of the supply chain, as well as
  verify the authenticity of products from point of
  origin.

• Blockchains can help musicians, artists and
  creative professionals handle digital rights and
  assign revenue shares to contributors for the
  creative process. Smart contracts can revamp the
  conventional contracts, which provide artists
  little power to clients to revamp the terms and
  conditions for the content generated. Royalties
  could be designed to be more inclusive, offering
  fairer terms for composers, lyricists, and
  musiciansall stakeholders involved in the
  creative process.

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Conclusion

• Blockchain technology one of Emerging Technology
  Services has already shown incredible ways to
  enable secure, anonymous, and transparent
  validation of transactions. The decentralized and
  distributed nature of blockchains gives a
  strategic and competitive advantage for many
  industries. Undoubtedly, blockchain is the way
  forward for disruptive innovation.

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