Due to blockchain’s growing popularity, several businesses have begun utilizing the technology. The potential benefits of blockchain are vast. In addition, blockchain technology has a wide range of applications in the fields of the supply chain, healthcare, insurance, finance, real estate, and so on. Blockchain has started to impact a number of different industries, even though it was previously believed that it would primarily be helpful to the banking sector. Further, you can visit Cryptocurrency.
Blockchain Use-Cases In Healthcare Sector
One of the major businesses utilizing blockchain technology is Change Healthcare. Actually, they are working on the Intelligent Healthcare NetworkTM, which is powered by Hyperledger Fabric. In any case, they may handle patient claims and track their progress in real-time because of this platform. As a result, the system can audit, foster, and increase user trust.
The FDA is also developing blockchain-based healthcare solutions. In order to safeguard healthcare data, they are now employing Hyperledger to power a platform. But why? It becomes crucial in scenarios when it is understood that patients do not possess complete control over their sensitive information. But it can protect electronic medical records, genetic data, and clinical trials using the platform (EMR).
Blockchain Use-Cases In Insurance Sector
One of the major businesses utilizing blockchain for insurance is AIA Group. Actually, the business started a project for financial service solutions with more affiliated banks. The ability of the blockchain to offer real-time, encrypted records as well as policy data exchange will be utilized by this platform.
AIG, a firm that uses blockchain technology, is one of the publicly traded corporations. They now collaborate with International Business Machines Corporation to create a smart insurance platform. They can finally address all the intricate issues with foreign insurance owing to the platform.
Another big business embracing this technology is MetLife. You may use this platform to assist your loved ones in determining if the dead had insurance or not, and it will immediately file an insurance claim when necessary.
Blockchain Use-Cases In Finance and Banking Sector
One business adopting blockchain technology in the financial industry is BBVA. Using this amazing technology, Red Electrica Corporation, and BBVA just finished a syndicated loan. Furthermore, using BBVA’s blockchain infrastructure, the loan was disbursed in record time. Currently, the business has high hopes for employing technology in future endeavors as well.
An Italian banking company called Banca Intesa Sanpaolo uses blockchain technology to verify trading data. The bank, Deloitte, and Eternity Wall just began testing the technology. More specifically, they are utilizing the OpenTimestamps protocol, which runs the system on Bitcoin. Peter Todd, a significant Bitcoin contributor, is the technology’s driving force.
Barclays, one of the businesses using blockchain technology, is the second-largest bank in the United Kingdom. Actually, they are leveraging blockchain technology to speed up KYC (Know-Your-Customer) procedures and financial transactions. Furthermore, they even submitted patent applications for these two aspects, making it clear that they are undoubtedly developing the technology.
One of the businesses using blockchain technology and making significant progress is Visa. They previously unveiled a blockchain technology in 2016 that would handle business-to-business payment services. But launching the project required some time. They sought to serve over 90 markets that businesses might make payments to by the conclusion of 2019.
Blockchain has generated a lot of excitement, and this is probably relatively unavoidable given that the technology speaks for itself. Nobody can control the disruptive power of blockchain. The businesses that are already utilizing blockchain technology are really safeguarding their position in the evolving ecosystem. Therefore, you must explore the blockchain if your company had not already adopted blockchain.