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Blockchain, a technology that has more mathematical power behind it on a decentralized basis than any open source project in history, could fundamentally reinvent the non-financial systems. Non-Financial institutions should start introspect and invest in the research work to find more value of Blockchain.
Everyone is discussing and sharing the information, How Blockchain can provide a paradigm change in the financial world? This way only in the financial world is coming to Limelight. Why only finance, let us think outside the Financial Box, where there are bigger challenges and changes are expected. Think of the non-financial sectors, there is a scope for improvement on process, data manipulation, data transparency and many more.
Investors should look out to leverage the Blockchain functionality not only in financial sector but also in non-financial sectors. Blockchain can provide the flexibility to use in any domain any sector.
Some of the insights where Blockchain can be used:
Travel (Domestic /International) & Transport
Food and Beverages
Marketing and Advertisement
Online Shopping (e-Commerce)
Customer Care and Support Activity (BPO)
General / Public Sector
Defense and security
Health and Pharma
Information Broadcasting - Entertainment
These are some places are taken over by locally developed or proprietary software solutions, where the chances of making a duplicate entry, manipulation of data is more.
Considering the sensitivity of data, Blockchain will be the best possible solution for all the above situations.
Blockchain come with an enabled function of Public Distributed Ledger Technology, where all the involved parties will be able to view, create and update the records. Blockchain comes with in-build audit facility, any change will be recorded. Blockchain, which provides the safer way of maintaining the data integrity, manipulation and their by reduces the risk of data loss.
Blockchian will make the ecosystem more transparent, efficient and robust, which will provide a healthy competition for all players. Blockchain will set a new horizon for the financial and non-financial world with a vast opportunity of growth.
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