Recent year, it is clearly witnessed that diverse ventures around the world have been adopting Blockchain technology and its pertaining applications for powering their business functions. By the simplest definition, with no metaphors or hyperbole, it is a peer to peer mechanism of digital information that follows distributed application architecture of decentralized database, linked to the cryptocurrencies. The stored data is located in a network of nodes, which may be a virtual financial transaction, personal identity or a business agreement between two parties. Once the consensus is made among the connected computers no other entity can control the information, until he is on the platform.
Relying on its competitive advantage in the near future Bill Gates, founder of Microsoft, considers, “Blockchain is a technological tour de force.”In the same way, even Ginni Rometty, CEO of IBM thinks and views “Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency- it doesn’t matter if its people, numbers, data, money.”
People around the world misconceptualize it to be used as an option to a cashless transaction. But it’s not limited to payments process, but the scope varies from industry to industry:
1) Enhancing Guest Experience to The Next Level
While managing the credentials of existing customers with the help of Blockchain network, Hoteliers will be enabled to monitor the location of their guests instantaneously, through a message alert on a smartphone, from boarding the plane and to arrival at hotel premises which significantly reduce their precious time in the check-in procedure. But this not ends here, after the verification process; the software which is linked to the Blockchain would provide the room as per the client’s preference.
2) Ensuring Transparency and Project Standard
Blockchain improves Building Information Modeling as well. It’s a sort of project lifecycle software, which gives keen insight to the construction team for better planning and design of an infrastructure project. Using the Blockchain platform, BIM will exploit peer to peer network, which enables the Technical workforce for the regular update, while working on a project. In addition, it accelerates constant feedback and evaluation by engaged members on a real-time basis, which enhances the quality of work.
3) Data Security with Unalterable Patient Records
With the advent of the Blockchain tool, patients can get permission from the Health consultants to access their medical records in an instant manner so that they could share the specific information to the other recommended Doctors, having a medical specialty, for further analysis of disease, if needed. The result in the transmission of data takes place in a secure web environment avoiding the conventional modes that too can’t be breached by cyber-attack.
4) Streamlining Transactions for Autonomous Vehicles
With the advancement of new technology, the Automotive industry is evolving day by day. And Blockchain is marking a footprint on this evolution. If we explore about digital payment, Blockchain based electronic wallets are secure and processed at once, they not only enable a car owner for a cashless fuel purchase but also on pay online for parking fees, highway tolls and car sharing, when you are at work or anywhere, for their automobile.
As we know, Blockchain is in its initial stage of development. That’s why there are some business houses in the world, still, have a doubt over the reliability of operations on Blockchain Platform. But even then, as its gaining popularity among the Business pioneers and Tech giants, it is anticipated that this recent innovation will have immense potential and opportunities in other domains years to come. And as a Leading Web development company, Coding Brains has a vast experience in designing the competitive range of Blockchain solutions. Our dedicated team of blockchain experts will help you to develop a decentralized ecosystem for the company.
So, if you are catering to Hospitality, Construction, IT, HealthCare, and Automobile industry and need any support regarding Blockchain Development or other Offshore IT Consulting Services, you can reach us at https://codingbrains.com