While AI and BIG Data are overhyped, BlockChain is still seeing its growth in the real world. Though it was expected to grow up to 16 billion by 2023, but the challenges posed by the covid-19 pandemic demands a resilient supply chain, surging demand for documentations and transactions in the digital sphere and distributed ecosystems, which has eventually heightened its use by 81.7% than expected.
The information available online can be fact or fake, but the growing dependence of business on online technologies requires reliable sources. Besides, businesses that require collaboration with multiple parties should take on a reliable source to upkeep the relevancy of transferred details. Here comes the power of Blockchain.
The Benefits of Adopting Blockchain Technology
Blockchain technology is being adopted by businesses dealing with privacy and security vulnerabilities to merge, prompt, and coordinate business operations, company workflows, and responses from teams and partners. It offers dynamic and intuitive administrative opportunities. Blockchain technology provides businesses with the expected visibility and trust by storing their digital assets on the blockchain network. Fostering the demand for efficient business processes and error-free information, banks, financial institutes, and government sectors are leveraging the potential of blockchain technology.
Surely, the concept of blockchain is in the limelight due to the Bitcoin saga, but it has a wider application except for cryptocurrency, which is yet to be introduced in the market.
The Blockchain Explained
Putting it simply, Blockchain is a facet of advancements and reliability in cutting-edge technologies and is in hype for offering a decentralized network, immutable ledger, and temper proof mechanism in a distributed, digital ledger accessible by people involved in it. Eliminating the need for a middle person, it acts as the one to execute a complex business process, manage transactions and exchanges of data, and in legal agreements. It is believed that by 2030, most of the trade in the world will be controlled by leveraging Blockchain technology.
The Use Case of Blockchain in IoT
When counting upon the interference of Blockchain in IoT, the applications are endless. Offices, banks, fintech, and other areas are known to all, but it has a wider personal application in industries like pharmacy, automobile, supply chain, water management, agriculture, etc.
For instance, in the automotive industry, automating your vehicles by endowing them with IoT-enabled sensors can get productive output and add ease to operations like automated fuel payments, automated traffic control, smart parking, and autonomous cars. Integrating IoT and blockchain can provide reliable details, thus saving time, energy, and resources.
Companies Driving Block Chain Adoption in Automobile Sector
From authentication of parts to tracking of vehicles, the involvement of blockchain in IoT, and documentation of vehicles, Blockchain can drive it all. Automobile giants like Renault, Ford, BMW and TATA Motors use major blockchain companies Consensys, VeChain, Tezos, R3, IOTA, and Hyperledger. Within its complex ecosystem, the automotive industry has a lot of information to be maintained related to designs, parts, production, marketing, and finances, etc. With a number of use cases, the application is major, more secure with traceable transactions and accessible informational transparency. Besides, with this, users can get mobility transaction platforms to optimize value-based services, infrastructure integration, user integration, and information of vehicle systems, etc.
Not limiting its reach to the automotive sector, companies are adopting Blockchain technology from all over the world for their industrial management. The decentralization of the technology discards the need for middlemen to make it highly secure and approachable. As a prevailing technology, it is yet progressing at a slow pace but will soon become the mainstream method of transferring digital assets. It will increase the reliability, security, and transparency of data and digital information, products and goods.
The world is shifting to artificial intelligence, IoT, blockchain, and other emerging trends. Blockchain is surely a future-oriented technology and is more likely to get in with our day-to-day operations to allow the owners to make informed decisions. In this article, we discussed all about blockchain, its benefits, and use cases in the real world.
Do you want to know more about how blockchain technology can benefit your business? Our experts will guide you through it to give you a crystal clear vision.