Blockchain is a decentralized technology that maintains a record of all transactions occurring over a peer-to-peer network. Due to Blockchain's several different high-level use cases, numerous industries described Blockchain as the 'magic beans.'

Blockchains store the record in a decentralized system that is interconnected. This technology lessens vulnerability and enhances transparency in all industrial sectors as information is stored digitally, and it does not have any centralized point to carry out the transactions.

Do You Know?

By 2022, worldwide spending on blockchain solutions may reach $11.7 billion.
By 2024, worldwide blockchain technology market revenue is predicted to reach $20 billion.

Blockchain Technology Features

Well, this technology includes various features. Let's have a look at the prominent features of the Blockchain.

Decentralized
Enhanced Security
Cross-border payments
Real-time IoT operating systems
Anti-money laundering tracking system
Supply chain and logistics monitoring
Voting mechanism

Famous Companies Using Blockchain Technology

Several industries use Blockchain technology to enhance business growth. Let's view famous companies that are using Blockchain Technology.

Healthcare: BurstIQ, Medicalchain, Factom, EncrypGen
Fintech: Deutsche, BNP Paribas, Barclays, ICICI
Retail: IBM's Food Trust, Walmart, OpenBazaar, Unilever
Travel & Tourism: Lufthansa, Delta Airlines, British Airways
IT: IBM, Microsoft, Apple, Google

Due to COVID 19 pandemic, most people preferring online shopping; this benefited the eCommerce sector up to much extent. Visualizing this other industry also started focusing on eCommerce services. Well, Blockchain in eCommerce is also benefiting the users, and that's why now other businesses are preferring to avail eCommerce web development service to start with other beneficial projects.

Ending Words

Blockchain has helped various industries, and even by using this technology, several industrial sectors have gained profit, seeing these other sectors are also looking to adopt this advanced technology.

Well, if you want to adopt Blockchain technology, then I will suggest you avail of blockchain development service from the reputed IT company. This will help you fulfill your business requirement.

5 Thought-Provoking Use Cases Of Blockchain In Diverse Industries