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Blockchain is dramatically changing the business world by enhancing the customer experience and building trust across the industries, including financial and legal services, agriculture, healthcare, and more. At present, the most prevalent Blockchain technology is Bitcoin blockchain that underpins Bitcoin by finding applicability across a wide variety of use cases. The ways in which blockchain technology is changing the present scenario are:
• Banking and finance- In the banking and financial sector, blockchain is enhancing security and information by sharing an industry which is always on the lookout for a digitized and secured environment so that it can serve as a storehouse and transfer hubs of value.
• Education- In case of education, blockchain has many uses, such as, determining which students are in need of scholarships, and who can afford it. It also allows the system to be less detrimental for the needy students who end up dropping out or are under a huge debt which makes them work for many years just to pay off the loan.
• Retail-In the retail industry, blockchain increases the visibility of the consumer products. It uses a distributed and trusted database, thus reducing the barriers that clog the business process. Blockchain also ensures a better transparency through a shared, permanent ledger that allows business to establish trust in areas like invoicing, supply chain, and global shipping.
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• Healthcare- In the healthcare sector, the use of blockchain is increasing the security, privacy, and usability of the sensitive healthcare data by keeping the patient centered ecosystem in focus.
• Corporate Governance-The latest blockchain technology in terms of corporate governance have shown how it can transform the complex voting process by making it more secure, transparent, and efficient.
• Supply chain management- In the supply chain management industry, blockchain is used to verify the authenticity and order status by reducing time delays and human errors.