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Blockchain technology has the potential to disrupt a number of industries. For the financial services sector, blockchain offers the opportunity to overhaul existing banking infrastructure, speed settlements, and streamline stock exchanges.

But the blockchain is not limited to just the financial services sector. Strategists, planners and decision-makers across industries and business functions should investigate applications of the technology to avoid disruptive surprises or missed opportunities.

For example, in the retail sector, the blockchain could be used to manage supply chains and track inventory. And in the healthcare sector, it could be used to store patient data securely.

The bottom line is that the blockchain has the potential to revolutionize how businesses operate. So, all business leaders need to understand how it works, and its potential. To help you get started, here are four ways the blockchain will disrupt industries:

1. The blockchain will increase transparency in business dealings by recording transactions on a shared, immutable ledger. This will decrease time delays and eliminate risks associated with relying on another party to accurately record transactions, such as an accountant’s error or a lawyer’s mistake. As a result, business operations will run more efficiently, and companies could save money. In addition, they could free up resources currently spent on auditing and compliance to focus instead on innovation that adds value for customers and shareholders. To read more, click here.

2. Because of the distributed nature of blockchains—that is, because there is no central hub where all data must pass before going everywhere else—they are inherently resistant to censorship. This could be a major advantage for businesses operating in countries with restrictive regimes. For example, a business could use the blockchain to keep track of its supply chain even if the government tries to block its websites or track its activities.

3. The blockchain could help businesses reduce the amount of fraud and error in their operations. By securely tracking transactions on a shared ledger, businesses can minimize the chances that someone will try to tamper with data or commit fraud. In addition, by automating certain business processes, such as contract management, businesses can reduce the potential for human error.

4. The blockchain could enable new business models that were not possible before. For example, a business could use the blockchain to issue shares.

A last word on blockchain

Blockchain is a game-changer. Don’t wait to find out if this technology will affect your industry or function, investigate the possibilities now and get ahead of the curve before it’s too late. Which industries are you looking into applying blockchain in?

Source: Plato Data Intelligence: PlatoData.io