What is Blockchain? How is Blockchain technology going to help?
The global Blockchain market generated revenue of $3.0 billion in 2020, and it is expected to reach $39.7 billion by 2025 with a growing CAGR of 67.3% during 2020–2025.
The surging demand for simplifying the business processes and supply chain management apps deploying the Blockchain technology is driving the entire Blockchain market.
Looking at such a huge number of the growing future of Blockchain, you must be wondering what this hype is all about or how can this Blockchain technology actually help you in your business. Right? Great!
Today, in this blog, we will try to cover every significant and minute detail on Blockchain technology, Blockchain app development, and how Blockchain technology is going to help you in your business, whether you are a startup, enterprise, or SME.
Now, first thing first.
Firstly, we will have a brief look at what is Blockchain and why this technology is so popular?
So, What is a Blockchain? Why is Blockchain technology so popular?
A Blockchain is a list of stored records called blocks that store public data publicly and also in chronological order. The details are encrypted using cryptography to guarantee the privacy of the users is safe, and data is not altered or tampered with.
In a layman language, a Blockchain is a chain of blocks in which each block has its own transaction details, hash, and previous hash.
Let’s understand this with a very simple example-
Have you ever heard or used a Google doc?
I think you must have!
So, Blockchain technology is just like google doc. Wondering how?
In Google Docs, when we create a document and share it with other people or a group of people, the doc is distributed instead of transferring or copying. This process creates a decentralized distribution chain that allows everyone accesses to the doc at the same time.
No one needs to wait to get any permission from another party to make any modification, while all transaction is being recorded in real-time, making everything completely transparent.
No doubt, Blockchain is quite complicated than a Google doc while using it, but for that, you can anytime hire Blockchain experts for consultation.
Now, the next question that arises here is how does this Blockchain technology actually work?
How does this Blockchain technology work?
In recent years, you have definitely noticed that the majority of businesses across the globe have integrated Blockchain technology. But, actually, how does this technology work?
Well, in reality, Blockchain technology is a combination of three leading technologies-
- A peer-to-peer network storing a shared ledger
- Cryptographic keys
- To store the records & transactions of the network.
To deploy and extract the benefits of Blockchain technology to the fullest, what you need to do is, hire Blockchain developers.
Why is Blockchain technology so popular?
The main reason behind the popularity of Blockchain technology is that it helps businesses face various traditional challenges easily that includes-
- Time-taking processes
- Higher cost
- No security
- Payment barriers
And how Blockchain technology is helping in enhancing the existing business model and overcoming these challenges-
- Smart contracts
- Better hiring
- Ease of payment
- Supply chain management
- Effective marketing campaigns
- Customer engagement
- Robust security
Blockchain is the technology that supports various applications irrespective of the nature of industries such as supply chain, finance, and manufacturing.
Following is the list of Blockchain technology advantages that include-
- Decentralized system
- Highly secured & safe
- Automation capability
- Improved traceability
- Greater transparency
Now, coming to the main topic of this blog, which is “how this Blockchain technology helps business grow.”
How is Blockchain Technology Helping Businesses Grow?
As we discussed earlier, Blockchain technology is helping businesses grow and expand across the globe, whether the business is a start-up, enterprise, or SME. Let’s explain it in brief now!
1. How is Blockchain technology helping the retail industry?
Blockchain assists in the retailers’ consumer data privacy compliance management deploying smart contracts, an agreement between two parties written in the form of computer code. Every detail on the smart contract is stored on a public database and cannot be altered.
The global Blockchain technology market in the retail market is expected to value at $57,641.3 million by 2025, boosting at a CAGR of 69.4% during 2020–2025.
For instance- OpenBazaar, a platform that directly connects you to other users through an internal network, allowing free trade of goods in its purest form. In this platform, the trade is effectively decentralized, which states that there is no one who can control it completely.
Use of Blockchain technology in the retail sector
- Loyalty points management
- Fraud prevention
- Tracking inventory
- Automating back-office work
- Cryptocurrency payment
- Staff time tracking
- Product provenance
To build a Blockchain app for the retail sector, you are required to hire Blockchain developers.
2. How is Blockchain technology helping the healthcare market?
Blockchain technology can transform the healthcare market by reducing operational costs, healthcare process optimization, and data corruption. Furthermore, a clinical trial is predicted to surge at a higher rate in the next coming five years.
Blockchain technology in the global healthcare market generated a revenue of 60.0 million in 2020, and it is predicted to reach 1.6 billion by 2025, with a growing CAGR of 65.0% during 2020–2025.
Furthermore, according to a report, 1 out of every five medical & healthcare organizations will begin using Blockchain for patient identity & information management purposes by 2021. By 2025, 55.0% of the healthcare apps would be built on Blockchain technology.
Use of Blockchain in healthcare
- Electronic medical records
- Pharmaceutical supply chain
- Remote patient monitoring
- Research opportunities & challenges
- Healthcare insurance claims
- Improve patient-doctor interaction
- Cutting operation costs
For top-notch Blockchain app development in healthcare, you are required to hire Blockchain programmers.
3. How is Blockchain technology helping the banking sector?
Blockchain technology is open-source software that helps the banking sector in improving efficiency, unchangeable records, enhances security, no-third party involvement, and quick transaction time.
Blockchain technology in the banking sector is expected to value at #23.0 billion by 2025, surging at a CAGR of 74.0%.
The growing need for accountability & transparency transactions, surging investment by banks in the Blockchain-based solution are accelerating the growth of the global Blockchain market.
Furthermore, the surging demand from developing countries for safe and secure banking transactions is also boosting the growth of Blockchain technology in the banking sector.
Use of Blockchain in the banking or Use of Blockchain in finance
- Faster payment
- Settlement and clearance systems
- Smooth fundraising
- Buying & selling assets
- Easy credit & loans
- Digital identity verification
To build Blockchain apps for the finance sector, you need to hire a Blockchain developer.
4. How is Blockchain helping the energy sector?
Blockchain technology can offer customers greater efficiency and complete control over their energy sources. Furthermore, it is an immutable ledger that offers real-time and secured updates of energy usage data.
There are various types of energy data that includes marginal costs, market prices, fuel prices, and energy law compliance.
Blockchain technology in the global energy sector generated a revenue of $300.0 million in 2020, and it is expected to surge over 50.0% CAGR during 2020–2025.
Blockchain has gained significant attention from firms across all the energy sectors. This technology has the full potential to entirely transform the energy sector. Apart from provenance tracking, Blockchain provides unique solutions for renewable energy distribution.
Use of Blockchain in the energy sector
- Peer-to-peer energy trading
- Financing energy access
- Energy cryptocurrencies
- Prepayment of energy deploying mobile
- Wholesale trading via regional mini-grade
Hire a Blockchain developer company for building high-performing Blockchain integrated applications.
5. How is Blockchain helping in supply chain management?
Blockchain is one of the significant and advanced technologies that is contributing to the revolutionizing digital supply chain management. As the supply chain involves diverse stakeholders, grows in complex nature, and relies on external intermediaries, this technology emerged as a strong help.
The Blockchain supply chain market is predicted to advance at a CAGR of 81.7% during 2020–2025.
Supply chain management is such a huge business nowadays; every second person is thinking to start it. Machine learning, artificial intelligence, and other advanced technologies are already being deployed for optimizing the supply chain, and now the use of Blockchain in the supply chain is also gaining traction.
Use of Blockchain in supply chain management
- Drug authentication
- Smart contracts
- Food traceability
- Advanced inventory management
- Early fraud detection
- Efficient contracts & payments
For result-driven Blockchain development, you should consult a Blockchain app development company in India.
6. How is Blockchain helping in the fintech sector?
Blockchain technology in the fintech market shows a cross-time consensus mechanism, credit reconstruction, trade finance, P2P transfers, the security of financial markets, and better efficiency.
The Fintech Blockchain market generated a revenue of $370.3 million in 2018, and it is predicted to reach $6228.2 million by 2023, with a surging CAGR of 75.9% during 2018–2023
The majority of insurance, fintech, and banking start-ups have started adopting this advanced development environment to boost their business. The use of Blockchain in insurance is gaining traction after each passing day.
Use of Blockchain in fintech
- Digital identity verification
- Cross-boarder payments
- Peer-to-peer transfers
- Limit cyber fraud
- Separate credit reports
- Trade finance
You are required to hire Blockchain developers for fintech Blockchain app development.
How can Blockchain boost to start, grow, and secure your startup?
Following is the list of applications of Blockchain technology that will transform the businesses-
- Smart contracts
- Employee bonuses & compensation
- Background checks
- Reduced costs
- Reliability & scalability
- Counterfeit products
- Immutable ledger & record
- Digital assets representation
While I was performing my research, I encountered these questions quite often, so I thought to address them here-
1. How secure is Blockchain technology?
Blockchain technology is completely transforming the way traditional businesses was working. It helps customers to reduce cost, avail numerous vital services, and boosts efficiency. The whole point of deploying Blockchain is to let people use their banking securely.
2. I am a start-up; if I want to get started with Blockchain, what should I do?
Evaluating your business systems for Blockchain is quite similar to evaluating the business practices for deploying other traceability systems, or you can hire a Blockchain app development company in India like ValueCoders.
ValueCoders is a top-notch Blockchain app development company in India that has 16+ years of experience in delivering robust, scalable, and reliable applications. The company has delivered 4200+ projects and 2500+ customers in 40+ countries.
3. Why should you endow in Blockchain app development?
There are reasons why you should deploy in Blockchain app development-
- Lower replication of data
- Robust data security
- Higher transparency
- Fewer data storage cost
4. What are the most popular business applications of Blockchain technology?
Following are some of the most popular business applications of Blockchain technology-
- Electronic voting
- Crypto payments
- Supply chain communications
- Cloud storage
- Smart contracts
5. How much does it cost to develop a Blockchain app development?
The cost of Blockchain app development depends on a plethora of factors, including the number of stakeholders, the complexity of apps, the number of developers, and technology integration.
So, today we have tried to cover all the positive aspects, benefits, and use of Blockchain technology in various industries, including real estate, supply chain management, the energy sector, and the fintech sector. For top-notch Blockchain app development, you need to hire Blockchain app developers from a leading company like ValueCoders.