Blockchain technology has been adopted by financial sector for its scope of providing transparent and secure payments. With confirmation of its scope, all other sectors started investing in R&D departments to find applications of blockchain in their respective fields. Tech giants like IBM and Microsoft are also keen on rolling out blockchain based applications and services.
Blockchain is capable to meet complex demands of digital age. Moreover, blockchain can reduce transaction costs and eliminate middlemen in supply chain.
Scope of Blockchain
(Apart from financial industry)
According to a research published: Blockchain – An overview Drivers and challenges for Blockchain adoption Blockchain-based Energy and Industrial Applications and its impact Use case by Energy and Industrial Sectors Patent, the following are the key takeaways.
Blockchain will position itself in banking, healthcare, automotive, energy and manufacturing industries in coming years. Although, industrial applications may be different, technological capabilities remain the same.
Blockchain will enable trust transaction in material supply chain during this period. The research also mentioned that partnership and alliances will foster blockchain application development ecosystem. Increasing number of startups that harness the power of blockchain technology in manufacturing industry.
According to the research, P2P energy trading will facilitate efficient energy management. Blockchain technology will revolutionise energy sector by providing traceability and transparency in business transactions.
The current possible functional areas of blockchain is developing mobility solutions such as ride sharing and supply chain logistics. Plus, OEM financial divisions are exploring blockchain for financial applications.
Patent& Funding Trend
China is poised to become blockchain innovation hub by 2022. Moreover, adoption of more flexible regulatory approach will enable development of best blockchain practices.
If the expected trends are realised, blockchain technology will disrupt these fields sooner than it was expected.
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