The blockchain technology is slowly and steadily
carving out a prominent space for itself across different industries. Ideally,
blockchain can be recognized as a decentralized, invulnerable ledger system
that keeps track of economic transactions that can be implemented to record
anything that holds value, other than just financial transactions. What was
initiated as the foundation of the cryptocurrencies like Ethereum and Bitcoin,
the advantages that blockchain brings to the table has been successfully
integrated with the hotel and hospitality industry.
The blockchain technology brings a path-breaking approach in the ways business processes are carried out.
While a blockchain may not provide the solution for
every challenge that is encountered by the hotel industry, but blockchain-based
systems do present efficient solutions for several aspects of the industry. So
let's throw light on how the blockchain technology benefits the hotel and the hospitality industry, and its application.
Healthcare:
By working, blockchain based reports that enable
access only when authorized by different people could control the availability
and maintain the privacy of health records. In addition, a similarity of
people, including hospitals, doctors, patients, and insurance companies, could
be part of the overall blockchain, decreasing fraud in healthcare payments.
Defence:
Illegal access or modification of critical defence
infrastructures, such as operating systems and network firmware, could
seriously compromise national security. For most countries, defence
infrastructure and computer systems are distributed across different locations.
Blockchain technology reaches over various information (data) centers can
ensure protection on attacks against major network and hardware equipment by
securing a consensus-based path for modification.
Government:
Government offices that work in silos cause the
transfer of information to be delayed, negatively affecting citizen services. Linking
the data between the departments with blockchain secures that data is released
in real time when both the departments and the citizen approval to sharing
data. Blockchain technology could improve transparency and reduce fraud in
governments worldwide.
Law:
Blockchains can hold a large amount of data,
including whole contracts. Clients are maintaining to be frequently deploying
blockchains in their businesses. To proceed to provide appropriate advice,
lawyers will need to understand the technology, its advantages and prospects
and also how their client's operations might be impacted by existing laws or
regulations.
Energy:
Micro-generation of electricity is becoming a huge
trend in the power generation business. New energy initiatives such as home power
generation and community solar power are filling in gaps in power supply across
the world. As micro-generation adds to traditional power suppliers, it fosters
the creation of an energy market. Smart meters can register produced and
consumed electricity in a blockchain, which allows for consumption of the
surplus energy in a different location, providing credits or currency to the
original producer. The credits can then be redeemed against the grid when the
microgenerator needs additional electricity from the grid. The blockchain
implements these contracts in real time or near-real time, providing for a
utility market to be performed with minimal red tape.
Telecommunication:
A large subset of telecommunication industries
revolve around KYC, i.e. Know Your Customer. KYC mandates that all institutions
must know their customers with the correct matching details in all their
systems. The issue with this process is that it creates unnecessary costs and
consumes time, and it the sole responsibility of the organization especially
telecommunication industries. Currently, when you go to buy a new sim card, it
is the responsibility of the network provider to verify your details afresh.
This makes the process redundant. Alternatively, of each network service provider
managing its own KYC, they can have a third party do it, and this is where
blockchain technology comes in. A global system can be created using
blockchain, whereby all customers information is stored transparently and
securely on a public ledger that is distributed among many computers. So once a
customer buys a sim card his/her details are recorded and stored permanently
such that he does not need to re-verify his details ever again no matter how
many sim cards he/she goes back to open.
Banking:
Blockchain is set to disrupt the banking industry.
In the past, settlements between banks and merchants could take days. Even
after swiping a debit card at a local merchant, customers had to wait for days
for the funds to be cleared and verified. With improvements in blockchain
technology, these processes can take just a few seconds. Even though the current processing speeds on
Bitcoin has reduced and transaction fees increased, it is still better than
credit card fees. Late in 2017, the transaction fees skyrocketed but have since
come down once more. Furthermore, with continued improvements such as the use
of the lightning network, sharing, and off-chain state channels could provide
useful in facilitating transaction processing. By digitizing payments on secured
networks; blockchain can serve 2 billion people worldwide who are unbanked.
This is so because, with continued advancement on user experiences, all one will
need in the near future is access to the internet and a smartphone. Since the
use of smartphones is on the increase in developing countries, but banking
services still lacking in the global south, cryptocurrencies present a solution
for banking the unbanked.
Conclusion:-
Blockchain is one of those rare instances where
technological innovation is truly horizontal, and may very easily affect
practically every industry. The list of use cases keeps growing as we speak,
and new applications are found every day as this technology keeps evolving and
being developed at an amazing pace.
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