• Cloud Storage

Shifting from a centralized storage system to a decentralized network is something that could benefit the new era of cloud storage.

• Smart contracts

Won’t it be amazing if we buy and sell goods and services without having to pay any kind of commission to third parties? well, that is exactly how blockchain will help us in creating smart contracts. We can make use of smart contracts and buy and sell goods and services without paying commission to any kind of a third party.

• Internet of Things

The IoT application development will also be able to contribute to the transactional data of blockchain’s cybersecurity. If we inculcate blockchain into our business, into the various business platforms then it will help businesses to fight being hacked.

I personally feel that the secure nature of blockchain technology is what is going to benefit the world the most today. We crave privacy, it is as simple as that. The transactions are going to be highly secured and streamlined and I think the way the financial and banking system works is completely going to change. Healthcare is the second industry that I think is going to benefit the most. Because of the transparency, security, and automation that blockchain offers it can be a really effective way to transfer knowledge, reports, and data between the patient and the hospital, patient and the Doctor, and Doctor to Doctor.

Blockchain is definitely going to save a lot of money in the bigger picture, remove a lot of redundancy of work, a lot of mismanagement, and quality depreciation. Like any other new revolution this comes at a price too, but lucky for us here I am just talking about money.

There are a lot of expenses the would incur in the process of inculcating the blockchain technology —

Starting with the cost of replacement —Obviously replacing an entire system that was in place is going to be a lot of work and the initial investment and the cost of opting for an alternate technology i.e replacing the traditional technology is going to cost a huge amount of money, not to forget the cost of training the employees and the cost of maintaining the technology.

But here we have to understand that the benefits of imbibing blockchain technology into the system are going to be far more significant. Blockchain works better when there is a large ecosystem of market players in transaction quantity. This process is initially going to involve a significant amount of investment in terms of time, effort, and money. Nurturing the system into a larger ecosystem and building ecosystem solutions is going to be cumbersome, competitive, and highly drastic points of action involving solutions, processes, suppliers, and customers.

If we talk about the benefits that we are going to enjoy, well, then the biggest ones would be the reduction of fraud-related costs, followed by the reduction of manpower. Whether you talk about the redundancy of work or manual confirmations or reconciliation of efforts, there would always be a quantum of work, money, and efforts involved here. On the other hand with a blockchain system in place, there would be a reduction of capital costs and reduction of cycle time which will result in less capital i.e baselining the capital loss and estimation of the same. I mean digitalization of manual processes would which will prevent errors. Even though digitalization benefits such as the byproduct technology would also be a very quantitative benefit that we can get out of blockchain technology.

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Source: https://medium.com/age-of-awareness/catalyzing-on-the-growth-of-blockchain-4498e6ece5f2?source=rss——-8—————–cryptocurrency