blockchain technologies

How Blockchain Technologies are Disrupting Different Industries

Do you know where blockchain is going? The careers in blockchain are on a flight. Industries are building their businesses around it and people with an understanding of the application of blockchain are massively demanded. The salaries for these positions are skyrocketing.

There are different industries now leveraging this new technology on the horizon for their business expansion and operationalization. Some of the industries have been mentioned here along with the companies investing in this technology and how it will help provide solutions to the problems plaguing their industry.

Financial Technology Companies : J.P. Morgan has built what can be called the largest payment network called Interbank Information Network (IIN). With the joining of Australia and New Zealand Banking Group Ltd. and the Royal Bank of Canada, the spectrum now entirely covers the complete expanse of international payment services. In the meanwhile, Mastercard is busy building its own network of blockchain technology companies. With this technology, the cost of clearance and settlement of dues will be hugely cut. According to reports from Accenture, this would reduce infrastructure investment of global investment banks by 30% average.

Energy : With fossil fuels reserves dilapidation and the demand for renewable sources of energy on a roll, blockchain technology companies are exploring how to provide solar energy with an easy record of every transaction made. This data recorded is free of forgeries and inexpensive. Siemens Digital Grid Division has set up a physical microgrid including network control systems, lithium-ion battery storage, smart electric meters, and converters and the power is transacted through BT. It’s an easy process for the public as well as the authorities.

Mobile Payments : Mobile payments are usually done with the involvement of banks. With this technology, mobile payments will be free of third-parties and the charges levied by them. IBM is coming up with a peer-to-peer network of providers who deal in foreign exchange. IBM is doing this in collaboration with a Polynesian system provider called KlickEx. This partnership culminates in the enablement of exchanges across the United Kingdom, New Zealand, Australia, and Pacific Islands. The matured relationship is looking at an exchange of almost 12 different currencies and 8 million transactions per day.

Healthcare : If a patient is being consulted about and discussed on in different geographical locations and specialists want to add information about him/her, this technology can be a great source. Even real-time information exchange is ensured. Only authorized people like the patient himself/herself, the doctors and physicians, and insurance providers are able to check about the patient,offering a great deal of privacy. Along with other upcoming BT companies, the United States Food and Drug Administration and IBM Watson Health are exploring the use of blockchain technologies.

For people who are considering their career in this emerging technology, there are a lot of powerful certifications in the market which will introduce to the phenomenon and help you master it. Some of you can complete with your ongoing profession.