Technology

Learn about five industries where blockchain technology will have a significant impact

Blockchain, the technology that hides behind cryptocurrencies, and that originally became popular with bitcoin in 2008, today, its application is transformed to be implemented in various sectors and markets.

In this way, the Mexican web portal Vortex Capitalspecialized in news and information on investment trends in Mexico, shared some of the industries in which blockchain technology has been applied, having significant changes in them.

Automotive industry

According to Vortex, With blockchain technology, each part of the automotive ecosystem from suppliers to parts manufacturers to customers and safety regulators can see benefits in the processes and efficiency of their operation.

“An example of how it is applied in the automotive industry is Volvo Cars in collaboration with CATL and Oracle, which will be the first to manufacture cars with this technology”they mentioned.

Trade and consumer goods

According to Vortex, in international trade and consumption there is a great opportunity to use blockchain technology. For its part, dstake implementation in moving supply chains; financing in this market; in certification processes, customs, as well as in logistics and the distribution of products and services.

“The World Trade Organization explains that this type of technology facilitates the efficiency in processes and costs of this market. For example, trade requires paperwork in customs certifications, financing and logistics, which can be replaced with blockchains and put aside the use of paper”they mentioned.

“In the country, Grupo Charly, a company originally from León, Guanajuato, was the first company to carry out an international trade operation with blockchain technology through a letter of credit with HSBC Mexico. It was an operation that allowed the approval time to be reduced to 24 hours when it usually takes 5 to 10 days”they added.

telecommunications

According to Vortex, Blockchain is a technology with the potential to streamline areas related to security, identity verification or service validation. That said, they also highlight that in the telecommunications sector this type of technology can optimize internal processes, improve existing products and services, even improving costs.

“With the blockchain within a network equipment supply chain, benefits can be seen in its manufacturing, distribution network and even in the connection and use of the final consumer”they claimed.

Health sector

Regarding the health sector, They explained that one of the ways in which the blockchain can be used is with the storage of records and data management.. They explained that this technology will speed up access and security of clinical data, patient data and medical records between hospitals and insurers.

Additionally, in the pharmaceutical and biotechnology industry, health registries would be ensured, supply chain management that would combat drug counterfeiting and speed up clinical trials, and agility in the distribution of drugs and vaccines.

Banking and financial services

For this sector where block technology is already being implemented, and where it was even where it began to sound for cryptocurrencies, from Vortex they point out with blockchain technology any type of information that needs to be safeguarded and must be stored safely opens the possibility of potentiating processes within the finance area, especially in control and cost.

For their part, they mentioned some of the main changes that stand out in the financial field, and which were detailed by the firm Deloitte in an analysis of this technology in the sector, these changes are:

  • Auto-validation to collect and pay transactions.
  • Accounting consolidations between companies.
  • Detection of fraud and risk in institutions and consumers of the sector.
  • Capital management.
  • Working capital and improvement of the cash cycle.

Additionally, and to close, Vortex mentioned that there are other markets with potential, such as the Internet of things, which maintains a high growth potential. “In this sector, the blockchain would attribute to the security and reliability of the devices and the connection between them”they highlighted.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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