It was always believed that Technology could only be the guiding light for the exchange until it was successfully integrated into the other fields!
Some of the major sectors that can depend on the Technology in near future include in managing ride-hailing apps, law enforcement, voting, car leasing and sales, cloud storage, stock , healthcare industry and many more.
The is simply a public where it can a very high volume of data or digital transactions irrespective of the location. Another main characteristic of the technology is that they follow a decentralized mechanism, and hence there is no need for third parties to supervise the entire procedures. Since there are no third parties involved, the chances for frauds are literally impossible.
The startups nowadays are using the Technology for sectors which demand greater transparency and authenticity. They are playing their part in creating awareness about the scope and possibilities of Technology.
Here are some of the best ways where different companies make use of the real potential of Technology;
- Banking
The banking industry has begun to try out Technology to improve the back office procedures and settlements so that they can cut out the huge money involved with paying the third parties or middlemen. Some of the leading banks which have begun implementing the same include the Swiss-based bank UBS and the Barclays Premier Bank of the UK. Some experts believe that it enables the banks to save up to $20 Billion!
Since is a secure and digitized public , they could serve well in the Banking industry which mainly requires the above-mentioned properties to the core.
Moreover, some banks are really investing in many of the startups like R3 CEV, which are working on developing a platform, specifically for the players of the financial industry.
2. Ride Sharing
Technology has a really good future in the Ride Sharing sector.
Some of the major players like Uber and Lyft works on the mechanism of a centralized platform, which is exactly opposite to the decentralized ones. They literally use algorithms to control their taxi drivers and decide on how much to charge for the trips. With the usage of Technology, new options could be injected into the system so that it becomes more dynamic, user-driven and a market place which is much more value-oriented!
An example to indicate the above mentioned would be the startup Arcade City. They make use of the System to take care of their transactions. Also, the drivers can decide on their rates with all the records and interactions being stored in the .
This makes the Arcade City more interesting to the drivers. It makes the drivers build up their own cab business, where no one is there to control from a corporate office. In arcade city, they allow the drivers to set their own rates, develop their own customer base and can also offer additional services like parcel deliveries, etc.
3. Crypto Exchanges
Crypto exchanges are basically websites or platforms from where you can either buy or sell the like , , etc. in return of either the digital currencies or the traditional currencies like US dollar or Euro.
And since it involves a lot of transactions, Technology is very much useful or necessary for the crypto exchanges to happen safely and securely.
Technology reduces the normally prone cybersecurity threats since it does not need any human intervention. And which is very much essential for the transactions involving money, or the digital currencies ().
An example of the leading decentralized exchange is the -based 0x.
4. Cloud Storage
In Cloud Storage services, the enterprises the data of its in a completely centralized server. And these are prone to attacks by the hackers. And if the data is compromised, the complete integrity of the enterprise is lost.
And here comes the real potential of the technology. Since the makes use of a decentralized platform, it is less prone to cyber attacks or its almost impossible to compromise them.
An excellent example of this would be the “Filecoin”. It is basically a crypto project that honors you the hosting of files. And this would be just like the decentralized version of the S3 services provided by the Amazon Web Services.
Another upcoming team is the “Storj”, which is a purely based cloud storage service provider. Their stated mission is to provide security and to lower the costs involved for storing information in the cloud servers. It also allows the users to rent out their unused storage space in a peer-to-peer manner.
5. Government And Public Records
technology could be really made useful in the management of public services by Governments across the world. It allows the processes to be made digital or less paper-based, avoid fraud and to improve the accountability between the departments and the common people they serve.
Some of the states in the United States have already begun to implement the same in their administrative procedures. Also, some startups have begun to assist Government institutions in Eastern Europe. The BitFury Group is presently working with the Government of Georgia to make them the government records more secure!
Conclusion
There are still a lot more of industries which could be really benefited from the usage of the Technology. Only some of them are mentioned above.
Incorporating the Technology into their execution plan by the business owners in any of the industries mentioned above would give you that upper edge over your competitors.
Image Source: Google
Published at Sat, 27 Apr 2019 12:00:34 +0000
