Many experts believe that blockchain is going to completely change our world over the next twenty years in a similar fashion to how the internet changed how we do things. Blockchain technology is a ledger of all transactions across a P2P network and can dramatically reduce the amount of time and cost needed for such transactions, while also reducing the likelihood of a data breach.

The team at BitFortune put together an infographic that looks into how businesses across a number of industries are using the technology to transform the way in which they do business.

Blockchain can help eliminate fraud and errors, something which British Airways have realized. In 2017, the airline tested using blockchain to manage data about flights. They were quick to notice how the technology reduced time and increased efficiency. Meanwhile, also in supply chain management, FedEx has launched a blockchain-powered pilot program that will be used to help solve customer disputes which just shows how the technology is being used to improve customer engagement.

In insurance, 56% of firms say they now recognize the importance of blockchain thanks to the reduced cost and time the technology can give professionals when it comes to processing insurance claims. Blockchain has also helped reduce the likelihood of insurance fraud and improve transparency when it comes to record keeping.

Healthcare professionals are also using the technology for the better too. Through blockchain, a start-up called MedRec allows both patients and health providers to have access to their entire medical history. The technology is a tamper-resistant way of storing medical histories that can reduce times that take to access them, especially in the case of a medical emergency.

Check out the infographic below to find out how other industries are using blockchain technology to revolutionize their business.

URL: https://bitfortune.net/blockchain-disruptions-infographic/

Updated Date: 15 October 2018, 16:40