Impact of Blockchain & Practical Guide for Success - Techwave

1. 10/28/22, 2:48 PM Impact of Blockchain & Practical Guide for Success - Techwave ANALYTICS IMPACT OF BLOCKCHAIN & PRACTICAL GUIDE FOR SUCCESS Robust and disruptive, blockchain has been garnering the attention of not just IT experts but even the non-technology enthusiasts. Blockchain is in its initial stages of development and blockchain experts believe that it can signi?cantly impact the business community in near future. However, reports indicated that certain enterprises are still in a dilemma as to whether blockchain is a boon or bane. Once the impact that blockchain would have on companies are brought to light, many companies will surely have blockchain in their carts. Banking: Minus blockchain, the infamous BitCoin. However, both aren’t the same as BitCoin comes with an intention to bypass banks although it makes e?cient use of blockchain technology. On observing its merits, many banks are reportedly planning to leverage blockchain technology for seamless operations and improved customer satisfaction. Internet of Things (IoT): Internet of Things is the hot buzz today. It’s connecting multiple devices that stay connected to exchange information by leveraging IoT technologies. While IoT simpli?es the life, the other side of the coin is widely debated. What if hackers gain control of your devices? Especially if it’s a smart city, the outcome would be tough to imagine. To put a check to the same, blockchain can be leveraged. Since blockchain has the potential to decentralize the critical data, it seals the efforts of the hackers making IoT devices more secure. Donations: Donors often want to know the destiny of their contribution. So far, they have been depending on the information being provided by the recipient itself. When blockchain is made mandatory for all non-government organizations, every minute detail would be recorded on blocks, and you could view the same on the public ledger. Healthcare Industry: Blockchain would undoubtedly have a huge impact on the healthcare industry. By recording the medical information and sharing it with the patients, information can be more secured and undestroyed compared to conventional database systems. Also, medical representative contact information, if stored on blocks, it would be fruitful for patients as they have an option to contact the right medical professional of their choice directly. Travel: Travel apps although provide ride details and live tracking, when it comes to service charges, no one clearly knows how it functions as they have got a monopoly on it. Blockchain has https://techwave.net/impact-of-blockchain-practical-guide-for-success/ 1/5

2. 10/28/22, 2:48 PM Impact of Blockchain & Practical Guide for Success - Techwave the potential to break this monopoly and provide transparency for customers. Conclusion: Reports indicate USA is ahead of other countries in leveraging blockchain technologies followed by China. According to a study by VeChain, 85% IT employees believed that blockchain was tamper resistant while more than 50% of them said that this technology would be useful in supply chain management. Whatever the reason they must vouch for blockchain, everyone has one thing in common—blockchain can impact the enterprises. Still not convinced about blockchain? Read our infographic-Top 5 Blockchain myths to understand the fact and ?ction about this technology. Techwave has partnered with IBM to offer blockchain services. Should you have any query on leveraging this technology, please get in touch with us at info@techwave.net. PREVIOUS POST INFOGRAPHIC: Debunking the Myths of Robotic Process Automation NEXT POST Evolution of Machine Learning Search here.. RECENT POSTS Leveraging Bigdata in Agriculture Blockchain and AI: The advantages of merging the technologies Why is an upgrade strategy for SAP CX Commerce the best solution for your business? How Digital Transformation Plays a Key Role in Boosting Customer Experience (CX) Reframing Business Evolution in the Cloud: A Wish or A Necessity? https://techwave.net/impact-of-blockchain-practical-guide-for-success/ 2/5

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4. 10/28/22, 2:48 PM Impact of Blockchain & Practical Guide for Success - Techwave ABOUT TECHWAVE Techwave is a leading global IT and engineering services and solutions company revolutionizing digital transformations. We believe in enabling clients to maximize the potential and achieve a greater market with a wide array of technology services, including, but not limited to, Enterprise Resource Planning, Application Development, Analytics, Digital, and the Internet of things (IoT).  SERVICES Enterprise Digital Services Engineering Services Enterprise Business Services PLATFORMS SupplyVu™ Autonetics Platform Hybrid Cloud Management COSMOS IoT GLOBAL HEADQUARTERS 13501 Katy Fwy Suite 1000, Houston, TX 77079, USA. Ph:+1 281 829 4831 info@techwave.net FOLLOW US  Techwave © 2022 All Rights Reserved. | Privacy Policy | Cookie Policy | https://techwave.net/impact-of-blockchain-practical-guide-for-success/ 4/5

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