ESDS Knowledge Base


What are the applications of Blockchain?

Blockchain has its applications in different industries as follows:

a.Financial Services: Blockchain technology is reshaping the financial service landscape using the mechanism of digital cash transactions. Decentralized financial services are as a vast improvement over a centralized banking system.

b.Healthcare: Blockchain technology has opened the doors for optimized business and service delivery, disrupting the centralized operations of the healthcare industry. Blockchain has made payment platforms for the hospital more secure and faster.

c.Insurance: Blockchain allows the insurance company to share data efficiently, securely and transparently. Blockchain in the insurance industry has streamlined underwriting, claims, payment, and reinsurance processes.

d.Music: In the music industry, Blockchain has streamlined ownership rights and have offered fair payments to musicians for their work. This has enabled industry-wide transparency. Also, it has revolutionized music streaming by making it a subscription style.

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