As long as the companies accepting payment, then they will get a huge benefit by using public blockchain (i.e., cryptocurrency in this case), as we know that transaction fees were very expensive for an international transfer and/or involves a lot of money. And yeah, smart contract, cloud computing, data storage, side-chain, LN, etc., in the open blockchain will enable third-party companies to create their own solution/interface on top of these blockchains.
But if they are trying to implement permissioned blockchain then it has to be some kind of consortium (or perhaps government). It's really strange if a single company uses a permissioned blockchain because it could be replaced by a simple database.
Topic: Which industries don't need blockchain? - page 7. (Read 1337 times)
Anyone can use the blockchain technology since it's really just a ledger of transactions at the end of the day. It all boils down to the customization of the said technology based on what the company/organization actually needs work on. Most are also just joining the hype train and using the popularity of the said tech thinking that it's 'the next big thing' since everybody else is doing it, while in reality there aren't any significant advantage of integrating it on their services compared to their older systems. With the world slowly shifting into the digital realm, it's time that most companies also change their systems to keep up with the pace, but integrating blockchain into an organization isn't always the answer. Blockchain is revolutionary, but not always the go-to solution IMO.
Medical records are fine as is, and also, using the concept of a blockchain technology in such an application might affect medical record confidentiality in such a way that your information is floating freely, waiting for everyone to see. Medical databases are fine and already secure, so yeah, the healthcare industry doesn't really need this tech for sorting and storing medical records.
If anything, the blockchain would somewhat make things worse for healthcare providers. Imagine the added layers of confusion just to get the file that you really wanted to look at.
I am yet to hear a good argument for blockchain in healthcare. The arguments I have heard thus far can be broadly summarised in to two categories: patient records or fees.
The patient record argument goes somewhat along the lines of every patient would have a unique identifier, and upon presentation to any healthcare provider, the provider can scan this identifier and access their records on the blockchain. There are a few issues with this. Firstly, this system already exists in many countries, and works just fine without blockchain technology. Secondly, you need to regulate access to the database as it contains confidential health information - that becomes more difficult as your database becomes decentralized and spread over many remote computers and sites.
The patient record argument goes somewhat along the lines of every patient would have a unique identifier, and upon presentation to any healthcare provider, the provider can scan this identifier and access their records on the blockchain. There are a few issues with this. Firstly, this system already exists in many countries, and works just fine without blockchain technology. Secondly, you need to regulate access to the database as it contains confidential health information - that becomes more difficult as your database becomes decentralized and spread over many remote computers and sites.
Medical records are fine as is, and also, using the concept of a blockchain technology in such an application might affect medical record confidentiality in such a way that your information is floating freely, waiting for everyone to see. Medical databases are fine and already secure, so yeah, the healthcare industry doesn't really need this tech for sorting and storing medical records.
The fee argument is along the lines of streamlining the interface between patient and provider, removing some of the insurance companies' oversight and paperwork, and therefore reducing fees. This is only a problem in the US - no other country in the world has such a ridiculous healthcare system. A much better solution would be to simply move to a more logical system, and blockchain is not needed at all to do that.
If anything, the blockchain would somewhat make things worse for healthcare providers. Imagine the added layers of confusion just to get the file that you really wanted to look at.
It's expedient for every sector that you to remain relevant not to overlook the immense benefits of blockchain technology. For instance, analogy companies that fail to embrace the internet revolution on time are nowhere to be found today and lastly, every industries requires some sort of payment and therefore should embrace this technology. My opinion though.
I am yet to hear a good argument for blockchain in healthcare. The arguments I have heard thus far can be broadly summarised in to two categories: patient records or fees.
The patient record argument goes somewhat along the lines of every patient would have a unique identifier, and upon presentation to any healthcare provider, the provider can scan this identifier and access their records on the blockchain. There are a few issues with this. Firstly, this system already exists in many countries, and works just fine without blockchain technology. Secondly, you need to regulate access to the database as it contains confidential health information - that becomes more difficult as your database becomes decentralized and spread over many remote computers and sites.
The fee argument is along the lines of streamlining the interface between patient and provider, removing some of the insurance companies' oversight and paperwork, and therefore reducing fees. This is only a problem in the US - no other country in the world has such a ridiculous healthcare system. A much better solution would be to simply move to a more logical system, and blockchain is not needed at all to do that.
The patient record argument goes somewhat along the lines of every patient would have a unique identifier, and upon presentation to any healthcare provider, the provider can scan this identifier and access their records on the blockchain. There are a few issues with this. Firstly, this system already exists in many countries, and works just fine without blockchain technology. Secondly, you need to regulate access to the database as it contains confidential health information - that becomes more difficult as your database becomes decentralized and spread over many remote computers and sites.
The fee argument is along the lines of streamlining the interface between patient and provider, removing some of the insurance companies' oversight and paperwork, and therefore reducing fees. This is only a problem in the US - no other country in the world has such a ridiculous healthcare system. A much better solution would be to simply move to a more logical system, and blockchain is not needed at all to do that.
Can industries profit from using a public blockchain? Sure.
Can they profit from running private blockchains of their own? Unlikely. But apparently that's the way many companies are going, presumably in an attempt to establish and control a new industry standard.
Running a private blockchain instance is like running a private internet instance. Of course you can do it, but it will only have a fraction of the functionality of the real thing (ie. while intranet websites are very useful for internal workflow, they can't replace the public internet). Difference being that most problems that can be solved using a private blockchain, are better solved using classical distributed (or even centralized) databases.
Most examples as provided by the article linked in OP are likely to be forgotten within 5 - 10 years for lack of an actual benefit. Problem being that they are either technical approaches to problems that need to be solved at an operational / administrative level (eg. opaque supply chains / company records) or approaches that tout benefits that are only applicable to some of the public blockchains, but no so much to private blockchains (eg. record immutability, network security).
In short, the bullshit to benefit ratio is incredibly high.
Can they profit from running private blockchains of their own? Unlikely. But apparently that's the way many companies are going, presumably in an attempt to establish and control a new industry standard.
Running a private blockchain instance is like running a private internet instance. Of course you can do it, but it will only have a fraction of the functionality of the real thing (ie. while intranet websites are very useful for internal workflow, they can't replace the public internet). Difference being that most problems that can be solved using a private blockchain, are better solved using classical distributed (or even centralized) databases.
Most examples as provided by the article linked in OP are likely to be forgotten within 5 - 10 years for lack of an actual benefit. Problem being that they are either technical approaches to problems that need to be solved at an operational / administrative level (eg. opaque supply chains / company records) or approaches that tout benefits that are only applicable to some of the public blockchains, but no so much to private blockchains (eg. record immutability, network security).
In short, the bullshit to benefit ratio is incredibly high.
Blockchain technology will revolutionize the business sector because of its awesome features. When it comes to industries, blockchain can help secure company's financial information from attacks. It can also boost its sales with the use of different cryptocurrencies available in the market for we all know that there are already lots of people who are holding different kinds of crypto.
It can also build trust to investors due to the transparency of records that can be accessed easily and can't be edited if it's already recorded in the network.
I can't find any reason why blockchain should be ignored by industries for it can really help augment their sales and might as well improve the quality and accuracy of their services.
It can also build trust to investors due to the transparency of records that can be accessed easily and can't be edited if it's already recorded in the network.
I can't find any reason why blockchain should be ignored by industries for it can really help augment their sales and might as well improve the quality and accuracy of their services.
It appears as though every company is trying to integrate the use of blockchain technology.
https://www.blockchain-council.org/blockchain/top-10-companies-that-have-already-adopted-blockchain/
Some might have legitimate reasons, others just for the hype and hell of it.
Are there any industries that can't benefit from using blockchain technology in their business practices? Where it doesn't matter?
Hype or no hype is not a yardstick for any company out there to ignore the power of the Blockchain Technology, this technology has solutions to all the problems and troubles faced by these companies before now, so they need the TECH to solve these problems headlong. Bet you that, many companies will integrate into using the Blockchain as soon as possible. https://www.blockchain-council.org/blockchain/top-10-companies-that-have-already-adopted-blockchain/
Some might have legitimate reasons, others just for the hype and hell of it.
Are there any industries that can't benefit from using blockchain technology in their business practices? Where it doesn't matter?
It appears as though every company is trying to integrate the use of blockchain technology.
https://www.blockchain-council.org/blockchain/top-10-companies-that-have-already-adopted-blockchain/
Some might have legitimate reasons, others just for the hype and hell of it.
Are there any industries that can't benefit from using blockchain technology in their business practices? Where it doesn't matter?
https://www.blockchain-council.org/blockchain/top-10-companies-that-have-already-adopted-blockchain/
Some might have legitimate reasons, others just for the hype and hell of it.
Are there any industries that can't benefit from using blockchain technology in their business practices? Where it doesn't matter?
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