Government to Citizens: Government could use blockchain technology to create a secure identity for citizens to use across public services.
Government to Government: Blockchain-based solutions have the potential to make government operations more efficient and improve the delivery of public services, while simultaneously increasing trust in the public sector. The benefits range from technical to economic and strategic in government.
Government to Vendors: In some cases, the government is using its power with vendors to promote agreement. This means blockchain not only provide the distributions of funds but also derive vendor compliance by offering access to the platform.
Blockchain has been gaining enormous attention in different areas beyond its crypto currency roots. It has emerged as an object of interest not only in tech industry but beyond. IoT solutions based on blockchain can be built to maintain continuous secured data records protected against updates and alteration.The agricultural and manufacturing industries are already using blockchain to power IoT systems, as there is a need for remote sensors and automation. The IoT solutions motorized by Blockchain technology facilitate a low power secure network which manages physical operations remotely without centralized cloud server.
A blockchain in supply chain can help participant’s record price, date, location, quality, certification, and other relevant information to more effectively. Blockchain adds greater visibility, transparency and efficiency across the entire supply chain so goods can be traded with confidence. With the help of blockchain, we can access the validation points of good’s lifespan, with guaranteed assurance of zero alteration.
As a distributed ledger, blockchain ensures transparency and security, the blockchain is showing promise to fix the current problems of the supply chain.
Fintech ecosystem grows constantly. Blockchains are dynamic. While Finance and banking are obvious targets for blockchain’s disruptive potential, there are other industries that will benefit from widespread adoption. Gaming, transportation and logistics, and even agriculture are in blockchain’s sights. The rise of FinTech has created new opportunities for existing servings to leverage new technologies, partner with new market participants and driven efficiencies.