![]() What applications could blockchain have for you? Security and speed are the main advantages, but these can manifest in a range of benefits, all showcased here. Since adapting the tech in 2012, all of Estonia now uses blockchain-based healthcare billing, while 95% of health data is on ledgers. When it comes to proving blockchain healthcare can work, look no further than the country of Estonia. One proof-of-concept study found that transaction processing speed on the blockchain dropped to “ just a few hundredths” of the conventional credit card's payment speed - although this speed would need to be scaled up to meet needs. How can it help? Blockchain tech can help handle electronic medical record data and point-of-care genomics management. Blockchain-based medical records can reduce that toll. That's good, because medical professionals' miscommunications cost the industry up to $11 billion a year, according to a survey from the Ponemon Institute covering more than 400 providers. Programs to integrate blockchain into the healthcare industry will reach a total cost of $5.61 billion by 2025, according to estimates from the Bank for International Settlements. The construction business reinvests less than 1% of revenues into tech infrastructure for future projects (compared to 3.5% to 4.5% in the aerospace and automotive industries), so a money-saver like blockchain could go a long way. Blockchain could increase the construction industries productivity up to 9%. How much can blockchain help? A 2017 McKinsey study determined blockchain could increase the industry's productivity by up to 9% and boost cost savings by 7%, all just by improving progress monitoring as well as cost and schedule estimate accuracy. In the US, the industry has the highest business turnover rate, with 59.2% of all construction businesses failing in their first five years. It also allows some people to avoid restrictions and regulations tied to other forms of transaction like legal tender - although the question of whether this impact is good or bad may be up for debate!īlockchain's faster and more secure transactions could be a big boon for the construction industry: In the UK, a 2018 report from the Institution of Civil Engineers found an impressive 75% percent of capital projects run over their budgets, with 20% of these overruns due to errors including inefficiencies and limited control. The practical impact of this for a business lies in the time and money a streamlined verification process saves. ![]() Blockchain drastically reduces the time and resources to verify transactions.Īs a result, the technology is most important as a way of easily verifying any transaction. Each block's timestamp marks the date of any previous transaction, and the cryptographic hash in each block maps to the previous block, so that no single block can be changed without disrupting every other block. But the business value-add of the technology will be far higher, reaching $176 billion by 2025 and passing $3.1 trillion by 2030, according to Gartner estimates.Īll the core elements of blockchain are designed to make the protocol impossible to fake or replicate. And, if the Statista forecasts are accurate, global spending will reach nearly $19 billion by 2024. Total spending on various blockchain solutions across the globe in 2021 will reach $6.6 billion.
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