Blockchain Industry’s Impact on Banking, Insurance, & Travel
Blockchain technology has risen as one of the most happening and transformative disruptive techs in the last ten years. And rightfully so. The way, it has impacted a few business sectors, is simply awe-inspiring. A few such industries comprise travel, real estate, advertising, healthcare, insurance, and banking, among many others. Of these, the biggest beneficiaries have been the banking, travel, and insurance sectors. These three industries are paving the way for many others to take advantage of the said disruptive tech.
The blockchain industry is fast contributing to the generation of new jobs across many countries of the world, especially, the U.S. As a matter of fact, college and university students, off late, has increasingly been seen enrolling in blockchain certifications online, to enhance their job-readiness.
Market Size of Blockchain Industry, Globally
Blockchain technology market size, globally (2018-2025)
As per Statista, the globally renowned German market research firm, global blockchain technology revenues are expected to see a massive spike in the near future, reaching a whopping, $39 billion by 2025. Fintech has been the biggest investor in the said disruptive tech, to date, contributing to more than 60% of the technology’s market value.
Businesses, across Industries, in a Rush, to Adopt Blockchain
Deployment of blockchain tech is a worldwide trend these days, across industries, with almost every industry on the planet trying their best to extract the maximum business benefits possible, out of the usage of this revolutionary tech. In fact, many business are in pursuit of developing their own version of blockchain as per their exact business needs, and comfort.
3 Industries Paving the Way for Others to Adopt Blockchain
We are aware of the fact that blockchain help facilitates digital transactions with much ease, and in a speedy manner. But, it has a similar application in formalizing commercial relationships through the issuance of smart contracts. These are legally-binding digital documents that can be formally signed between the two parties involved in a monetary transaction.
The beauty of such contracts is that they are tamper-proof, and the particulars of the same cannot be altered with, once digitally signed by the concerning parties. The advent of smart contracts in insurance has already revolutionized the said industry by automating processes, cropping down insurance frauds, and facilitation of hassle-free claims.
The financial services market has been the biggest beneficiary of the adoption of blockchain tech, maybe, because they were the first to latch on to the said disruptive tech. And, that’s also why the blockchain industry is making the maximum revenue from the financial markets, globally.
Talking about the specific deployment of blockchain in banking, it is being utilized in detecting monetary frauds, and validating identities digitally (under the KYC norm).
Case-Study Involving Blockchain Adoption for KYC
A blockchain startup named Bluzelle collaborated with KPMG, and a chamber of banks located in Singapore, to give birth to a blockchain-powered KYC platform. The mentioned project established the fact that blockchain, as a revolutionary fintech, can successfully restrict the cases of ID fraud. Further, the said digital platform, also resulted in a heavy cost-cutting, amounting to 25-50%, by neutralizing duplication, and offering a transparent audit trail.
Travel is one such industry, blockchain has much to offer, in terms of the way it operates. The disruptive tech’s working model of facilitating nodal(peer-to-peer) transactions, can prove to be a major whistleblower for the travel sector.
Airbnb’s success and soaring popularity is a standout example of people’s liking towards the elimination of middlemen and coming directly in contact with the property owners. In the times to come, you will not need a platform like Airbnb to book a holiday property for your stay, as blockchain will handle the transaction part of the deal, and you will be able to pay via a blockchain app, after finalizing a property of your choice.