blockchain is a powerful tool that can be used to improve the management of data in any business. It creates an easily accessible international platform for all employees. Hence, they can monitor what goes on within their organization while also ensuring critical information isn't lost or altered without being noticed.
Many businesses benefit from increased traceability and transparency, and this isn't limited to those in finance or technology. It can benefit many industries, from healthcare to higher education. These are the businesses or companies believed to profit the most and why.
Security And Law Enforcement
The security industry could benefit from blockchain-based techniques to ensure that video recordings used for evidence are genuine. Using it, a signed and stamped copy of the footage protects it against being faked or altered by anyone with access to tools like deepfake software, which can be found online. - Thomas Jensen, Milestone Systems
The benefits of blockchain in the logistics and distribution space are endless. From ensuring that critical medicine or food reaches its destination safely to providing a more transparent system for all parties involved in collective supply chains - this technology will be an invaluable asset as we move forward with innovation. - Samantha Williams, Sonoco
The blockchain will play a significant role in identity management. By producing a global ID that can serve various uses, the use of blockchain maintains uniqueness, enabling people to take ownership of their identity. Blockchain technology provides users with the assurance that no third party will be able to obtain their personally identifiable data without their permission, which may provide a solution to many problems. - Farhan Masood, Soloinsight Inc.
This can significantly improve software security by enabling automatic, tamper-proof, and decentralized software dependency restrictions. The supply chain attack on NPM demonstrates the significance of software traceability to a company's security posture. In the future, software buyers will look for detailed dependency graphs, similar to the ingredient lists on their favorite snacks. - Firezone's Jason Gong
Blockchain could transform the rights and ownership of media assets. This would require a standards-setting organization like SMPTE to be developed, but it's an exciting prospect for those in this industry. - Scott Murray, Telestream
Cyber theft and hacking of personal data are genuine concerns in our everyday lives. With the introduction of messaging apps, there has been an increase in these problems, especially with how easily they are now accessible through your phone number or email address. Blockchain can help solve this issue because you no longer need any identifying information when signing up; just create one crypto wallet address that works across all platforms, so nothing gets lost. - Margarita Simonova, ILoveMyQA
This is also ideal for SAAS businesses with long-term revenue that require credit lines. Historically, this process has been complicated and takes far too long for founders to fill gaps in their corporate revenue. A founder could use smart contracts to publish their annual recurring revenue securely and obtain a credit line in under five minutes. - TradeAlgo's Jonathan Stone
As a traditionally conservative industry with high entry barriers, real estate stands to benefit significantly from the blockchain. In recent years, it has cut out intermediaries in the sector, such as agents, brokers, property managers, lenders, and others, ramping up accountability and transparency while offering direct access to smaller competitors such as homeowners and investors. - Mashvisor, Peter Abualzolof
Blockchain could be used to streamline airline ticket sales and aircraft maintenance records by encapsulating the fields in a digital token for simplicity. Automobile parts are also recorded on the digital ledger for fraud prevention, making them easier to access via an app or website interface with minimal user clicks necessary. - Vivian Lyon, Plaza Dynamics
Finance and banking
Because money-related fraud is rising, blockchain would benefit anything related to banking and finance. Though blockchain has drawbacks, particularly in terms of performance, they believe it can be improved in the near future. More blockchain-based alternatives to third-party payment services will be available soon, providing customers with additional security and convenience, as well as various currency support and international transactions. - Nadya Knysh
Shipping and Logistics
Tracking and monitoring the flow of goods is crucial for any business, but it can be difficult when done on an individual level. A system that allows tracking without having a central location or servers would greatly improve efficiency by allowing records to be accessed simultaneously from many different locations instead of just one person's laptop. -Lewis Liu, Eigen Technologies
Government-related activities could benefit from an automated flow because it will provide the clarity and operational transparency the public seeks. A public blockchain can be used to track government expenditures, investments, tax collections, and other sources of revenue. It is an urgent requirement for many countries seeking to rebuild for a better future while avoiding corruption. - OREL IT Pvt Ltd's Upendra Pieris
Blockchain is an ingenious technology that would give every individual patient control over their own health data. This innovative system enables end-to-end understanding of both clinical information and spending, thus empowering people with actual ownership of what's happening to them at any given time. - Jennifer Esposito, Magic Leap
A supply chain, a general ledger, and distributed transactions could indeed help that industry speed up and become more transparent. Everything is currently in disarray due to proprietary software that does not communicate with one another. Because of part shortages, this has turned into a massive issue. By incorporating it into technology, all parts or products will be traceable at all times. - Mercedes Soria, Knightscope
For credentialing, blockchain technology has enormous potential in higher education. Students can retain control over their data and give access to it as they see fit. This method will assist in universalizing data and standardizing it across platforms while guaranteeing that it is constantly trusted and audited. -Cloud for Good, Tal Frankfurt
*The above statements are shared by 15 Forbes Technology Council members.