Blockchain technology can be used in a wide range of applications in the financial services industry, including, but not limited to;
Online identity management.
Loyalty and Rewards.
Blockchain and smart contracts can benefit the insurance industry and claims handling process by reducing cost, minimizing errors, and increasing efficiency
Examples of potential applications include;
Auto-initiation of claims.
Audit and Regulatory benefits.
Blockchain can enhance the security, privacy, and interoperability of healthcare data by making electronic medical records and prescriptions more efficient, disintermediated, and secure.
Patient data management.
Blockchain, combined with Internet Of Things devices, can facilitate the tracking of managed assets and products from factories to point of sale.
Supply chains will benefit from:
Replacement of EDI.
Lineage track & trace.
The telecommunications industry stands to benefit from the use of blockchain technology through both their core management systems and ancillary services. Efficiency gains, cost reduction, and revenue generation can be achieved in: