Artificial Intelligence (AI) keeps breaking news every day for their offerings and due to their capabilities and AI being the most important part for most of the big commercial opportunities. Apart from AI, blockchain is another technology that asserts many unique benefits and hence is a non stop topic of discussion for engineers. These two advancements in technologies support each other to yield great results. AI and blockchain collect the data and use the outcome for mass market and help a lot for security purposes. In this article, we will discuss the various ways in which blockchain transforming industries.
Blockchain industries gained popularity when enterprises started to realize that this technology facilitates transactions at a very lower cost giving them more independence and control. It is proven that a business can grow massively if it has a combination of AI and blockchain.
The revenue through the aerospace industry in 2018 was $838 billion. This industry has been already using great technologies like AI and 3D printing to improve its services. But due to the B2B intermediaries, customers have to pay a high price. So, the industry should also think of using blockchain technology. Now without further delays let us have a look at all the blockchain transforming industries.
Blockchain And Cryptocurrency
Blockchain is a decentralized, distributed data structure that acts as a proof of work for the advent of events in a particular order. This digital ledger is fixed and stores the encrypted data. For instance, when there is an online transaction, that process is represented as a block and is broadcasted to a peer-to-peer (P2P) network (computers/nodes).
The blockchain process employs an encryption method that is known as cryptography, which uses mathematical algorithms to conduct the transaction and user’s status. The verified transaction can involve digital currency, records, contracts, or other information. The transaction is added with other transactions for it to be verified. Then a new block of data is formulated for the ledger. The new block is added to the permanent, existing, and unalterable blockchain, and there is no way of deleting data. The transaction is now completed without the interference of any bank. Each transaction which is in the form of a block is time oriented, to initiate the event in the real time, and many similar blocks are linked together to form a chain, from there comes the name blockchain. These chains are linked cryptographically the past events to the present events, and thus preserves their order under the current timestamp.
Blockchain Transforming Industries: Tourism
Planning to travel often makes us baffled due to the time involved and the complexity in buying air tickets, booking rentals, managing transfers, hotels, and transference in the array of organizations that are associated with a travel plan. So to avoid all such chaos there comes the necessity for blockchain in the travel industry. With blockchain you can simply generate a travel token for each traveler and this information would be accepted throughout the globe in all airports and this will enable the ID verification process easier.
Blockchain Transforming Industries: Hospitality
Just like traveling can be chaotic at times, so can be accommodation and hotels. But with the advent of blockchain in hospitality industry, it permanently records all the transactions in an encrypted, open ledger that gives the direct payment to the seller. The main motto of blockchain technology in the hotel/hospitality industry is discarding third party costs and assuring direct providers for consumer interaction.
Blockchain In Healthcare Industry
The uses and applications of blockchain are wide across the healthcare industry. The ledger technology enables the secure transfer of the medical records of the patient, manages the data of medical supply, and also helps the healthcare researchers to unlock all the genetic codes.
Blockchain In Use
Now that we know the sectors where the technology of blockchain can be used, let us have a look at the blockchain business ideas 2021 and also the example of companies using blockchains. And also let us see how all these industries are connected with the idea of blockchain technology.
- Winding Tree: It is a decentralized open source B2B (business to business) travel marketplace. This is a channel where buyers and sellers of travel inventory may encounter their trusted partners and can initiate business immediately.
- Airport Hotel Basel: This is a hotel chain in Switzerland. Airport Hotel Basel and Citizen M hotel in Malaysia have identified great benefits of the blockchain technology and so it signed a contract with Winding Tree to bring in more innovation in the hospitality industry.
- Cool Cousin: It is a decentralized travel agency that has adopted the emerging blockchain technology to widen its business globally with the aid of local experts from every city. And now Cool Cousin has shaken hands with Winding Tree for better team performance.
By providing its potential blockchain transforming industries successfully by playing an important role in keeping the network safe and secure, trusted, and protected. In India more and more travel and hospitality industries are adopting blockchain technology to increase the scope of digitization.