Over the past decade, blockchain technology has grown into one of the leading financial technologies in the world. While many know it as a significant talking point for entrepreneurs and social influencers, many industries are embracing blockchain technology to push the boundaries of enterprise and commerce. This article will look at five industries incorporating blockchain technology into their infrastructure in 2022.
While not the first industry that would come to mind for many, online gaming platforms and casinos were the first businesses to get stuck in with blockchain. Since online casino gambling is still illegal in six US states, it makes sense that casinos would use the crypto loophole to open up ventures in places like Colorado and Arizona.
With many casinos offering incentives such as no deposit bonuses, previously inaccessible territories are opening up for commerce. But crypto casinos aren’t the only platforms offering crypto payments, as even regular online casinos now take Bitcoin and Ethereum as online gaming deposits and payments.
A recent survey reported by NBC News found that there were approximately 70 crypto-friendly casinos operating in the US at the start of 2022, receiving an estimated investment of $2.8 billion up until March.
One of the largest industries in the world, healthcare companies are researching how robust blockchain security can help keep patient records secure. This includes the US’ Office of the National Coordinator for Health Information Technology (ONC), which is currently setting its sights on using blockchain technology to secure supply chains and keep medical records safe.
While security is one of the most prominent benefits blockchain technology offers healthcare, data exchange is another enormous benefit, as companies design products to manage both permissions and access rights to data.
Meanwhile, as the world races to create a variety of new vaccines, blockchain technology has been used by the governments of Malaysia and Singapore to authenticate vaccine certificates. What’s more, thanks to their collaboration efforts, the two countries now use the technologies when residents of either country visit with certificates.
Similar to healthcare, governments worldwide seek blockchain technologies to secure public records. The Government of Estonia, for example, is currently creating a program using the country’s blockchain infrastructure to manage its citizens’ digital identities.
Elsewhere in the world, governmental departments are using blockchain technologies to settle disputes. In Sweden, the country’s land registry department uses the technology for registering land applications, helping to end fraud and land ownership disputes.
With voting fraud being a huge topic over the last two years, governments are looking to technology companies to provide solutions for voting fraud using blockchain technology. Some companies are even researching the use of voting apps through mobile devices so that people can simply vote through their mobiles and tablets.
In some tech circles, the blockchain is already called “Cloud 2.0”, so it might be of little surprise that blockchain technology is becoming increasingly prevalent in cloud computing. Many ask about the difference between cloud computing and blockchain, and the primary distinction is that cloud computing uses centralized architecture, while blockchain technology relies on decentralized networks.
Now more than ever, however, blockchain networks are integrating with cloud services, offering better security, traceability, decentralization, and improved interoperability. Technologies such as Alibaba Cloud and Amazon Web Services are two of the most popular blockchain as a service (BaaS) providers that help businesses incorporate blockchain technology into cloud services.
What’s more, one of the most significant risks of cloud computing is the loss of data. Still, many companies are now looking to blockchain technology to help hasten the disaster recovery process. This is because one failure within a node network doesn’t affect the remaining blockchain copies, meaning that all other nodes continue operating and upgrading.
Since the COVID-19 pandemic the air transportation industry has thrown itself into researching how air transport can be safer, more efficient, and of course, more secure. As blockchain is nearly impossible to hack or corrupt, it’s to the surprise of few that this is the technology that airlines and airports across the globe have turned to for solutions.
In fact, it is estimated that blockchain technology could save the industry roughly $3.5 billion in maintenance, repair, and operations (MRO) alone. American Airlines is one travel provider that has already leapt to the blockchain.
In 2021, it partnered with Ethereum-based company Winding Tree to enable corporate buyers to access the airline’s flight data without intermediaries. According to Winding Tree, the deal made travel cheaper for customers while simultaneously maximizing profits for suppliers.
American Airlines is but one company researching how blockchain technology can support its services, but other ground-based businesses are investing time to see how the blockchain can help track baggage and cargo, as well as securing the identification data of those traveling through airports.