Almost a decade back, no one was aware of a revolutionary technology called Blockchain. But today, this technology is gaining all the buzz. The technology came into existence in 2008. The working of bitcoin gave Blockchain a major boost. Not many people know this, but the origin of Blockchain was way back in the 80s. It emanates from the Merkle tree. Later, in the 90s, Stuart Haber worked on securing blocks created through Blockchain. The security of the Blockchain helped businesses in such a way that it offered protection for the time-stamping of documents. If you are not yet clear about the evolution of bitcoin, you can check the portal  bitsoftware360.com to know more. 

Industry dynamics that has been changed since the coming of Blockchain

Banking sector

One major sector that has changed since the coming of Blockchain is the banking sector. The most loved aspect of Blockchain is making transactions faster and easier. It has the bandwidth to do more than just manage the cryptocurrency. The coming up of the technique has changed the modes of making payments. Many countries have already adopted the use of Blockchain in their payment system. Many central banks are doing tests and trials for using Blockchain in their banking system. The best part about the system is that it offers all members the comfort of being on the same page. It also removes the requirement for a third party. Countries like China have also created their digital currency, like Digital Yuan, by using the benefits of Blockchain.

Insurance sector

The second most important sector that uses Blockchain is the insurance sector. The insurance sector and banking sector both work similarly. The insurance industry has improved a lot since the coming of Blockchain. Blockchain can be used in this sector in a way that helps in the detection of fraud and also improves cyber security. By using the technology, the world of insurance can grow to $1.3 billion. Blockchain technology can also enable insurers to save up to $10 billion. They can also cut costs and improve the risky aspect of the insurance world. 

Messaging apps

We all use messaging apps every day. But the coming up of these apps has also led to problems. Some of the major issues concerning messaging apps include cyber attacks and hacking. But when you use Blockchain in these apps, these problems are easily eliminated. By using Blockchain, your personal information remains safe and secure. It will also enable the protection of message history and file sharing. 

SAAS Industry

With the growth in the digital era, many SAAS companies come up every day. As per experts, blockchain technology is perfect for these companies. Traditionally, the process of credit lines is quite challenging for SAAS companies. It also needs extra time and effort for businesses. Therefore, these challenges slow down the growth path of SAAS companies. By choosing blockchain technology, smart contracts will become possible. This means, now founders can easily submit their revenue details and get credit within a few minutes through Blockchain.

Real Estate Companies

Real estate may seem like a non-technical industry from the outside. But they are no longer untouched by technology usage. The real estate sector is another important sector that needs the unlimited benefits of Blockchain. The greatest advantage of Blockchain in property businesses is it reduces the role of all middlemen. Thus, the industry can easily eliminate the need for lenders, brokers, and agents by using Blockchain. Thus, it improves clarity as well as reporting. The best part is that, in the long run, it will make the property cheaper for purchasers.

Travel sector

When the revolution of Blockchain is here, how can it keep the travel sector untouched?

Blockchain can make the process of ticket booking simpler. It can also enable companies to maintain their aircraft booking records. The best part is that it makes a digital token possible in the future. In addition, automobile sellers and renters can also streamline their sales process. Therefore, all paperwork and clicks are minimized. 

Higher education

The higher education sector is also getting benefits from blockchain technology. The students can also maintain and control their data. The data will be easily universalized, and it will be audited easily.