Blockchain technology has been in the media a lot lately, primarily regarding cryptocurrency and NFTs. While these are popular uses of the blockchain, there are so many more that the public isn’t yet familiar with. These uses aren’t just theoretical, as many industries are already adopting it as a faster and more secure way to store and share information.

There are so many ways that blockchain can expedite logistical processes and make them more cost-efficient. Obviously, these are functions that almost every industry can benefit from. Although, before we dive into which industries can benefit from blockchain technology, we should discuss what it is.

What Is Blockchain Technology and Which Industries Can Benefit From Blockchain?

Blockchain is, at its core, a decentralized ledger system that utilizes encrypted “blocks” of information that cannot be redacted or altered after submission. As a result, the blockchain manages to be extremely secure and ultimately transparent at the same time. Not only is the blockchain easy to audit, but it is also cheap to maintain and utilize.

These benefits make it a perfect fit for any industry that regularly stores and shares information, especially that which is sensitive and in need of enhanced security. These industries include:

• Healthcare
• Banking
• Lending

Let’s see how each of these industries can benefit from blockchain technology and how they already have.

Blockchain in Healthcare

The healthcare industry benefits from the easy and secure transmission of patient data between providers. This allows patients access to their healthcare files no matter where they go, with the confidence that the care they receive is informed by a comprehensive look at their medical history. Blockchain ledgers can make this information more secure and easier for patients to share with providers.

Luckily, there are already firms doing this. For example, there are a few companies that have created an app for patients utilizing blockchain technology to hold all of their medical information. This secure patient info platform works as a sort of “medical passport,” giving any provider the patient wants to use full access to all relevant medical information.

Blockchain in Banking

Blockchain allows banks to make transactions at a lower cost and with fewer limitations. This is one of the most promising uses of cryptocurrency, as banks are leveraging “tools” that represents and holds the same value as a traditional fiat currency such as the U.S Dollar or Euro.

By using these stablecoins, banks can perform transactions outside the Federal Reserves' banking hours. This gives banks and their clients more flexibility with payments, and it also lowers the cost of performing those transactions by cutting out middlemen that handle payment processing.

Blockchain in Lending

Lenders can benefit from blockchain in a number of ways. For example, a decentralized ledger can be used to improve lenders' ability to perform the following functions:

• Match consumers with quality lending offers.
• Generate faster approvals.
• Keep consumer data secure.
• Collect useful data metrics to improve future offers.

All of these benefits make a lender that can successfully leverage blockchain technology a more desirable lender to work with. There are already a few lenders that utilize a blockchain platform to offer different types of financing, as well as fintech companies offering a cutting-edge platform for lenders to use to connect with merchants and consumers alike. Skeps is one of the fintech firms doing just that.

Skeps’ Blockchain Lending Platform

We offer the only true end-to-end POS financing platform that allows merchants access to our network of trusted lenders, matching customers with offers faster than any other platform on the market.

This is achieved by checking each customer’s application with multiple lenders simultaneously, as opposed to the “waterfall” approach that other platforms use, which instead checks each application with only one lender at a time until they get an approval. By offering Skeps’ top-of-the-line convenience, speed, and security, merchants can drive revenue growth quickly and easily.