4th industrial revolution with the block chain

Emergence of new technologies in order to eliminate the current issues that the world faces is called the 4th industrial revolution and many inventions are emerging . A few examples are Nano tech, artificial intelligence etc . The block chain decentralized ledger network is one such emerging technology that has the potential to eliminate wider range of problems in many industries.

Revolution of the block chain would make many improvements in the banking industry that enables it to provide effective services to a border customer base. Block chain would stop the bureaucracy of banking and it allows the unbanked community to do all the financial transactions affordably using this digitalized platform. Block chain also enables cross border transactions at an inexpensive and quicker manner and the complexity of the cross broader transactions also will be eliminated as one mode of fiat currency being used worldwide that would take the services provided by banks to another level. Due to the cryptographic feature and data being updated constantly, banks find it more effective to use block chain in order to verify customers identification, feasibility etc. Another area that banks seek improvements in is trade financing as it requires lot of paper work such as bills of landing , letter of credits etc, lot of intermediary involvements etc that complicates as well as slows down the efficiency of the process. Revolution of block chain would make this process efficient, cost effective, risk free etc as all the transactions could be done using this decentralized network which is transparent, cost effective, quicker as well as simpler as it streamlines the process of work.

This emerging decentralized form of ledger could also be useful in the travel industry in many ways that takes the travelling experience to another level. Secure payment option takes prominent among all the benefits due to its high transparency and untampered feature. Adaptation of block chain would also streamline the transaction process that enables to get the payments done in no time and this might also lead to reduced cost associations with hotel as this plat form makes intermediaries unwanted. Block chain would also makes the security verification processes more efficient as well as effective with its shared digital database that eliminates the need of providing ID for travellers at many places during their journey. Enabling the luggage tracking more secure, allowing providing quality loyalty programs are some of the other benefits that can be enjoyed with the emerging of block chain.

Block chain is also immensely beneficial to hotels prospectively. One of the benefits that the hotel industry experience is that the block chain enables hotels to integrate with other industries related parties such as airline companies, car rental companies that expand the network of the industry through which allows them to improve the quality of customer experience. Block chain could also be used to make the supply chain of the hotel industry more quality and especially for the hotels that have many branches or franchises, they could monitor whether the quality of each hotel is up to the standards, with the use of block chain as this decentralized data base is transparent.

Another industry that block chain being useful is the photography industry. Kodak is one of the companies that use the block chain network as a secure mode with the purpose of avoiding photography theft. Due to the nature of its decentralized network with encrypted option, it enables the photographers to protect the owner ship of their photographs. It further makes the payment process of stock photo industry more efficient as the block chain avoids the need of intermediaries.

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