12 Industries that need Blockchain Testing for their next phase of growth

1. 12 Industries that need Blockchain Testing for their next phase of growth

2. 12 Industries that need Blockchain Testing for their next phase of growth Why is Blockchain Testing critical? To be successful, organizations are looking for secure, seamless, and robust platforms using which they can transparently share information and build absolute trust. Blockchain is the answer to the challenge. A Blockchain is expected to do two things – gather and order data into Blocks, and then Chain them together securely using cryptography. The following image describes the activities that go on behind the scene. However, blockchain adoption comes with a few inherent challenges – integration issues with legacy systems, high energy consumptions, high initial investments, privacy and security issues, and initial apprehension around the adoption process. To help organizations overcome these hiccups, testing blockchain apps becomes business-critical. How is Blockchain enabling various industries Per a report by the International Data Corporation (IDC), the calculated global spend on blockchain will hit a whopping $9.7 billion by 2021. Blockchain is helping transform businesses by providing a means to share information and track assets safely and collaborate better. The benefits of blockchain – precision, security, and efficiency – are today being enjoyed by multiple sectors and domains, such as finance, healthcare, retail, and more. The Blockchain technology is also being used by Governments to create, validate, and improve people’s access to self-sovereign (international ID) identities.

3. 12 Industries that need Blockchain Testing for their next phase of growth • As Blockchain paves the way for innovations across industries that will eventually impact our day-to-day lives, it becomes imperative for organizations to pay heed to the quality and testing needs of these technologies. With so many Blockchain applications being launched in almost every industry, it is becoming imperative for testers to be aware of and be ready for helping overcome the challenges and issues. They need to know: • Where could the problems come up? • What is the disaster management or back-up plan in case of failures? • Industries that use Blockchain apps – and thus need testing too • Banks and financial institutions already racing ahead in the field of blockchain, let us look at a few other industries (apart from banks) that are trying to, and need to implement blockchain – and are slowly inching ahead. • Supply chain management • Blockchain enables providing the most secure and transparent monitoring of transactions. Supply chains can be described as a series of transaction nodes used to move a product from one point to another – usually the point-of-sale. Blockchain helps document these transactions as permanent decentralized records, that leads to savings of time, costs, and errors. Blockchain apps therefore can be used to create a traceability system that helps organizations engage better with customers at the PoS as they have detailed, real-time   information collected from across the supply chain. This also reduces chances of

4. 12 Industries that need Blockchain Testing for their next phase of growth overestimation – and thus, overproduction of products, saves space, and even harmful waste, removes middlemen, and helps provide a better customer experience. 2.       Stock trading Blockchain-based apps help automate the process of buying, selling, and trading stocks, making the process efficient and seamless. It can be used to integrate the existing trading processes to cryptographically secure the distributed ledgers that saves settlement time and costs and improves transparency. Stox is an open-source Ethereum-based prediction market where “users can make their predictions to generate their portion of a stake for a specified event.” Read Full Blog at: https://www.cigniti.com/blog/12-industries-need-blockchain-testing-for-their-growth/