Blockchain is getting bigger and bigger little by little, as is the demand for this technology. Best known for supporting Bitcoin, blockchain technology is accepted by many huge tech giants such as IBM and Microsoft. IBM was reportedly one of the first companies to see this technology as a potential and revolutionary step towards creating a digital ledger. The company not only set an example for many new start-ups, but also encouraged them to try the new technology on its cloud for free. Not just IBM, but blockchain technology has made it transparent, decentralized, secure and efficient for many companies and financial institutions. Here are some of the industries that have already used this technology. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay Banking Industry: It is believed that blockchain technology can provide access to banking and financial services to billions of people around the world, including those in third world countries who cannot even access traditional banking services. Cryptocurrencies like Bitcoin allow people to send money across borders instantly for a relatively low fee. Many banks such as Barclays, RAKBANK, Currencies Direct, Credit Agricole have joined the enterprise blockchain network, RippleNet. This blockchain platform facilitates the retail market, wholesale payments and even the corporate market and makes operations more efficient, faster and safer. Internet of Things: Blockchain technology is being brought into play by big players like Samsung and IBM who are working towards a new ADEPT concept, which is expected to create a decentralized network of IoT devices. This public registry will be usable by a large number of devices, thus eliminating the need for a central location to manage interactions between them. Companies like Powerledger and ElectrifyAsia are also using blockchain to create greater transparency and security in energy transfer. Electrify is already working to develop a decentralized energy market that runs on blockchain. Supply Chain Management: With this technology, all transactions can be saved in a permanent decentralized ledger and can also be tracked securely, thus making them transparent. This not only reduces human error, but also reduces delays. The best part is that it also makes it easier to control costs, labor and even waste at every point in the supply chain. Additionally, the distributed ledger can help verify the authenticity of products by tracking them from their point of origin. Forecasting: Research, analysis, prediction and consultancy, Blockchain technology is set to change your entire approach. Companies like Augur are looking forward to creating decentralized global prediction markets. This technology will be able to facilitate the monitoring of bets on anything in a decentralized way, from stocks, to sports and even elections. Insurance: The global insurance market runs on trust and blockchain is the best solution for this market to thrive. It can be used to verify many types of data in insurance contracts. It can also integrate real-world data with Smart Contracts. Aeternity is a popular blockchain project that is creating tools for the insurance industry. Cloud Storage: If any data is available on a centralized server, it becomes vulnerable to human error, data loss or even hacking. Blockchain technology allows cloud storage to be more secure and robust, and companies like Storj are already using the cloud storage network using.