Implication of Blockchain Technology on Service Sector.

Abstract

The paper attempts to give an insight into the application of blockchain technology in the service sector. Blockchain technology is a relatively new technology, whose adaptation could be seen in cryptocurrencies such as Bitcoin. Blockchain has gone beyond just revolutionizing currency, and traces of this technology could be seen in every industry. Although blockchain could be used in numerous industries, we have selected Finance, Supply Chain Management, Health Management, and Real-estate. This paper discusses how different global sector utilizes this technology and different companies that are operating under the ecosystem of blockchain. On contrary, this paper also looks at different companies in Pakistan who are taking initiative in collaborating with this technology. This is an in-depth analysis of how the blockchain platform is specifically catering to each industry, and how it differs from traditionally based practices. First, as a result of examining domestic and foreign cases, it can be seen that the areas where blockchains are most actively applied in the financial sector are expanding into settlement, remittance, securities and smart contracts. Many of the authentication procedures based on the equipment possessed by the consumers are used so that introduction of the blockchain in the authentication part is prominent. Second, the move to introduce a closed (private) distributed ledger that does not go through the central bank is accelerating in payments between banks. Third, domestic financial institutions also need joint action by financial institutions through a blockchain consortium to apply blockchain technology to the financial sector. Fourth, consumer needs and technological developments are changing. At the same time, as the opportunity to infringe on the information held by individuals has expanded, the need for blockchain technology is strongly emerging because of the efforts of the organizations to defend it.