The Importance of Blockchain in Service Industry

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What’s the current situation of the service industry?

The service industry is growing slowly.

The service industry is trying to be advanced and updated like other businesses. But some issues are affecting the speed of its development.

The first concern is cash. Having enough cash to start a new company or to extend the current one is not simple. Getting a loan from banks is not always possible because they also take considerations on your age, credit history, etc.

The second concern is its personnel. High-qualified staff is a must in any service industry. Finding capable ones and train them is not enough.  If you are working with organizations, making an effort to let them work as one is needed.

Details are one of the important resources these days. The Internet provides this essential resource faster and accessible.

How can Blockchain help?

The current innovation of Blockchain can find a solution to the concerns cited above.

Introducing your own ICO to earn money for establishing a company or extending the current one is a good start. Hedge and venture funds are into Blockchain.

Blockchain makes checking of someone’s relevant background simpler. Improving personnel management is easier through its innovation. It provides communication among departments and supervisors.

Their decentralized system can quickly disseminate information between nodes. Gathered data in Blockchain can’t be altered. There is pleasant transparency on what’s going on the processes of the company.

How can Blockchain help the hospitality industry?

Blockchain will help to assist the progress of check-ins and getting more guests’ information.

Blockchains keeps the information through its ledger. It monitors and updates the availability and numbers of bookings all the time.  Guests, hotels’ and its staffs’ credibility can be check before having any appointments.

And what about the catering company?

They can monitor the data of their supplies.

A catering business needs to communicate with numbers of food and logistics companies. The decentralized system of Blockchain can provide needed information quickly and therefore affects the speed of the process.

Blockchain can help monitor important information about food, storage conditions and time of delivery. It also updates which are already expired products and rotten items.

Lack of communication is an issue among participant of the vehicle business.

The automobile industry is actively establishing service.  They have relevant information for other participants.

Different decentralized platforms exist like Uservice. It brings participants together and makes a database about automobiles.  You can register your automobile and get paid for the data you provided to the platform. Every record of signed up vehicles will be updated. Platform’s users can monitor existing issues about this design.

Can the decentralized innovation be used in insurance coverage?

It can avoid scams that will surely boost trust among customers and insurer.

Trust issues among customers is a common issue an insurer keeps in mind. Discouragement of customers starts with the low performance, high costs and not pleasant system of insurance calculation. Blockchain technology can help this problem through its transparency and having smart contracts.  If something happens, the code will promptly do its work. Blockchain can confirm credibility through its decentralized register that is visible to anyone involved.

How can Blockchain assist e-commerce?

The system of decentralization will lead to prompt transactions and low fees. It will also bring transparency and trustworthiness.

Blockchain provides transparency to everyone that is vital in trading which is from various part of the world. Smart contracts guarantee that you receive the desired loan or services.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.