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

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12 Industries that need Blockchain Testing for
their next phase of growth
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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
peoples access to self-sovereign (international
ID) identities.
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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

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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.c
om/blog/12-industries-need-blockchain-testing-for-
their-growth/
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