Why the service industry needs blockchain, explained

cointelegraph.com:

Blockchain technology has the potential to completely transform the services sector by improving efficiency, security and transparency. 

Blockchain technology reduces the risk of fraud and errors in industries, including supply chain management, healthcare, and media and entertainment, by ensuring tamper-proof record-keeping through decentralized ledgers. 

Blockchain-based smart contracts, or self-executing contracts, automate work and lessen the need for intermediaries to manage legal and real estate services operations. Additionally, blockchain enables safe and quick transactions in the hospitality industry, facilitating easy international payments and loyalty program administration.

Moreover, blockchain improves data security in customer care, protecting the privacy and confidence of customers. Additionally, it helps with supply chain traceability, which is essential for confirming the legitimacy of goods in sectors like food and medicine. Blockchain lowers costs by doing away with the need for intermediaries, giving customers access to more economical services.

Blockchain technology improves trust, lowers expenses, and opens up new and creative alternatives for both customers and retailers.

One way it achieves this is by enabling secure and decentralized payment systems. For example, peer-to-peer transactions are made possible by cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), which use blockchain technology to eliminate the need for intermediaries like banks. This improves the consumer experience by lowering transaction fees and expediting the payment process.

Additionally, blockchain enhances retail supply chain management. Retailers can track a product’s route from manufacturer to customer with clear,