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same information. This eradicates the requirement of intermediaries or brokers while ensuring effective and
transparent data transaction. In healthcare sector, blockchain technology is used to enhance security,
privacy, and interoperability of healthcare data. The technology allows healthcare services to securely
transfer healthcare records among various facilities.
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In addition, it helps reduce overhead expenses by eliminating the need for third-party to manage
sensitive health records. This factor is expected to boost the technology demand in this application
segment in the next few years.Government sector is also increasingly adopting the technology as it
enhances the transaction transparency by offering advanced ways of data monitoring and audit.Rapidly
booming hospitality and travel sector is also likely to have a positive impact on the market.
Implementation of blockchain technology in this sector can be highly beneficial for tourists, as well as
hotels. The technology can efficiently manage money transactions among multiple participants and
allow secure storage of essential documents, such as identification cards/passports and reservations,
in a digital format. Moreover, it can also manage loyalty, rewards, and travel insurance data. All this
factors are projected to boost the demand in the travel sector over the coming years.
Another emerging application segment is e-commerce as it involves financial transactions and
consumer information, which need to be managed in a safer way. Alibaba Group Holding Ltd.is invest
huge amounts in blockchain R&D. In addition, Unilever and Walmart also collaborated with IBM to use
blockchain for tracing food during transport.
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industry
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