Non-cryptic companies now begin to see the potential use of blockchain in their operations

As a technology behind cryptocurrencies, blockchain has always been associated with these digital resources.

In fact, there was a time when the blockchain was only discussed in connection with cryptocurrencies.

However, blockchain technology is now starting to expand from its unique combination with cryptocurrency.

These days, industry leaders talk about blockchain and opportunities to exploit it to improve their businesses.

The automotive industry could benefit from the blockchain

According to a Forbes report, there are many potential uses of blockchain technology in the automotive industry.

In a recent survey conducted by the IBM Institute for Business Value and Oxford Economics, 62% of the 1,314 respondents in the automotive industry believe that the blockchain could be a disruptive force in the next two years.

Apparently, the potential changes that the blockchain could bring into the automotive industry will not be limited to just producing cars with software.

Blockchain could penetrate business activities behind the scenes as companies could use technology to simplify their operations and reduce costs.

The supply chain, distribution of parts and finance could also use Blockchain

Other industries that could benefit greatly from the use of blockchain technology are the distribution chain, finance and distribution of parts.

The use of blockchain could greatly improve the traceability of parts and products, which could help fight counterfeiting.

Blockchain could also benefit the financial industry as it could bring "operational efficiencies in areas such as financial transactions".

Banking institutions can also use blockchain to improve the security of their financial documents.

What is hindering the use of Blockchain among companies

However, the adoption of the blockchain among companies remains rather low, with only 15% of the interviewed executives revealing that they actively promote the use of blockchains in their respective companies.

As the study authors pointed out, some executives still lack understanding of their organization's blockchain strategy.

Another factor that hinders the use of new technology in companies is the lack of individuals with the necessary blockchain skills to make the technology work.

A recent study on LinkedIn showed this point when it was revealed blockchain developer is the fastest growing job for 2018 with a growth rate of 33x.

To make a comparison, machine learning technicians, the fastest growing job in the year, only recorded a 12-fold increase over the same period.

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