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This article discusses the role and importance of using blockchain technology in the service industry—industries such as automotive, insurance, hospitality, and e-commerce.

The service industry ‌What does it do?

The service industry is not growing as fast as it should.

Like other businesses, the service industry has to adapt to the latest technologies, but issues always slow down the process.

Money: Financing is very difficult to start a new business or develop an old business. Borrowing from banks is difficult, assuming you are too old or young to have a clear idea or a good credit line.
Personal reasons: Progress in service depends on high quality. Finding the right people for the job or training the workforce is not easy. If your business is networked, integrating it will require extra effort.
Information: Information is one of the most important sources today. The Internet is responsible for generating and transmitting the information. Many related businesses waste a lot of time communicating with each other.

How does blockchain help?

The growing technology of blockchain solves the above problems.

Money: You can ICO start-up to start a new business, and if you have an idea to start a business, if your idea is good and of course, you can present it well, you can raise money to start it. Risky businesses are popular in blockchain technology. Smart contracts make transactions faster and more secure, provided by blockchain technology.
Personal reasons: Blockchain technology makes it possible to hire capable employees. The possibility of examining education, work experience, and skills has made other employment options very quick and easy. In addition, it enables the communication between departments and management and makes personal management easier.

Information: Decentralized systems allow information sharing at high speeds. Information is transferred between nodes (computers) quickly. The information stored in the blockchain can be changed at once, and you can easily see that your business process is progressing.

How blockchain improves hospitality technology

Hotels can have more information on tourists and booking equipment.

In blockchain technology, all information is stored. If a tourist needs equipment and a hotel, his reservation will be made easily, and the next steps of his registration will be easier. If the hotel in question is one of the international hotel chains, tracking tourists won’t be easy. Management can view the status of empty rooms and reservations. In Blockchain, any violations of the rules are exposed to the public, and you can check the violations of a hotel before taking any action. Hotel reservation is possible in the shortest possible time and from anywhere.

What ideas does Blockchain have about catering services businesses?

Restaurants can have the latest information from their supply department and manage their communications with food departments, logistics companies, etc., in the best possible way. The supply chain is extensive and requires paperwork, approval, and transactions. All of this takes time. Decentralized information access systems also make the process faster and easier.

Every food product has an expiration date. If the product’s expiration date has expired and is available for supply, it won’t be good for the product brand. With blockchain, the possibility of checking defective products and inventory and checking the warehouse conditions, expiration date, and the delivery date of the products works very well.

Why does the automotive industry need blockchain technology?

The automotive industry is developing rapidly.

In 2016, 78 million cars were sold worldwide, and many companies are active in this field. For example, car owners can register their car information and receive money for the information they provide to others. In this way, information about the types of cars is updated, and buyers can receive the advantages and disadvantages of car models and make the right choice.

Can decentralized insurance systems be used?

So, it increases trust between the insurer and the customer and prevents fraud.

Insurance companies acknowledge that the issue of trust, cost and calculation system, and low efficiency make customers reluctant. Blockchain solves the problem by transparency because smart contracts lead to transparency. If a problem arises, the rules automatically enter the field and are enforced. One of the most important issues is Authentication, which is done in the blockchain. Using decentralized systems technology, factories, companies, and customers have to access product history and can see if the product is counterfeit or stolen.

How will blockchain help e-commerce?

Decentralized systems lead to transparency, validation, and the creation of fast and low-cost transactions.

Trust is always the forerunner of any activity. Trade is possible worldwide, and it is not possible to see the buyer and the seller. There is no credit at all whether fraud is committed or not, but with blockchain technology, the whole process is exposed to the public. Smart contracts guarantee money delivery. There is also no third party in the transaction that increases costs