If you look back at the Evolution of Blockchain, you will find that the technology only came into the limelight because of its association with the groundbreaking element that Bitcoin is.
Bitcoin and Blockchain were terms used synonymously by many people worldwide until recent years. However, as understanding of the technology has deepened, the distinction between Blockchain technology and cryptocurrency exchanges has become clearer, with blockchain finding various applications beyond just cryptocurrency.
Overview: Blockchain technology is not just for cryptocurrency. This blog explores how it’s being used across various industries.
Details:
- What is Blockchain?: A decentralized ledger technology that records transactions in a secure and transparent manner.
- Applications:
- Supply Chain Management: Ensures traceability of goods from origin to delivery (e.g., Walmart using blockchain to track food).
- Healthcare: Securely stores patient records and ensures privacy.
- Smart Contracts: Automatically execute contracts when predefined conditions are met (e.g., Ethereum blockchain).
- Voting Systems: Provides a tamper-proof way to conduct elections.
- Benefits:
- Transparency: All transactions are visible on a public ledger.
- Security: Data is encrypted and decentralized, making it hard to hack.