5 real-world applications of blockchain technology

cnbctv18.com:

The term ‘blockchain’ is thrown around a lot these days. However, most people only relate blockchains with cryptocurrencies.

And while crypto is a major use case for blockchain networks, it is not the only application.There is a myriad of blockchain implementation opportunities that go well beyond the boundaries of even the financial industry. This is because the principle of distributed ledgers in blockchains lends itself well to any industry with a database that requires a trustless and immutable storage system.

The distributed nature of the database makes it extremely secure and transparent, as multiple users (nodes) in a blockchain network have a copy of the database. Every node works with several other nodes to verify changes made to the database, creating a system of transparency while providing impeccable security.This feature has become too good to pass up, and many companies and industries have started using blockchain technology for different purposes.

Here is a list of five real-world blockchain applications that are gaining popularity.Supply chain managementThese days, companies have to move fast and efficiently. Goods have to be transported from one corner of the world to another as fast as possible due to the rapid growth of manufacturing and increased demand for goods worldwide.Also Read: All you need to know about Bitcoin Lightning NetworkThe COVID-19 pandemic showed very well what could happen when there is a break in the supply chain.

In some cases, it led to a shortage of products that persists till today. Supply management needs to be as fast and as efficient as possible, and one way to achieve this is through blockchain technology.Using blockchain, anyone can trace the trajectory of a product, from