Applications and Implementations of Blockchain Technology Across the Various Sectors

Abstract

Blockchain was originally intended as a means to enable a trustless cryptocurrency—Bitcoin. However, an increasing number of sectors and stakeholders view the technology as an attractive option to address existing business issues and disrupt traditional industries. Blockchain is a distributed ledger with big promise in financial services. Blockchain application cases have mostly been discovered in banking. Blockchain technology can help insurers innovate insurance products, growth products and services, fraud detection, and price improvements and cutting costs. Blockchain technology allows organizations to access enormous talent pools, readily verify facts, and not rely on third parties or third employers. Blockchain has become a new frontier for venture capital, attracting banks, governments, and businesses. In this chapter, the authors present a novel approach or methodology for utilizing blockchain technology to manage businesses or other types of industries.