Applications and Use Cases of Blockchain Technology

Abstract

In recent years, blockchain technology has gained considerable attention, with increasing interest in diverse fields, including banking, Retail, consumer products, Insurance, Real Estate, Government, healthcare, Supply Chain, and the automotive industry. Blockchain offers a secure, distributed database that can run without a central authority or administrator. Blockchain uses a distributed, peer-to-peer network called Digital Blocks to create a continuous, growing list of ordered records. Each transaction, represented in a cryptographically signed block, is then automatically authenticated by the network. Over time, however, it has become clear that the impact of blockchain as a technology is likely to be much broader than just the cryptocurrency domain and far deeper than simple distributed ledger storage. This detailed survey aims to summarize the most significant developments in blockchain implementation. This article will examine different domains where blockchain has been impacted and where implementation is expected in the future.