Blockchain technology which came into light with bitcoin is revolutionizing the business world across all domains. In its simplest form Blockchain is an open sourced ledger that is distributed over several computers and is used to record transactions that are verifiable and transparent.
In finance, blockchain has been used to bring notable change in the payment structures in order to allow for faster and cheaper methods of adopting the new secure system. Apart from finance, the technology is experiencing some impact in supply chain management as it gives real-time tracking and validation of goods, which helps to eliminate fraud. Another sector that is increasingly relying on blockchain is the healthcare sector owing to its efficient use in managing patients’ records with the added advantage of an unchangeable record.
Furthermore, some of the possibilities of the blockchain are in the sphere of voting systems because it may give minimal opportunities for electoral fraud. Although the process seems to have numerous applicable use and has enormous potential, the barriers that stem from its commercialization entail: regulations and the Without right standardization challenges. However, as industries keep searching and trying out blockchain applications, there are apparent disruptive changes going through.
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