Applications of Blockchain Beyond Cryptocurrency
While blockchain is best known for powering cryptocurrencies like Bitcoin and Ethereum, its uses extend far beyond digital currencies. One major application is in the supply chain, where blockchain ensures product traceability and transparency. In healthcare, patient records can be securely stored and shared among authorized professionals, reducing fraud and errors.
Governments are exploring blockchain voting systems to create tamper-proof digital elections. The technology also enables smart contracts, self-executing agreements that reduce the need for intermediaries. In the financial world, blockchain helps in cross-border payments, clearing, and settlement processes by reducing costs and time.
Other sectors like real estate, intellectual property, and identity management are also leveraging blockchain for secure, transparent, and efficient solutions. As blockchain continues to evolve, its potential applications are limitless.
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