Blockchain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralized administrators. As a result, it enables the creation of new digital relationships.
This technology provides potential to upend the way every industry manages its information and data and financial services. Examples are Legal, Supply Chain, Government, Energy, Food, Retail, Healthcare, Insurance, Travel and Hospitality & Education sectors.
Application Areas of Blockchain Technology
“Smart contracts” stored on the blockchain track contract parties, terms, transfer of ownership, and delivery of goods/ services without legal intervention.
2. Supply Chain
By utilizing a distributed ledger, companies within a supply chain gain transparency into shipment tracking, deliveries, and progress among other suppliers where no inherent trust exists.