Blockchain Technology: Beyond Cryptocurrency
Blockchain Technology (BT) has its origin in Bitcoin cryptocurrency. It is a novel revolution in computing that has many opportunities alongwith challenges. Apart from its successful implementation in cryptocurrency trading, it has promising chances of applications in banking, finance, stock trading, insurance, healthcare, supply chain management, real estate, voting, students’ document verification, notary services, copyright protection, etc. Data security, privacy, traceability and time stamping are the backbone of blockchain applications. These properties of blockchain infuse the trust of its users, especially in developing countries. It offers opportunities for cost reduction in various applications. Present paper explores the applications of blockchain technology in various sectors of the economy and the challenges embedded in it.