Research Paper
Blockchain and It’s Applications
Blockchain technology, first introduced as the underlying technology for Bitcoin in 2008, has evolved into a transformative force across various industries. Blockchain is a decentralized, distributed ledger that records transactions securely, transparently, and immutable. Its core attributes— transparency, security, immutability, and decentralization— make it highly attractive for applications beyond cryptocurrency. One of the most notable applications of blockchain is finance, where it enables peer-to-peer payments, reduces fraud, and enhances security in digital transactions. Smart contracts, self-executing contracts with terms directly written into code, have found applications in legal agreements, insurance, and supply chain management. Blockchain is also being explored in healthcare to secure patient records, in voting systems to ensure election transparency, and in supply chain management to track the provenance of goods from production to delivery. In addition to finance, healthcare, and supply chains, blockchain is used in industries like real estate, energy, and gaming. Its decentralized nature allows for more equitable systems where trust is distributed among participants, reducing the reliance on intermediaries. As the technology matures, challenges like scalability, regulatory hurdles, and energy consumption are being addressed, paving the way for broader adoption. In conclusion, blockchain has the potential to revolutionize industries by providing secure, transparent, and decentralized solutions, with applications expanding rapidly as technology and regulatory frameworks evolve.
Published by: Raghuramireddy, B.Nikhil Praveen, K.V.V Raju
Author: Raghuramireddy
Paper ID: V11I1-1369
Paper Status: published
Published: February 17, 2025
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