The blockchain is the robust technology that many people are opting to ingrate this technology into finance applications. I have given how blockchain technology works in the tutorial.
The blockchain is agnostic with respect to the data it stores. Hence, the range of data being stored in the blockchain and the range of its application areas are as wide and as diverse as human activities themselves. As a result, it is impossible to provide a complete overview of all blockchain applications.
The blockchain application areas in which the blockchain is already used or may be used soon:
- Payments: Managing ownership and transfer of digital fiat currencies.
- Cryptocurrencies: Managing ownership and creation of digital instruments of payment that exist independently from any government, central bank, or other central institution.
- Micropayments: Transfer of small amounts of money that would be too costly by using traditional means of transfer.
- Digital assets: Managing creation, ownership, and transfer of digital items that have value in their own right or represent valuable goods in the real world.
- Digital identity: Proving identity and authentication based on unique digital items.
- Notary services: Digitizing, storing, and verifying documents or contracts and proof of ownership or transfer.
- Compliance and audit: Auditing business activities of people or organizations in regulated industries in an audit track.
- Tax: Calculating and collecting taxes based on transactions or on sole ownership, reducing tax avoidance, or double taxation.
- Voting: Creating, distributing, and counting digital ballot papers.
- Record management: Creation and storing of medical records.