Blockchain technology has evolved beyond its initial use case in cryptocurrencies like Bitcoin. It is now being applied across various industries and sectors for different purposes. Here are some ways in which blockchain is used beyond cryptocurrencies:
- Supply Chain Management:
- Blockchain can be used to create transparent and traceable supply chains. It helps in tracking the production, shipment, and delivery of goods by recording each transaction on the blockchain. This ensures authenticity and reduces the risk of fraud or errors.
- Smart Contracts:
- Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically execute and enforce contractual clauses when predefined conditions are met. This can streamline and automate various business processes.
