Blockchain technology has gained significant attention due to its ability to provide decentralized, transparent, and secure systems. Consequently, these systems can potentially revolutionize industries by enhancing trust, reducing intermediaries, and enabling new forms of value exchange. Moreover, this technology offers numerous potential benefits across various industries, and its applications continue to evolve as the technology matures.
The Internet of Things (IoT) is another emerging technology that can benefit from Blockchain. Businesses are researching options to enhance the security of IoT devices with increased trust and transparency using Blockchain, thereby providing a decentralized environment to the IoT ecosystem. Although the immutability feature is an USP, many businesses hesitate to invest in real-life use cases.
The Blockchain Council has listed a few promising use cases in this regard. The supply chain is particularly the most plausible fit for Blockchain beyond the financial market. Several industries are now seeking a secured medium of sensitive data communication, digital identity management, and tamper-proof voting.