Blockchain technology has gained significant attention due to its ability to provide decentralized, transparent, and secure systems, which have the potential to revolutionize industries by enhancing trust, reducing intermediaries, and enabling new forms of value exchange. It offers numerous potential benefits across various industries, and its applications continue to evolve as the technology matures.
Internet of Things (IoT) is another emerging technology which can benefit from Blockchain. Businesses are researching options to enhance the security of IoT devices with increased trust and transparency using Blockchain. The use of Blockchain within IoT is imperative as it provides a decentralized environment to the IoT ecosystem. Although the immutability feature is seen as a USP for Blockchain, many businesses are hesitant to invest in real-life use cases.
The Blockchain council has made a list of few promising use cases of Blockchain. Supply-chain is the most plausible fit for Blockchain beyond the financial market. Several industries are now looking for a secured medium of sensitive data communication, digital identity management, and tamper-proof voting.