What are various applications of the Blockchain technology?

Blockchain technology’s key characteristics such as decentralization, transparency, immutability, and automation makes the technology suitable to address use cases in various application domains. Some of these application domains are listed below.

Supply Chain -

Modern supply chains involve multiple trading partners across geographies resulting in flow of information, inventories and money. Given the volume velocity and variety of transactions, it becomes difficult to audit these transactions and pin point the source of error. 

Block chains can provide a centralized mechanism for all the involved parties to collaborate on assets such as units of inventory, orders, loans, shipment notifications and bill of lading etc. It is almost impossible to update an entry once it is made, resulting in reliable end-to-end traceability. Actions such as authorization of credit based on past actions can be automated using smart contracts. 

Healthcare -

One of the most popular healthcare use cases for blockchain is patient data management. Medical records tend to be separated by health agencies, making it impossible to determine a patient’s medical history without consulting their previous care provider. This process can take a significant amount of time, and may often result in mistakes due to human error. Blockchains can provide a tamper proof mechanism to capture and retrieve patient's health records resulting in fast actions on part of healthcare providers.

Decentralized Finance (DeFi) - 

Whereas our traditional financial system runs on centralized infrastructure that is managed by central authorities, institutions, and intermediaries, decentralized finance is powered by code that is running on the decentralized blockchain infrastructure. By deploying immutable smart contracts, DeFi developers can launch financial protocols and platforms that run exactly as programmed and that are available to anyone with an Internet connection. Various use cases such as asset management, compliance and know you transaction (KYT), decentralized exchanges can be supported based on DeFi.

Non-Fungible Token ( NFT )

As opposed to the fungible tokens like crypto currencies which can be exchanged by other unit of the same crypto currency ( e.g. One bitcoin can be exchanged for other bitcoin ) a non-fungible token cannot be exchanged for another non-fungible token as each token is unique. NFTs are digital representation of assets are linked to digital passport as each token contains a unique identity to distinguish it from other. The assets such as artwork, collectibles as well as real estate and many other can be represented as NFTs.