Blockchain Technology Beyond Cryptocurrency: Applications, Challenges, and FutureDirections
- YourLawArticle
- Mar 2
- 1 min read
Author: Himanish Bhardwaj , B.A.LL.B , Lovely Professional University, Punjab
Abstract
The focus of this research paper is on the revolution of blockchain technology, or in other words, how the use of blockchain transcended that of just cryptocurrencies. There are several benefits that blockchain technology has provided aside from facilitating the use of digital currencies especially in today’s world of business. It has played a major role in streamlining the processes of supply chain management, health care, banking, and even government. For example, it allows the backand-forth movement of products within a supply chain to be monitored in real-time, maintains safe and usable health records, eases the process of making payments to foreign countries, and increases trust in the management of public resources. The last section of the work offers some guidance for the future of blockchain technology. They include improvements in the scalability of networks, such as by the use of sharding and Layer 2 solutions, enhancing blockchain interoperability via projects like Polkadot and Cosmos, and setting up thorough policies to govern practice. In addition, it highlights the need to make blockchain technology accessible in the developing parts of the world through low-cost provision and training as critical in promoting equity in the advancement of technology.
Keywords: Blockchain technology, cryptocurrency, scalability, interoperability, supply chain management, healthcare, finance, governance, regulatory frameworks, emerging technologies.
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