Working Principles, Application areas, and Challenges for Blockchain Technology

Abstract

How might Blockchain technology support our business?  is one of the more commonly inquired topics in the Blockchain technology industry. It makes perfect sense that businessmen, professionals, innovative leaders, digital advisers, and finance experts would all be keen to learn more about distributed ledger technology and its real-world commercial uses for it within their respective companies. You might be wondering what all the attention is about with tech giants like Alibaba and IBM embracing Blockchain applications and submitting Blockchain patents in addition to the terms "Bitcoin," "Blockchain," and "cryptocurrency" plastered across the front pages of newspapers as Blockchain development becomes a mainstream technology trend. It can be challenging to comprehend how using Blockchain can assist your company with all the media hype.The most significant Blockchain use for enterprises is the capacity to communicate, receive, and verify safe data as well as secure transactions between parties without necessitating a high degree of confidence. Due to the distributed and decentralized nature of blockchain, it can provide enterprises with new hope. The study examines several Blockchain applications in a variety of industries, including banking, estate development, supply-chain management, academia, and energy.