As cryptocurrency adoption spreads, so does awareness of Blockchain technology on the part of financial institutions, technology companies and consumers. Banks have been especially active in exploring Blockchain applications, which is not surprising since they are likely to experience a significant disruptive effect from cryptocurrencies. However, developers and entrepreneurs in all fields, as well as government committees, have been looking into Blockchains, with more examples making the news every day. In fact, Blockchain technology can be applied anywhere there is a need for a secure, immutable record of data.
Blockchain provides a highly secure way of establishing a digital identity, which can be used not only for purposes of digital financial transactions but also as applied to travel, immigration, health care, insurance and social networks, to name a few. Even more significantly, because ownership of private keys equates with ownership of digital assets, Blockchain can revolutionize the entertainment industry and digital media consumption.
Blockchain technology can improve security and optimize the transfer of data in finance, governance, auditing, transport services, automotive industries and even in space missions. The automatic and immutable record of transactions, as well as the ability to control permissions and data disclosure, helps eliminate leaks of sensitive information and create trust- all without relying on a centralized monitoring system.
Smart contracts are programs that code and execute complex transactions on the Blockchain. They are a way not only to document but also enforce legal and commercial agreements. As with other Blockchain applications, this allows eliminating reliance on a third party for enforcement, building trust on the basis of automatic compliance with contract terms.