An in Depth Analysis of Blockchain Technology, and its Potential Industrial Applications

Abstract

The emergence of blockchain technology represents a significant advancement in the field of computer science. Blockchain, an innovative technology that functions as a decentralized and publicly accessible record of all financial transactions, has significantly transformed the manner in which commercial activities are conducted. Companies and large- scale technology corporations have started substantial investments in the blockchain industry, a sector that experts forecast will exceed a valuation of $3 trillion during the next five-year period. The surge in its popularity may be ascribed to its robust security measures and comprehensive resolution for all issues pertaining to digital identity. The system in question is a decentralized digital ledger. A blockchain refers to an immutable and decentralized ledger composed of blocks, which function as collections of entries. The interconnection among these blocks is secured using encryption. The blockchain technology is captivating due to its inherent qualities, and it has significant potential in several domains owing to its desired attributes such as decentralization, transparency, and irreversibility. While blockchain technology is now most prominently associated with cryptocurrency, it has a diverse array of potential applications. This article aims to explore the many applications of blockchain in the domains of voting mechanisms, Internet of Things (IoT), supply chains, and identity management.