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TRW 1

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13 views2 pages

TRW 1

Uploaded by

priyavarshini ganesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Blockchain Applications Beyond Cryptocurrency

ABSTRACT

Blockchain technology was first invented as a basis for digital currencies like Bitcoin but
then developed into a much wider transformational technology. Scott Stornetta and
Stuart Haber are credited with the invention of blockchain. This report identifies and
analyzes the innovative blockchain use cases across industries aiming to revolutionize
operations in terms of more transparency, security, and efficiency. In keeping with this
aspect, based on real-world implementations, this report identifies challenges and
recommends improvements in effectively using blockchain technology.

INTRODUCTION

Blockchain is a decentralized and distributed ledger technology that provides secure


and transparent recording of transactions. Although blockchain is associated with
cryptocurrency, the characteristics of this technology make it fit for applications in supply
chain management, healthcare, finance, and public administration. The report digs deep
into such applications, which shows the capability of the technology to solve complex
problems and drive innovation.

Objectives:

● Analyze blockchain applications beyond cryptocurrency.


● Discuss the advantages and disadvantages of blockchain technology in various
sectors.
● To give concrete suggestions for further implementation.

PROCESS OR METHODOLOGY

1. Research and Literature Review: Extensive analysis of academic papers,


industry reports, and case studies.
2. Interviews with Experts: Insights gathered from professionals in blockchain
development and deployment.
3. Comparative Analysis: Evaluation of blockchain’s performance compared to
traditional technologies.
RESULTS

Blockchain is changing how industries work by making things more secure, transparent,
and efficient. In supply chains, companies like IBM and Maersk use it to track goods,
ensure authenticity, and cut down on fraud. In healthcare, it keeps patient data safe and
allows easy sharing between authorized parties, with systems like MediLedger helping
track drugs. In banking, blockchain speeds up cross-border payments, as seen with
Ripple, and makes loan processing and fraud prevention smoother with smart contracts.
Governments are using it for transparent voting, managing land records, and tracking
public funds, like Estonia's e-Residency program. It also helps creators protect their
work by recording ownership and licensing, with platforms like Audius supporting
independent artists.

CONCLUSION

Its application beyond cryptocurrency shows that blockchain is transforming the


industry. Blockchain is solving long-standing problems and paving the way for
innovation through its improvements in transparency, security, and efficiency.

REFLECTIVE SECTION

Blockchain’s versatility and potential for societal impact deeply resonate with my
passion for technological innovation. Exploring its applications has enhanced my
understanding of how emerging technologies can address real-world problems. This
assignment has inspired me to further investigate blockchain’s role in shaping the
future.

TECHNICAL REPORT BY

24BEC1471
G PRIYAVARSHINI

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