Blockchain Technology: Beyond Cryptocurrencies Blockchain technology has evolved from its cryptocurrency roots into a transformative force across industries. This presentation explores its applications, features, and future in data transactions. - Shivansh Dutta What is Blockchain? Definition Structure A secure, transparent Chain of blocks containing ledger technology for transactions spread across tamper-proof record a network. keeping. Security Cryptographically linked and distributed, resistant to tampering and fraud. Key Features of Blockchain Decentralized Transparent No single entity controls the All participants can see the network. entire set of transactions. Immutable Secure Data modification requires Cryptography ensures data consensus. integrity and authenticity. Applications in Banking and Finance 1 Blockchain enables fast, secure, and low-cost financial operations. Technologies like Smart Contracts automate 2 financial processes, reducing reliance on intermediaries. 3 Companies like Block have applications like Bitkey, which in concert with third-party products like Cash App and Coinbase, provides more secure modern finance apps in users' hands with ease. Supply Chain Management 1 2 3 4 Origin Blockchain tracks goods from their source. Transportation Ensures authenticity through clear, unchangeable records. Retail Trace goods to store floor. Example: Walmart Consumer Improves food safety and reduces waste. Healthcare and Government Applications Healthcare Government Secure handling of patient information. Maintains Increases efficiency and transparency. Can reform privacy while enabling sharing with relevant parties. voting systems and reduce corruption. Example: FollowMyVote Real Estate and NFTs Real Estate Speeds up conveyance and eliminates intermediaries. Automates property transfer with smart contracts. Reduces paperwork and fraudulence. NFTs Enables creation and ownership of digital assets. Used in art, gaming, and digital collectibles. NFTs use this technology to record unique identifiers in the token points to point to the location of the asset, validating its ownership. Challenges in Blockchain Adoption Scalability Difficulty maintaining speed with increased participants Energy Consumption High power usage, especially in proof-of-work systems Regulatory Uncertainty Lack of clear regulations in many jurisdictions Interoperability Communication between different blockchain networks Future of Blockchain in Data Transactions DeFi IoT Digital Identity Decentralized Finance aims to Adds an extra layer of security, Blockchain-based platforms offer remove intermediary financial making microtransactions possible secure, user-controlled digital institutions. in IoT systems. identities.
