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This paper discusses blockchain technology, highlighting its fundamental principles, diverse applications across various industries, and the challenges it faces. Key applications include supply chain transparency, digital identity verification, and healthcare data management. The conclusion emphasizes the need to address technical and regulatory barriers for blockchain's broader adoption beyond cryptocurrency.

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Lexie Hunt
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20 views1 page

Paper 4 Clean

This paper discusses blockchain technology, highlighting its fundamental principles, diverse applications across various industries, and the challenges it faces. Key applications include supply chain transparency, digital identity verification, and healthcare data management. The conclusion emphasizes the need to address technical and regulatory barriers for blockchain's broader adoption beyond cryptocurrency.

Uploaded by

Lexie Hunt
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Blockchain Technology: Beyond Cryptocurrency

Abstract
Blockchain, known primarily as the technology behind cryptocurrencies, has potential applications
across multiple industries. This paper explores blockchain fundamentals, diverse applications, and
challenges.

Introduction
Blockchain is a decentralized ledger technology providing transparency, security, and immutability,
which can transform supply chains, finance, and governance.

1. Fundamentals of Blockchain Technology


- Distributed ledger and consensus mechanisms.
- Smart contracts enabling automated agreements.

2. Applications Across Industries


- Supply chain transparency and anti-counterfeiting.
- Digital identity verification and secure voting systems.
- Healthcare data management and insurance claims processing.

3. Challenges and Limitations


- Scalability and transaction speed issues.
- Regulatory uncertainties and legal hurdles.
- Energy consumption concerns in some blockchain networks.

Conclusion
Blockchain's transformative potential extends beyond cryptocurrency, but overcoming technical and
regulatory barriers is critical.

References
1. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
2. Crosby, M., et al. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2, 6-10.

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