Applications of Blockchain in Various Sectors

The term blockchain refers to the way it stores transaction data in blocks that are linked to form a chain. Since every entry is stored as a block on the chain, the length of the chain increases as more transactions are recorded and stored. The digital ledger technology was developed in 2008 by Satoshi Nakamoto. Since then, it has proven to be a versatile tool with various applications of for decentralized monetary transactions and data exchange in various industries, such as banking, cyber security, supply chain management, government, and healthcare as it essentially acts as distributed ledgers that record transactions on a common digital platform. Several stakeholders in healthcare have adopted blockchain for various operations, including maintenance of patient records, while ensuring privacy and security as the records are stored on a network, recruiting patients for trials, and providing transparency and traceability in the supply chain.

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