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With the growth of internet, every section of our economy be it banking, retail, communication, health-care, energy, education etc. has undergone a digital makeover. And everything we do online is recorded and updated.

This includes the exchange of values, goods and services, and so on. Blockchain technology is an innovation that uses cutting-age communication technology to collect data into encrypted blocks that can never be changed or modified and relays them across a global network of nodes or distributed computers.

Check out also: Centralization vs Decentralization – Will the Promise of Blockchain Live Up to the Hype?

Blockchain is the technology that is capable of encrypting information in a more secure and transparent way that doesn’t require any central authority or intermediaries to validate its authenticity.

The third party that provided the trust service against a transaction is now done away with in many areas on the digital ecosystem by this nascent technology. Let’s explore some of the application of blockchain technology.

Making international transfers, insurance, easy and secure citizen service and cryptocurrency applications are just the tip of the ice berg. It holds lot of promise in banking and payment, cyber security, supply chain management, forecasting or prediction markets, networking and internet of things, insurance, private transport and ride sharing, cloud storage, charity, voting, government operations, public benefits, health-care , energy management, online music, retail, real estate , crowd funding and finally, your industries.

Let us see one of the application areas in detail. Blockchain will be huge for banking just as the internet was to media. They can be used to give access to financial services to millions of people around the world especially befitting the ones from the developing countries who don’t have access to banks.

Bitcoin, the most significant application of blockchain technology allows anyone to securely send money to anywhere in the world faster and with a very low expense.