What potential does blockchain technology have beyond its application in digital currencies?

[Debashis]

Beyond their application in digital currencies, how do you envision the profound implications of blockchain technology in industries such as supply chain management, healthcare, and voting systems? Dive into the transformative potential of blockchain in enhancing transparency, security, and efficiency in supply chains, medical recordkeeping, and electoral processes. Share real-world examples and predictions regarding how blockchain could revolutionize these sectors, and discuss the challenges that must be overcome for widespread adoption.

 

[Riberet19]

Well, the blockchain can bring many benefits outside the financial system as long as it is used with a public registry, for example, as you say with the electoral polls, we could see exactly how the polls turned out without any type of cheating, this can be extrapolated to many other areas where said technology could change everything.

 

[Nomad]

Blockchain can be implemented in various sectors not just in the financial sector, or digital currency, to be precise. Let's say you are a service provider and you can create a smart contract with your client while signing the contract. This contract will assure that you get paid and your client gets the job done, and this can be executed automatically through blockchain.