Contract Management and Smart Contracts – As a public ledger, Blockchain validates and records all transactions, making it a reliable and secure system. This will pave the way for “smart contracts” for almost any sector – such as health, insurance, or entertainment – that holds some form of digital asset or security, such as private account information.
Payment Processing and Currency – It does not require a third party or central authority for making peer-to-peer transactions.
Supply Chain Management – It allows for immediate status updates and increases the security and visibility of the supply chain.
Asset Protection – Miners authorize all transactions, which locks the record in the ledger and prevents them from being hacked. Mining is a resource-intensive process where transactions are added on the ledger (blockchain) of past transactions.
Personal Records & Password Management – IDs, Titles, Deeds and other important documentation may be shared on a public ledger.
