Blockchain technology has become popular during the recent years. A Blockchain is a digital ledger or database of transactions that continuously grows. It is created, maintained and shared by network users. It plays an important role in cryptocurrency networks such as Bitcoin. It is very safe to use Blockchain for recording sensitive transactions as it is difficult to modify or delete the contents of a block (transaction) after it has been added at the end of the Blockchain. It also provides quick and easy transactions for individuals when needed.
5.5 Applications of Blockchain
The following are common applications of Blockchain:
5.5.1 Management of Supply Chain
Blockchain technology is very useful for real- time tracking of products during their journey across the supply chain. Blockchain helps in allocating the current location of products as products change hands between different parties in the supply chain. It also provides increased transparency and security as it is very difficult to change or delete contents of transaction data in the ledger.
5.5.2 Healthcare
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Blockchain has wide range of applications in healthcare. Some applications of Blockchain in healthcare are managing healthcare data, patient authentication, remote patient monitoring, fraud detection and electronic medical records. It is implemented in healthcare for data