Blockchain Technology: Beyond Cryptocurrency

Abstract: Blockchain technology, initially designed for cryptocurrencies, has found applications in
various fields due to its decentralized and immutable nature. This paper explores blockchain's
potential in supply chain management, healthcare, and finance, alongside the challenges of
widespread adoption.

Introduction: Blockchain is a distributed ledger technology that ensures secure, transparent, and
tamper-proof record-keeping. Each block in the chain contains a list of transactions, secured using
cryptographic hashes.

Applications:

• Supply Chain Management: Blockchain provides traceability of goods, enhancing

transparency and reducing fraud.

• Healthcare: Securely stores patient records, ensuring privacy and data integrity while
allowing interoperability across systems.

• Finance: Facilitates faster and cheaper cross-border transactions, and enables

decentralized finance (DeFi) applications.

Challenges:

• Scalability: Current blockchain networks face limitations in transaction throughput.

• Energy Consumption: Proof-of-work consensus mechanisms require significant

computational power.

• Regulatory Uncertainty: Varying regulations across jurisdictions pose challenges to

adoption.

Conclusion: Blockchain technology holds promise beyond cryptocurrencies, offering solutions for
transparency and security in various sectors. Overcoming scalability and regulatory hurdles will be
crucial for its broader implementation.