Blockchain 101 Episode 89 – Which are the fields suited for the application of blockchain

Blockchain is a decentralized system for the transfer of value. Its records are open, transparent, immutable, global and incur low transaction costs. It is suitable for scenarios where trust cannot be established, or too costly to established, or bypassing intermediaries.

Currently, the fields where blockchain can be utilized is extremely broad. Social Management field such as records management, patent protection, IOT industry such as product traceability, anti-counterfeiting, and Public welfare administration such as charities are all areas which utilizes blockchain’s transparency and immutability features;

Financial services such as transaction settlement and private equity process can benefit from blockchain’s low transaction costs;

The sharing economy may also benefit from the global reach of blockchain. The future for blockchain technology application is huge and will thoroughly revolutionize the current system of transferring value.