Though blockchain technology came to existence with Bitcoin, blockchain has a far-reaching potential outside of the cryptocurrency today. Besides cryptocurrency, blockchain provides various applications in financial services, supply chains, and the public sector. To support blockchain applications, governments are legislating new laws to promote the use of blockchain. For example, signatures secured through blockchain technology are approved under state law in Arizona.
Governments and organizations are using the system to serve a variety of purposes such as fast, efficient and transparent transfer of value, keeping transparent and immutable records of transactions etc. Find below numerous blockchain applications bringing efficiency and speed to industries and business functions: