The term "blockchain technology" typically refers to the transparent, trustless, publicly available that allows us to firmly transfer the ownership of units of value using public key encryption and proof of work methods.
The technology uses decentralized consent to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.
The prospective for blockchain technology is not limited. As such, it has gained a lot of concentration in a variety of industries including financial services, charities and nonprofits, the arts, and e-commerce.
Benefits of Blockchain applications
Payment processing and money transfers
Monitor supply chains
Retail loyalty rewards programs
Copyright and royalty protection
Real estate, land, and auto title transfers
Immutable data backup
Tax regulation and compliance
Managing the Internet of Things networks