The blockchain, although developed for and most commonly known as a financial instrument within cryptocurrencies, is gaining an increasing foothold as a useful technology in many industries. It is being applied to many applications and held up to solve some interesting problem areas.
In effect, the blockchain provides the ability to have a digital ledger or record of any transactions and can apply to many diverse situations. For example: distributing large-scale aid and benefits for refugees, assurance, identification, and recall of ingredients used within food supply chains, instant records of components used within complex products, preventing voter fraud, enforcing smart contracts between multiple parties and delivering efficiencies in governments and large corporations.
Future applications within energy, medical, utilities, food, shipping, government and retail/supply chains as well as financial services will be widespread.
However, a fundamental issue is now apparent which threatens the future of the industry, and this is the scalability of the blockchain.
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