In the contemporary era of information and communication technology, everyday a new technology is being evolved that have a potential to change the society in its own terms. At the early stages of internet, technology is most intangible, and individuals can only send and receive the messages and distribute the articles. However, over the passage of time and technology advancement the internet and technology has become more valuable and competent to immediate touch and needs of the organization. Thus, Blockchain is one such technology of peer to peer network chain that want to secure and encode the network channel. Blockchain technology not only deals with the network protection measures but also simplifies the affairs and reduce errors in the operations. Therefore, blockchain technology have the potential to change the every transact of the business as well as the applications ranges from automating machines and to banking and so on.
To commence with blockchain in the cyber physical systems will become the prominent player to manage the security of the physical assets of the organization by keeping them in the safe lockers that are enabled with the digital locking system i.e. encrypt with the blockchain technology. Moving on to the financial services, the traditional cumbersome issues such as error full calculations, slow processing etc. leads to increase the cost, stress in the organization. However, blockchain technology can play can significant role in order to overcome this issue by innovating the bonds and contracts in smart manner for increasing the efficiency of operations. Apart from that in financial services operations like assets management, payments and insurance etc.
In the constantly changing marketing world, social media is turning out to be the most prominent platform that is used by the experts to reach the maximum range of customers; however, security and privacy of the user information is a significant area of consent. Hence, blockchain can play a significant role to resolve the existing disrupt for managing the ramifications of disruption. The online verification of individuals and marketplaces, combining the notion of cryptocurrency and blockchain technology et al. will aid in making the blockchain as an agent of change in the social networking industry. Furthermore, automobile industry is also not an exception to the domain in which blockchain technology can play an important role to deal with the security of user information. The automobile industry experience wants to combine the all the cars components that will leads to form the moving to the form of connected cars. The automobile applications such as blockchain execution speed, transparency, cost reduction over the technologies and easing the audit records of the connected automobiles of the environment.
Therefore, in conclusion it can be rightly explained that Blockchain technology is at its budding stage and with the passage of time, applications of technology can be witnessed in the all spheres of the business organization. In no time, we will be witnessing cars without drivers to more frequent online banking activities as the part of our daily lives.
Some major applications of Blockchain are:
• Blockchain in IoT (Internet of Things)
• Blockchain in social networking
• Blockchain in connected and autonomous vehicles
• Blockchain in edge and cloud computing
• Blockchain in mobile cellular networks
• Blockchain in agriculture
• Blockchain in crowdsourcing and crowdsensing
• Blockchain in supply chain management