How to Use Blockchain Technology?

1. Establish an agile, secure and transparent distributed ledger system: Blockchain technology creates a transparent and secure distributed ledger system which allows businesses to create an agile infrastructure that makes transactions faster, more efficient, and more reliable. This encourages trust between parties, reducing the need for third-party verifications and minimizing transaction costs.

2. Create digital identity systems: As blockchain is immutable and secure, it can be used to store identity information on a distributed ledger in a secure and standardized way. This allows organizations to link data with individuals while maintaining privacy and security.

3. Create smart contracts: Smart contracts are computer programs that execute actions when specified conditions are met. They use blockchain technology to ensure that all parties agree to the terms and that all conditions are met before executing the contract.

4. Track and trace physical assets: Blockchain technology can be used to track and trace physical assets in real time, providing necessary details such as origin, ownership, storage history or movement.

5. Improve cybersecurity: Blockchain technology can improve cybersecurity by creating an immutable, distributed ledger system for storing information, providing a secure platform for sharing data and reducing the risk of data being hacked.