1. Cryptocurrency: Cryptocurrencies are digital currencies that use encryption techniques to secure transactions and control the creation of additional units. They’re created on a distributed ledger known as blockchain and can provide more secure, peer-to-peer payment possibilities for almost any transaction.
2. Smart Contracts: Smart contracts are self-executing contracts that automatically enforce the terms of an agreement between two or more parties. These are done using blockchain technology and can be used to verify and execute agreements over time, such as recording investments or tracking shipments.
3. Supply Chain: Blockchain technology can help streamline supply chain management processes. Businesses can use blockchain-based systems to track goods through each stage of production and create a permanent record of transactions that can be accessed by all stakeholders. This can help to reduce costs, improve transparency, and streamline processes.
4. Identity Management: Blockchain technology can be used to create digital identities that can be used online. These identities can be securely stored and maintained, making it easier to verify users in online systems. This has the potential to significantly improve security and reduce the risk of identity theft.