Engineering Applications of Blockchain in This Smart Era
Amit Kumar Tyagi, Shabnam Kumari, Nachiappan Chidambaram, Avinash Sharma · Advances in medical technologies and clinical practice book series · 2024
The advent of blockchain technology has revolutionized various industries, offering novel solutions to age-old problems. In this smart era, characterized by interconnected devices and burgeoning digital ecosystems, blockchain stands out as a transformative force. This chapter explores the emerging applications of blockchain technology in this paradigm shift towards smart systems. One prominent application of blockchain lies in the domain of decentralized finance (DeFi). Blockchain facilitates peer-to-peer transactions, eliminating the need for intermediaries like banks. Smart contracts, powered by blockchain, automate and execute agreements, enabling programmable finance, lending, and asset management. Moreover, blockchain's transparency and immutability enhance trust in financial transactions, fostering financial inclusion and security. In the realm of SCM, blockchain offers unprecedented transparency and traceability. By recording every transaction on an immutable ledger, blockchain enables users to track the journey of products from raw materials to end consumers.