Karthik Ramarao

Talk about blockchain and the first thing that comes to mind is Bitcoin. Blockchain has been stereotyped or correlated with Bitcoin and crypto currencies even though its applications lies far beyond, with high potential in auditing, healthcare, business and even cloud computing. The technology has come a long way since its inception and is now being adopted by enterprises for day-to-day functions like invoice automation, fraud control, patent tracking etc. People are gradually realizing that blockchain technology can have myriad applications.

The global blockchain market is expected to be worth $20 billion in 2024. Blockchain becomes the core enabling technology for financial institutions to move into the modern age of real time transactions. Government, medical and IT industries are all experimenting with the advanced blockchain solutions. Corporates can work with NGOs/ non-profit organizations to sustain a healthy and transparent way to give back to society by creating a social good ecosystem. Holistic policies are used to create a paradigm shift in using blockchain technology for creating directional social impact. By bringing digital technology into real time computing systems management, blockchain changes all aspects of our economy including healthcare, shopping, entertainment, education as well as social networks.

Blockchain new-age applications

Blockchain applications have been extracted from the use-case of Bitcoin to varied fields. It started off with banking and is slowly moving in to different fields.

Focusing on Blockchains potential to reduce cost, increase efficiency, instill trust and improve security will enable this technology to move away from the hype and become a full-fledge technology enabler in all spheres of businesses.

(Disclaimer: The author is Founder and CTO, Empirical Data and views expressed in this article are those of the author.)

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Exploring the Next Wave of Blockchain Innovation - CXOToday.com