Blockchain Technology and its Applications

Isha Sharma

Isha Sharma

Das Tor Writer

Blockchain technology is a distributed database that allows for secure, transparent, and tamper-proof transactions. Transactions are verified by all network nodes, making it difficult for hackers to hack into the system. The technology is still in its early stages, and there is room for improvement. Businesses that are willing to experiment and explore the possibilities of this new technology are going to profit from it. 

The most popular industries that depend on the blockchain are, of course, financial and banking. Blockchain is being used in cryptocurrencies and NFTs right now. Still, there are several other applications of blockchain outside of the traditional markets. In fact, some of the fast-growing industries that are using blockchain are telecommunications, Information Technology, media, and others. Blockchain can help businesses reduce costs. For instance, by eliminating the need for banks, companies can save money on transaction fees. It can help reduce paperwork and automate processes, which can also lead to cost savings. Blockchain technology offers a lot of potential benefits for businesses that we will see in the years to come.

Visitors at the Innovation Lab at Thunderbird School of Global Management.

The most popular blockchain has to be Bitcoin since it accounts for nearly 40% of the entire cryptocurrency world’s value. Ethereum is the world’s second-most valuable cryptocurrency, and its blockchain hosts numerous decentralized projects. It has become a favorite for DeFi and DApp developers. Ethereum currently has some significant competition that could one day surpass its success. One such competitor, Avalanche, has a number of attributes that can be threatening to Ethereum.

Avalanche can process an incredible 4,500 transactions per second, while Ethereum can only process between 15 and 30 per second. This difference emphasizes Avalanche as the greater platform in terms of scalability and transaction periods. Avalanche allows anyone to launch their own blockchains with custom validators and issue assets under any required features and rulesets. Developers can launch custom public or private subnetworks with different scripting languages, virtual machines, validators, and rule sets, all while being connected to one unified, interoperable framework. They can create custom digital assets and capture complex business workflows via smart contracts. 

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