RMIT University, Australia
The aim of this paper was to undertake a brief qualitative review of exploratory nature on the current and future scope of blockchain technology applications. After discussing the basic aspects of the technology in some details, various applications listed and discussed by various authors were discussed. Some newly emerging applications were also discussed.
The utility of blockchain technologies in many fields arises from the absence of requirement of a third-party trust (which involves a transaction cost), public ledger system ensuring complete transparency, creation, storage and access to information ensuring transparent, safe and secure transactions with privacy protected fully. Limitations of lack of general understanding, government support and regulations and some proneness to hacking are the main limitations. All the discussions point out to (a) there is immense potential of blockchain technology for applications in a variety of situations, (b) already lot of work is being done on many of relevant applications, and (c) immense scope for research on blockchain technology for newer applications.
Keywords: Blockchain technology, Applications, Review, Advances