What do cryptocurrencies like bitcoin and ether have in common? Their underlying technology is blockchain. While it is true that blockchain technology is at the heart of cryptocurrencies, mostly bitcoin, it is not limited to it. Created by Satoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin cryptocurrency, the technology has now spread its wings beyond it and finds its use cases in a host of industries ranging from aviation to travel and mobility to infrastructure and energy to construction, architecture, and building to healthcare and public records.
"In recent years, blockchain has widened the scope and has moved beyond cryptocurrencies. Considering the advantages the technology offers in the form of transparency, trust, data security, and privacy, we believe that multiple sectors and domains will design technology solutions using blockchain technology," says Gunjan Tomer, Chairperson, Information systems area, IIM Nagpur. Concurs Hari Krishnan, Co-founder, Great learning, "The scope of blockchain technology has applications across the board. It enables transparency, security and efficiency in business operations because of which it is being increasingly adopted by various industries."
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