Following the introduction of Bitcoin, blockchain technology exploded, and it is now being used by a variety of financial institutions to conduct transactions. In the last two–three years, blockchain technology solutions have exploded in popularity for a variety of business applications, including payments, exchanges, smart contracts, documentation, and digital identity. Many startups have entered and begun developing blockchain-based solutions. Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, Confirm, Genomes, Neufund, and others are among these startups.
The distributed ledger technology is still in its infancy, which raises concerns among regulators and policymakers at both the national and international levels. Regulators remain sceptical of blockchain IoT technology's potential because the technology as a whole cannot be regulated; only technological use cases such as payments, smart contracts, documentation, and digital identity can be regulated. Only the use cases of Blockchain technology that can be regulated are payments, smart contracts, documentation, and digital identity. The regulatory status of blockchain technology is uncertain due to issues such as standardisation and interoperability. Furthermore, the blockchain technology is heavily impacted by uncertain regulations. There is currently no common set of standards for conducting cryptocurrency transactions. Blockchain technology has enormous potential in a variety of fields, including banking, cybersecurity, and the Internet of Things. In several application areas, such as smart city projects, smart transportation, vehicular connectivity and autonomous vehicles, smart grids, and smart homes, IoT devices are widely used. IoT devices are becoming more prevalent, and various businesses are developing new technology use cases based on IoT devices. Several pioneers are using Blockchain solutions to create a decentralised network of IoT devices, eliminating the need for a central location to manage device communication. The blockchain technology is expected to allow devices to communicate directly with one another, obviating the need for any additional monitoring systems. Blockchain technology is also used in the healthcare industry, supply chain management, energy, media, and informatics, among other industries. BFSI (banking, financial services, and insurance) has the largest share. The fastest growing sector of blockchain in the retail industry is supply chain management. Financial technology (FinTech) firms intend to invest a portion of their total capital in distributed ledger technology, or Blockchain. The decentralised nature of the technology entices the banking sector to adopt it. Due to its less time-consuming, transparent nature, and low transaction cost, the Blockchain technology is expected to grow rapidly in the near future. Blockchain is often referred to as the "trust technology" because it has no single point of failure and cannot be altered by a single computer. Furthermore, blockchain permits the use of tools such as "smart contracts," which have the potential to automate manual processes ranging from compliance and claims processing to the distribution of a will's contents. These are some of the appealing features that are enticing the BFSI sector to adopt Blockchain.When it comes to establishing and maintaining infrastructure, blockchain necessitates a significant investment. When compared to traditional databases, it uses a lot more resources. It also consumes a lot of energy and requires a lot of bandwidth, which developing countries don't have
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