Blockchain technology holds transformative potential across multiple sectors, promising enhanced security, transparency, and efficiency in transactions. According to Statista, the blockchain technology market with cloud applications for specific business segments around the globe is forecasted to reach $943 billion in 2032, with a compound annual growth rate of 56.1%.

To fully understand what this modern technology offers, Maria Carrisa Sanchez, writing for TechRepublic Premium, presents this explanation of blockchain, including its evolution, features, benefits, and drawbacks.

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BLOCKCHAIN USES

E-commerce

Blockchain technology allows traceability, security and efficiency in online transactions and supply chain management. It provides a decentralized platform for managing digital transactions and data, addressing common challenges in the e-commerce industry.

For instance, IKEA introduced a series of digital experiments called Everyday Experiments that explores new ways of interacting with spaces at home. One experiment, Chain of Traceability, combined blockchain technology with augmented reality to generate digital copies of objects at home. Once the object is registered in the blockchain, details about the product, such as its lifecycle, components and carbon footprint, could be stored and shared. This data can help consumers make informed decisions when purchasing, selling or disposing of the household object at hand.

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TIME SAVED: Crafting this content required 22 hours of dedicated writing, editing, research, and design.