Blockchain Beyond Bitcoin: Smart Contracts & Supply Chains

Understanding Blockchain Technology

Blockchain is a decentralized digital ledger that records transactions across many computers, ensuring data integrity and transparency. Unlike traditional databases, it’s nearly impossible to alter recorded data without consensus.

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What are Smart Contracts?

Smart contracts are self-executing contracts where terms are written in code. Running on blockchain platforms like Ethereum, they automatically enforce agreements without intermediaries.

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Real-World Use Cases Beyond Cryptocurrency

• Supply Chain Management: Track the origin and journey of goods transparently to prevent fraud.
• Healthcare: Secure sharing of patient records with strict access control.
• Legal: Automate contract execution, reducing paperwork and costs.

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Challenges and Limitations

• Scalability remains a concern as networks grow.
• Energy consumption, especially in proof-of-work chains.
• Regulatory uncertainty in many regions.