While blockchain has primarily found applications in the domain of cryptocurrency, it has swiftly since grown to be widely touted for its potential to transform entire industries. Recent applications include Banco Santander’s blockchain-based money transfer service known as “Santander One Pay FX”.
Smart Contracts is one of the greatest blockchain applications in the field of insurance with networks like openIDL, which are built on the IBM Blockchain Platform with the American Association of Insurance Services. Similarly, blockchain has several applications in the field of Supply Chain Management, Healthcare, Real Estate, Media, and Energy.