Blockchain Technology is also being used to develop decentralized finance (DeFi) platforms, which allow users to access financial services without the need for a central authority. These platforms use smart contracts to automate financial transactions, such as lending and borrowing, and provide users with more control over their assets. In addition to these use cases, blockchain technology is also being explored for a wide range of other applications, such as voting systems, digital identity management, and property rights.
It has the potential to revolutionize the way we do business and interact with each other, and its potential is still being fully explored. However, there are also some limitations to Blockchain Technology. One of the biggest challenges is scalability, as the current technology is not capable of handling a large number of transactions per second. There are also concerns about the energy consumption associated with blockchain, as the process of adding transactions to the ledger requires significant computational power.
