What problems does blockchain technology solve?

vishnu

The only application that I see for blockchain technology is crypto trading, which is also possible with stocks and currency. Then why is there hype around blockchain technology?

shubham

Blockchain technology solves the problem of keeping an intermediary for transaction settlements. The first cryptocurrency, Bitcoin’s whitepaper clearly mentions it as peer-to-peer electronic money which means that unlike traditional cash which is transferred and settled by banks, cryptocurrencies do not need an intermediary for transfers.

harsh

There are two core benefits of blockchain technology that were not present before it. First, transactions made on blockchain are super fast for cross-country payments. Second, these transactions are recorded in an immutable and distributed ledger so that once finalized, no one can question the validity of such transactions.

gulab

No, crypto is just one of the applications of blockchain. There are several other applications too such as supply chain management(used by IBM), cross-country settlements(XRP Ledger), land records(Ripple blockchain), and several other uses. All of these applications help increase the trust in technology and make traditional processes more efficient.