From Cryptocurrency to Smart Contracts: The Expanding Scope of Blockchain
DOI:
https://doi.org/10.15680/IJCTECE.2020.0304003Keywords:
Blockchain, Cryptocurrency, Smart Contracts, Decentralized Finance (DeFi), Distributed Ledger, Ethereum, Decentralized Applications (DApps), Financial Technology (FinTech), Legal Tech, Digital Transformation, Automation, Contract LawAbstract
Blockchain technology, originally developed to support Bitcoin and other cryptocurrencies, has evolved beyond its initial scope, showing immense potential to transform various sectors of the global economy. While cryptocurrencies remain the most prominent use case of blockchain, innovations such as smart contracts and decentralized applications (DApps) have expanded its applications, enabling decentralized finance (DeFi), supply chain management, and even legal agreements. This paper explores the evolution of blockchain from its origins in cryptocurrency to its broader applications, particularly in smart contracts. It examines how blockchain is reshaping traditional systems in finance, law, and various industries, highlighting the opportunities, challenges, and future implications of these advancements.
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