We are living in the golden age of technological developments with various evolving technologies, from artificial intelligence to gene editing. Blockchain technology is one such technology that has the potential to transform the future. In the year 2017, several initiatives for the adoption of blockchain had been taken by prominent market players and large food industry participants. This year, the applications of blockchain technology such as food supply chain management and safety traceability are expected to garner the attention of the market. However, at present, it is more used as a financial ledger.
The world has entered a dynamic digital age where countries are competing to digitize every process, and in this world, cryptocurrencies are the new moolah. Digital currencies are being promoted as a safe and better option for financial transactions, and these currencies are based on blockchain technology, which has been hailed the next big revolutionary technology after the invention of the internet. The recent worldwide ransomware attacks have made use of the biggest cryptocurrency in the world, Bitcoins. The advantages and disadvantages of this new technology are still being debated by experts, but it is undeniable that blockchain technology is here to stay.