Best answer: Which of the following are the use cases of Blockchain?

What are the best blockchain use cases?

Top blockchain use cases

  • Smart contracts. The primary function of computer programs called “smart contracts” is to automate the execution of contract terms when conditions warrant them. …
  • Cybersecurity. …
  • IoT. …
  • Cryptocurrencies. …
  • NFTs.

What are four types of blockchain?

There are four types of blockchain structures:

  • Public Blockchains. Public blockchains are permissionless in nature, allow anyone to join, and are completely decentralized. …
  • Private (or Managed) Blockchains. …
  • Consortium Blockchains. …
  • Hybrid blockchains.

Which Blockchain is most used?

The top 5 enterprise blockchain platforms you need to know about

  • #1. Ethereum. Mature Smart Contracting Cross-Industry Platform. …
  • #2. Hyperledger Fabric. B2B-focused Modular Blockchain Platform. …
  • #3. R3 Corda. New Operating System for Financial Services. …
  • #4. Ripple. …
  • #5. Quorum.

What are Bitcoin use cases?

What is the purpose of bitcoin? Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.

What are the two types of Blockchains?

There are primarily two types of blockchains; Private and Public blockchain. However, there are several variations too, like Consortium and Hybrid blockchains. Before we get into details of the different types of blockchains, let us first learn what similarities do they share.

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What are the applications of blockchain?

Here are the 10 effective applications of blockchain technology

  • Money Transfer and Payment Processing. …
  • Supply Chains Monitoring. …
  • Retail Programs Based on Loyalty Rewards. …
  • Digital IDs. …
  • Sharing of Data. …
  • Protection of Royalty and Copyright. …
  • Digital voting. …
  • Transfer of Real Estate, Land, and Auto Title.

What are the components of blockchain?

The blockchain architecture consists of various components like peer network, smart contract, membership, events, ledger, system integration, wallet, and system management. Several actors such as developer, user, architect, regulator, operator, membership services, etc.

What are the most common uses of Bitcoin?

Low-cost money transfers

One of the most well-known uses of cryptocurrency is for sending and receiving payments at low cost and high speed.

What is the use case of ethereum?

Through its ground-breaking combination of features like smart contracts, Ethereum is used for a variety of innovative applications in finance, web browsing, gaming, advertising, identity management, and supply chain management.

What is the best use case for smart contracts?

5 Best Use Cases of Ethereum Smart Contracts

  • 1.Banking & Financial Services Contracts. The use of smart contract in the banking sector can speed up banking transactions and simplify several financial procedures. …
  • ICOs or DAICOs. …
  • Prediction Markets. …
  • Replacing Escrow. …
  • Digital Identity Management. …
  • Conclusion.