On the application areas of blockchain

Abstract: The goal of this study is to identify the current application areas and some possible application areas for blockchain; blockchain is a distributed database that is currently most known for being the technology used for storing transaction information of digital currencies such as the Bitcoin. Through a literature review and interviews with domain experts, we identified some current application areas for blockchain, that is, money transactions, decentralized data and privacy protection, and decentralized autonomous organizations (DAO). Within the area of decentralized data and privacy protection, we further identified the two sub-areas of smart contracts and secure identities. In addition, we identified some possible application areas by conducting a second literature review. Some of these application areas are: storing mind files and human intelligence, on-line voting, supply chain management, stock trading, Internet of Things (IoT), and banking. The contribution of this study can be used for further studies through each of the above application areas in order to identify possible advantages and disadvantages.