Blockchain technology, including cryptocurrencies, has gained significant attention in recent years. However, many individuals still lack a clear understanding of how it operates. This briefing aims to provide an overview of the applications and obstacles associated with blockchain, drawing from available sources. Initially, blockchain emerged as a component of digital ledger technology (DLT) in the late 20th century. DLT functions as a digital database, akin to a record book or ledger, that facilitates simultaneous usage and sharing of information. The blockchain’s primary purpose is to securely record and verify transactions across a decentralized network, eliminating the need for intermediaries. Despite its potential, blockchain faces challenges such as scalability, privacy concerns, and regulatory frameworks that vary across jurisdictions. Nonetheless, the technology continues to evolve and find applications beyond cryptocurrencies, including in supply chain management, healthcare, and voting systems.
HomeDIGITAL ASSETS REGULATORYstablecoin euDecoding Crypto Assets: A Comprehensive Overview of Blockchain Technology's Applications and Challenges