For many, blockchain is a fairly new technology whose applications have yet to be explored. Despite this, it is difficult to find an area in which blockchain and a distributed ledger could not be applied. For example, IoT networks of smart devices can make it possible to create cost-efficient, fully networked, and secure smart cities using the blockchain.
Distributed ledger technologies solve a plethora of problems, including increased privacy, enhanced trust in the network, increased speed, and reduced cost of transactions.