UNDERSTANDING BLOCKCHAIN

The technology lends itself to dozens of other potential applications across many industries including: * Online voting * Insurance policies * Property and real estate records Leading public companies from all sectors are incorporating and leveraging blockchain technology in various ways. * Forecasting * Medical records * Cloud storage * Private transportation and ride sharing * Copyrights and licenses * Supply chain tracking (see Table 1) The Growth of Blockchain Adoption According to a 2021 survey by research firm Blockdata, blockchain adoption has grown exponentially since PayPal and The Walt Disney Company embraced the technology in 2014. [...]energy companies utilize blockchain technology to create peer-to-peer energy trading platforms and streamline access to renewable energy. In one case, homeowners with solar panels use an energy trading platform to sell excess solar energy. Public and Private Blockchains Whether blockchains are public or private may impact certain governance risks. [...]the distinction is important for management accountants and financial professionals to understand when assessing the adoption of private or public blockchain applications.