It has been 12 years since the blockchain technology was invented in 2008. From the initial application to the cryptocurrency Bitcoin (Blockchain 1.0) to the smart contract-based decentralized application (Blockchain 2.0) that is in full swing and then to the much-talked-about general application in verticals of different industries (Blockchain 3.0), the blockchain technology, restricted by regulatory controls, has developed slowly but steadily amid ups and downs.
Predictably, the blockchain technology, being tamper-resistant, decentralized, and traceable, will definitely go beyond its initial application in the financial and economic fields and find its way into e-government, transportation, culture, health care, digital finance, smart manufacturing, supply chain management, and digital identity fields. This technology can be used to develop a decentralized business model for trusted data exchanges, thereby reducing the social, financial, and time costs incurred by the lack of trust and enhancing the efficiency of systematic operations that involve multiple parties.