Applications of Blockchain Technology beyond Cryptocurrency

The goal of this research paper is to summarise the literature on implementation of the Blockchain and similar digital ledger techniques in various other domains beyond its application to crypto-currency and to draw appropriate conclusions. Blockchain being relatively a new technology, a representative sample of research is presented, spanning over the last ten years, starting from the early work in this field. Different types of usage of Blockchain and other digital ledger techniques, their challenges, applications, security and privacy issues were investigated. Identifying the most propitious direction for future use of Blockchain beyond crypto-currency is the main focus of the review study. Blockchain (BC), the technology behind Bitcoin crypto-currency system, is considered to be essential for forming the backbone for ensuring enhanced security and privacy for various applications in many other domains including the Internet of Things (IoT) eco-system. International research is currently being conducted in both academia and industry applying Blockchain in varied domains. The Proof-of-Work (PoW) mathematical challenge ensures BC security by maintaining a digital ledger of transactions that is considered to be unalterable. Furthermore, BC uses a changeable