The blockchain technology and its practical application

We are in a technological revolution with promising technological innovations that significantly change socio-economic aspects and open great opportunities for the future. Among these technology trends, blockchain technology has attracted rapid interest and has become an important factor in the digital sector. Blockchain technology has created global products such as cryptocurrencies (e.g., Bitcoin) and NFTs (non-fungible tokens). It also facilitates transactions through smart contracts and improves supply chain management systems as well as financial systems. However, due to a lack of understanding about blockchain, many people tend to exaggerate the benefits of this technology and do not know how to apply it to work and life. This paper introduced the basic concepts and how blockchain works, presented outstanding applications of blockchain in life, and discussed the challenges this technology is facing.