Blockchain-based

Blockchain-based refers to systems, applications, or processes that leverage the underlying technology of a blockchain. This typically involves the decentralized and distributed ledger for securely recording transactions and data across a network of computers. These systems prioritize transparency, immutability (difficulty of modification), and often, enhanced security compared to traditional centralized methods. The utilization of cryptographic principles is core to ensuring the integrity and validation of information stored on the blockchain.

Blockchain-based meaning with examples

• Several companies are developing blockchain-based supply chain management solutions to track products from origin to consumer. This enables increased transparency and combats fraud by providing an immutable record of each transaction and product movement.
• Decentralized finance (DeFi) platforms frequently use blockchain-based smart contracts to automate financial processes, such as lending and borrowing. These contracts execute automatically once predetermined conditions are met, eliminating intermediaries and reducing costs.
• Many artists are employing blockchain-based non-fungible tokens (NFTs) to sell and verify ownership of digital art. This provides a provable and unique digital certificate of authenticity for these works, thus creating new revenue streams.
• Governments are exploring blockchain-based voting systems to enhance election security and voter verification. These systems aim to reduce the risk of tampering, increase auditability, and potentially improve voter turnout through streamlined accessibility.