Blockchain technology is set to change the world in many ways. The following are some of these ways:

• Auditing: In normal financial institutions such as banks, there is a great burden in securing both money and personal data. In addition to this, banks are often required by governments to check their client accounts for suspicious transactions. Blockchain technology can be used to do auditing since all transactions are recorded on a distributed ledger. Therefore, all transactions can be recorded, and if there are any suspicious transactions, the transacting parties can be easily identified.
• Cryptocurrencies: Cryptocurrencies are responsible for bringing a lot of attention to the Blockchain technologies. Bitcoin, in particular, showed that Blockchain technology could come up with currencies that were outside the control of any government. The cryptocurrency then saw use in several dark web markets as illegal activities could be procured using this currency due to the security and anonymity that it offered its users. The world then saw the creation of many other cryptocurrencies. Cryptocurrencies have seen increased adoption in the real world and therefore their future is quite promising. They are also being adopted to make payments. Unlike normal currencies, which have to go through various institutions for a transfer to happen, thus introducing more charges and taking several days, cryptocurrencies offer a quick and cheap means of money transfer.

There are many other potential applications of Blockchain technology. Researchers are trying to solve many problems, such as food security, using this technology. However, this chapter will be focused on the Fintech applications of Blockchain and cryptocurrencies in particular.