Several applications of blockchain tech being slowly realised / September 4, 2015 8:29 AM GMT

Bitcoin and the underlying blockchain technology are already creating waves in the financial sector with many people considering it as the next big thing since the internet.

The blockchain technology is nothing but a decentralized public ledger that no one person or company owns or controls; users control it directly. The technology is not just limited to bitcoin but has much broader applications.

In a bid to become a pioneer in the field, Vermont has recently taken some legislative steps that could see the state using the technology for state records, smart contracts and other applications.

A recent report by Huffington Post says that by 2020, using blockchain technology might even become a best practice for the verification of public records online.