A common application of blockchain technology outside of cryptocurrency is in supply chain management. Blockchain's decentralized ledger system enhances transparency and traceability, allowing all parties involved in the supply chain to access real-time data regarding product movement and authenticity. This technology can help reduce fraud, improve inventory management, and streamline operations by providing a single source of truth for stakeholders. Additionally, blockchain can be utilized for smart contracts, which automate processes and enforce agreements without intermediaries, further increasing efficiency in the supply chain.