Trends of blockchain technology in a variety of life domains
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Date
2022
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Publisher
UMT, Lahore
Abstract
The research and business communities have recently begun to place a greater emphasis on blockchain technologies because of the potential benefits that they could bring to a wide range of industries. This is as a result of their practical capabilities in resolving a multitude of issues that are presently preventing further advances in a variety of industrial domains. Some examples of these issues include the establishment of automated and efficient supply chain processes, the enhancement of transparency throughout the entirety of the value chain, and the recording and sharing of transactional data in a secure environment. Blockchain technology provides an efficient solution to these problems by utilizing transactional ledgers that are decentralized, shared, encrypted, and permissioned. The use of blockchain systems and their potential for implementation in a variety of circumstances enables a broad range of industrial purposes by escalating safety and security, improving efficiency and transparency, and controlling costs. This paper analyses and discusses a wide range of different commercial application fields where the use of blockchain has been recommended. This research looks into the possibilities, advantages, and hurdles that can emerge from utilizing blockchain in a wide range of commercial applications. Furthermore, the paper attempts to identify the requirements for the smooth completion of blockchain across a broad range of industries. The study indicates that distributed ledger has a number of possible uses across a broad spectrum of industries; however, there remain a few barriers that must be resolved in order to maximize the use of this technology.