Advancements and Transformative Applications of Blockchain Technology

Abstract

The purpose of the study is to assess particular blockchain applications in supply chain management, healthcare, and finance to determine their transformational benefits and potential issues across various industries. This investigation is defined by a specific question: what are the impacts of blockchain on transparency, security, and efficiency of operations, considering the impediments to its adoption? The methods in the study are quantitative, and the primary data was obtained using a formal structured online survey through Google Forms and Survey Monkey. Three hundred and fifty professionals from the technology, finance, and supply chain domains formed the sample. The survey solicited opinions regarding the impact of blockchain, barriers to adoption, and organizational willingness to embrace blockchain technology. For quantitative data analysis, statistical packages SPSS and R were utilized while Excel was used for creating charts and diagrams for easy interpretation. Findings of the study indicate that efficiency and transparency in supply chain management and healthcare are two sectors where blockchain technology promise great value. Still, its adoption is hindered by serious constraints such as technical scalability, regulatory ambiguity, and insufficient expertise. In addition, emerging technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) are identified as critical in increasing blockchain scalability and efficiency as well. This research helps understand the present stage of blockchain technology adoption, discussing its revolutionary possibilities alongside the practical challenges that organizations confront. This research adds to existing knowledge regarding the effects of blockchain technology on various sectors and also proposes solutions to adoption hurdles, helping organizations use blockchain technology for growth.

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