Blockchain Technology: Benefits, Challenges, Applications and Future Direction

Monika Juneja

doi:10.36948/ijfmr.2024.v06i06.32265

Blockchain Technology: Benefits, Challenges, Applications and Future Direction

Author(s)	Monika Juneja
Country	India
Abstract	Blockchain technology has rapidly evolved from its origins in cryptocurrency to become a fundamental element across diverse sectors demonstrating its potential to transform traditional processes. Blockchain technology is a decentralized digital ledger system that securely records and verifies transactions across a network of computers, fostering transparency and trust without the need for intermediaries. This review paper examines the multifaceted applications of blockchain technology highlighting its capabilities in enhancing transparency, security and efficiency. Key applications include financial services where blockchain facilitates faster and more secure transactions through smart contracts and decentralized finance platforms. The healthcare sector benefits from blockchain's ability to securely manage patient data ensuring compliance with regulations while improving accessibility for authorized providers. Blockchain technology enhances business operations by enabling smart contracts that automate transactions and reduce the need for intermediaries, leading to cost savings and increased efficiency. In government, blockchain can improve public trust and transparency by providing secure, tamper-proof voting systems that ensure the integrity of electoral processes. Individuals can maintain greater control over their personal information allowing them to share data selectively while ensuring privacy and reducing the risk of data breaches. This paper emphasizes the significant impact of blockchain technology across various sectors. It calls for cooperation among different stakeholders to make the most of its advantages while addressing its risks. As blockchain continues to develop, it has the potential to change economic systems and improve efficiency worldwide.
Keywords	Architecture; Health; Finance; Education; Government; Security; Business
Field	Computer
Published In	Volume 6, Issue 6, November-December 2024
Published On	2024-12-02
Cite This	Blockchain Technology: Benefits, Challenges, Applications and Future Direction - Monika Juneja - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.32265
DOI	https://doi.org/10.36948/ijfmr.2024.v06i06.32265
Short DOI	https://doi.org/g8tgpr

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Blockchain Technology: Benefits, Challenges, Applications and Future Direction

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