EXPLORING THE FEASIBILITY OF BLOCKCHAIN ADOPTION ACROSS INDUSTRIES: A SYSTEMATIC REVIEW



Authors

  • Akkaraju Sailesh Chandra, Dr.Lakshmi Shankar Iyer, Dr. Helen Josephine, Dr. Nisha Shankar

DOI:

https://doi.org/10.15282/jmes.17.1.2023.10.0759


Keywords:

Blockchain Adoption, Blockchain feasibility, Blockchain Industry Use cases, Blockchain research, Blockchain Finance, Blockchain Supply Chain, Blockchain healthcare


Abstract

Blockchain technology has rapidly gained prominence as a groundbreaking innovation with the potential to transform numerous industries. Originally devised as the foundational technology for cryptocurrencies, blockchain's decentralized, transparent, and immutable characteristics offer far-reaching applications beyond digital currencies. This systematic review aims to explore the feasibility of blockchain adoption across various industries by synthesizing existing literature, case studies, and empirical research. The review encompasses a broad spectrum of sectors, including finance, supply chain management, healthcare, real estate, energy, and government, each presenting distinct opportunities and challenges for blockchain integration. Through a methodical examination of scholarly articles and practical implementations, this review identifies key factors influencing the successful adoption of blockchain technology, such as technological infrastructure, regulatory environment, industry-specific requirements, and organizational readiness. Our findings reveal that while blockchain holds significant promise for enhancing operational efficiency, security, and transparency, its adoption is contingent upon overcoming specific barriers, including scalability issues, interoperability challenges, and the need for standardized protocols. Moreover, the review highlights successful case studies and best practices that provide valuable insights into effective blockchain implementation strategies. This paper concludes by summarizing the critical insights gained from the analysis, discussing the implications for industry stakeholders, and suggesting directions for future research. By offering a comprehensive evaluation of the feasibility of blockchain adoption across industries, this review contributes to the understanding of how blockchain technology can be leveraged to drive innovation and improve industry practices.



Published

2024-06-14

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