Blockchain Technology: A Review of Applications and Challenges

Abstract

This study aims to review the applications and challenges of blockchain technology. Blockchain, originally introduced as the underlying technology behind cryptocurrencies, has gained significant attention in various domains due to its potential for decentralized and secure transactions. The research employed a comprehensive literature review approach to identify and analyze various applications of blockchain technology across different industries, including finance, healthcare, supply chain management, and voting systems. Additionally, the study discusses the challenges and limitations faced while implementing blockchain technology, such as scalability, security, regulatory issues, and energy consumption. The findings highlight that while blockchain has the potential to revolutionize traditional processes, there are still significant hurdles to overcome before widespread adoption can occur. The study concludes by recommending further research and collaborative efforts to address these challenges and unlock the full potential of blockchain technology.