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Role of Blockchain Technology in Smart Era: A Review on Possible Smart Applications

Author

Listed:
  • Amit Kumar Tyagi

    (Department of Fashion Technology, National Institute of Fashion Technology, New Delhi, Delhi, India)

  • Swetta Kukreja

    (Computer Science and Engineering, Amity University, Mumbai, Maharashtra, India)

  • Richa

    (Department of Computer Science and Engineering, BIT Mesra, Ranchi, Jharkhand, India)

  • Poushikkumar Sivakumar

    (School of Computer Science and Engineering, Vellore Institute of Technology, Chennai, Tamil Nadu, India)

Abstract

By the end of 2021, the worldwide cryptocurrency market valuation had hit a whole high of $3 trillion. Blockchain technology underpins cryptocurrencies such as Bitcoin and Ethereum. The adoption of blockchain, as well as the technology and products it enables, will continue to have a significant influence on company operations. However, blockchain technology is much more than a secure cryptocurrency transfer method. It may be utilised in areas other than finance, including as healthcare, insurance, voting, welfare benefits, gaming and artist royalties. The global economy is prepared for the blockchain revolution, with the technology already having an influence on business and society on many levels. If the term “revolution†seems extreme, consider that eight of the world’s ten largest corporations are developing a variety of blockchain-based solutions. Any enterprise or organisation that is engaged in the recording and oversight of any type of transaction stands to profit from shifting its operations to a blockchain-based platform. This paper discusses about the various roles blockchain has taken up over the years in several different industries along with the future opportunities and scope of expansion to numerous other professional sectors.

Suggested Citation

  • Amit Kumar Tyagi & Swetta Kukreja & Richa & Poushikkumar Sivakumar, 2024. "Role of Blockchain Technology in Smart Era: A Review on Possible Smart Applications," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 23(03), pages 1-45, June.
    • Handle: RePEc:wsi:jikmxx:v:23:y:2024:i:03:n:s0219649224500321
    DOI: 10.1142/S0219649224500321
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