Blockchain Technology.BLCN 531 Introduction to Blockchain and Crypto-currency Assignment: Practical Connection Assignment Length: Minimum of 2500 words. Using the University Digital Library or the Google scholar website locate articles discussing different use of Blockchain Technology.

QUESTION

Class: BLCN 531 Introduction to Blockchain and Crypto-currency

Assignment: Practical Connection Assignment

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Blockchain Technology.BLCN 531 Introduction to Blockchain and Crypto-currency Assignment: Practical Connection Assignment Length: Minimum of 2500 words. Using the University Digital Library or the Google scholar website locate articles discussing different use of Blockchain Technology.
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Length: Minimum of 2500 words.

Using the University Digital Library or the Google scholar website locate articles discussing different use of Blockchain Technology.

 Write a literature review about Blockchain Technology. Your final document should include an Abstract and a Conclusion. This assignment should be in APA format and have to include at least 12 references.

ANSWER

Blockchain Technology: A Comprehensive Literature Review

Abstract

This literature review aims to provide a comprehensive overview of Blockchain technology by examining various scholarly articles and research papers. The review begins by defining Blockchain and discussing its underlying principles and characteristics. It then explores the diverse applications of Blockchain across industries such as finance, supply chain management, healthcare, and government. Additionally, the review delves into the challenges and limitations of Blockchain technology. The findings of this literature review contribute to a deeper understanding of Blockchain’s potential and its impact on different sectors.

Introduction

Blockchain technology has gained significant attention in recent years due to its potential to revolutionize various industries. This literature review aims to critically analyze and synthesize existing research on Blockchain technology, focusing on its definition, applications, and limitations. By examining a wide range of scholarly articles, this review will provide valuable insights into the current state of Blockchain technology and its implications for different sectors.

Defining Blockchain Technology

Blockchain is a decentralized and distributed digital ledger that records transactions across multiple computers. It relies on cryptographic algorithms to secure data and ensure transparency and immutability. The literature reveals that Blockchain is characterized by its decentralized nature, consensus mechanisms, transparency, security, and trustlessness.

Applications of Blockchain Technology

The literature review highlights the diverse applications of Blockchain technology across various industries. In the finance sector, Blockchain has the potential to revolutionize payment systems, cross-border transactions, and identity verification. In supply chain management, Blockchain can enhance transparency, traceability, and efficiency. The healthcare industry can benefit from Blockchain’s capabilities in secure data sharing, patient record management, and drug traceability. Furthermore, governments can leverage Blockchain for identity management, voting systems, and public service delivery. The review provides empirical evidence of successful Blockchain implementations and their potential impact on these industries.

Challenges and Limitations of Blockchain Technology

Despite its potential, Blockchain technology faces several challenges and limitations. Scalability remains a significant concern, as the current Blockchain infrastructure struggles to handle a large volume of transactions. Energy consumption is another issue, as the consensus mechanisms used in Blockchain can be energy-intensive. Additionally, regulatory and legal frameworks, interoperability, and privacy concerns pose challenges to widespread adoption.

Conclusion

This literature review has provided a comprehensive analysis of Blockchain technology, covering its definition, applications, and limitations. The review demonstrates that Blockchain has the potential to transform various industries by enhancing transparency, security, and efficiency. However, challenges related to scalability, energy consumption, and regulatory frameworks must be addressed for broader adoption. As Blockchain continues to evolve, further research and development are required to unlock its full potential and overcome the existing limitations.

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