Transforming the Business Landscape: Applications and Impacts of Blockchain Technology

Abstract

Blockchain technology has emerged as a transformational force, revolutionizing business procedures across industries by providing transparency, security, and efficiency. This study examines the applications and effects of blockchain technology on organizational functions and stakeholder confidence. This study utilizes a sample of 113 respondents and using statistical methods to examine data gathered from surveys and interviews. Research indicates that blockchain plays a crucial role in improving corporate efficiency and trust. The research emphasizes blockchain's capacity to diminish operational redundancies and promote innovation across multiple sectors. Furthermore, it emphasizes the increasing necessity for regulatory certainty to promote broader adoption. The study finishes with recommendations for the effective integration of blockchain and identifies areas for further research, including the exploration of blockchain's potential in upcoming technologies such as AI and IoT.