ABSTRACT
Blockchain application supports an open architecture and provides improved transparency and traceability of information in near real time to all users. Blockchain characteristics include traceability, transparency, time stamped, secured, consensus driven, and censorship resistant. Logical statements can be embedded in blockchain to automate transactions and linked with smart contracts to create efficiencies in a blockchain by reducing operating costs. The potential value drivers of blockchain technology are transparency and reduced administrative costs, lowered risk of fraud, and improved control of subcontracted manufacturing. The scope of blockchain technology includes control of data and sharing of data with all stakeholders on the blockchain. primary benefits of blockchain technology are its ability to provide a secure and transparent way to manage and transfer data. Beyond data control and sharing, blockchain technology can also enable the automation of complex business processes through smart contracts. Technology provides a way to establish trust among parties without the need for intermediaries. Some intangible benefits of blockchain are transparency, credibility, risk mitigation, and stakeholder engagement. The tangible and intangible benefits of blockchain technology can transform business solutions in practically all industries. Blockchain technology can simplify various aspects of human life, including those in the sectors you mentioned such as energy, agriculture, health, construction, manufacturing, and supply chain.
