A STUDY ON THE CONCEPT, APPLICATION AND FUTURE SCOPE OF BLOCKCHAIN TECHNOLOGY

Abstract

Blockchain technology is relatively a new area of research. Due to the fact that all transactions are carried out in a decentralised
manner without the assistance of a third party, this technology has raised expectations. The lack of information and comprehension of
blockchain technology prevents academic study and real-world use. This study is anticipated to add to the body of knowledge already
available on blockchain technology. The objectives of this paper are to study the concept of blockchain technology; to identify major areas of application for which blockchain offers a valuable solution and to identify future scope of blockchain technology. Literature review approach was adopted in this paper in order to attain the objectives. This research finds that special features of blockchain technology such as privacy, security, anonymity, decentralization and transparency, make it unique to users in different areas. The paper also observes that blockchain technology is being used in very limited areas. It is expected to evolve in functionality and bring revolution in many industries in terms of time, efficiency and accuracy.