Jahir Rayhan and Nusrat Afrin Shilpa

Abstract: The aim of this study is to provide a comprehensive overview of blockchain technology, its applications and smart services across modern business sectors and how the emergence of this innovative technology improves the overall performance of several business areas to gain competitive advantages. In addition, this paper provides insights into various challenges of adopting blockchain technologies while also highlighting recent advances in this area. Recent advancements in information system technology have led to the comprehensive use of blockchain due to its usefulness and smart services as an intermediary-free platform. This study presents a conceptual framework of blockchain technology that fosters a revolution in the world of business. The findings of this study explored how the adoption of smart blockchain technology provides numerous benefits to businesses, facilitates innovative transformations of existing business models, improves security and efficiency, reduces the interference of intermediaries as well as costs, and enhances customers’ trust. The applications of blockchain technology for emerging and modern business have been critically reviewed and discussed. The main assessment of this paper is to demonstrate how blockhain technology works and contributes and becomes significant in the secure modern business era.

Keywords: Blockchain, applications, smart services, advancements, modern business

References

Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143–174.

Angelis, J. & Ribeiro da Silva, E. (2019, May). “Blockchain adoption: A value driver perspective,” Business Horizons, 62(3), 307–314. https://10.1016/j.bushor.2018.12.001

Aketch, S., Mwambia, F., & Baimwera, B. (2021). Effects of blockchain technology on performance of financial markets in Kenya. International Journal of Finance and Accounting, 6(1), 1–15.

Azzi, R., Chamoun, R.K., & Sokhn, M. (2019). The power of a blockchain-based supply chain. Computers and Industrial Engineering, 135, 582–592.

Bahga, A., & Madisetti, V. (2016). Blockchain Platform for Industrial Internet of Things, Journal of Software Engineering and Applications, 9, 533–546.

Bitcoin: A peer-to-peer electronic cash system by Satoshi Nakamoto. Available on-line: https://bitcoin.org/bitcoin.pdf.

BlockchainTechnologies.com (2018) Blockchain explained distributed ledgers and blockchain technology. http://www.blockchaintechnologies.com/blockchain-defnition.

Bodkhe, U., Tanwar, S., Parekh, K., Khanpara, P., Tyagi, S., Kumar, N. & Alazab, M. (2020, April) “Blockchain for Industry 4.0: A comprehensive review,” IEEE Access, 8(1), 79764–79800, 10.1109/ACCESS.2020.2988579.

Bogart & Rice (2015). The Blockchain Report: Welcome to the internet of value. A Review_of_Blockchain_Technology_and_Its_Applications_in_the_Business_Environment, https://www.researchgate.net/publication/334615432.

Brousmiche, K. L., Heno, T., Poulain, C., Dalmieres, A., & Hamida, E. B. (2018). Digitizing, securing and sharing vehicles life-cycle over a consortium blockchain: Lessons learned. 9th IFIP International Conference on New Technologies, Mobility and Security, 26, 1–5.

Data flair team, (2018). Advantages and disadvantages of Blockchain Technology (online). https://dataflair.training/blogs/advantagesand-disadvantages-of-blockchain.

Fanning, K., & Centers, D.P. (2016). Block chain and its coming impact on financial services. Journal of Corpfinancial servicesinance, 27(5), 53–57.

Felin, T., & Lakhani, K. (2018). What problems will you solve with blockchain? MIT Sloan Management.

Ferrell, O.C., & Ferrell, L. (2020). Technology challenges and opportunities facing marketing education. Marketing Education Review, 30(1), 3–14.

Glaser, F., & Bezzenberger, L. (2015). Beyond Cryptocurrencies: taxonomy of decentralized consensus systems. European Conference on Information Systems, 1–18.

Gupta, V. (2017). The Promise of blockchain Is a world without middlemen. Harvard business review digital articles. pp 2–5. https://hbr.org/2017/03/the-promise-of-blockchain-is-a-world-without-middlemen.

Hegadekatti, K. (2018). Blockchain and human resources management. https://doi.org/10.2139/ssrn.3232203.

Iansiti M., & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business Review, 95(1), 118–127.

Kohli, G. S., Sharma, M., & Shanker, S. (2022). Blockchain technology and its impact in the business environment. International Journal of Science Technology and Management, 11(5), 21–32.

Kim, K., Lee, G., & Kim S., (2020). A study on the application of blockchain technology in the construction industry. KSCE journal of civil engineering, 24(9), 2561–2571, 10.1007/s12205-020-0188-x.

Lovelock, J. D., Reynolds, M., Granetto, B., & Kandaswamy, R. (2017). Forecast: Blockchain business value, worldwide, 2017–2030. https://www.gartner.com/doc/3627117/forecast-blockchain-business-value-worldwide.

Mahdi, H., Miraz, M., & Ali (2018). “Applications of Blockchain technology beyond Cryptocurrency. Annals of Emerging Technologies in Computing. 2(1), 1–6.

(n.a). What is Blockchain? What is Cryptocurrency? DCX Learn. Retrieved from: https://dcxlearn.com/blockchain/what-is-blockchain-what-is-cryptocurrency-2/

Paranjape, K., Parker, M., & Houlding, D. (2019). Implementation considerations for blockchain in healthcare institutions. Blockchain in Healthcare Today, 2, 1–9. https://doi.org/10.30953/bhty.v2.114

Porru, S., Pinna, A., Marchesi, M., & Tonelli, R. (2017, May). Blockchain-oriented software engineering: challenges and new directions. In 2017 IEEE/ACM 39th International Conference on Software Engineering Companion (ICSE-C) (pp. 169-171). IEEE.

Rajnak, V., & Puschmann, T. (2021). The impact of blockchain on business models in banking. Information Systems and e-Business Management, 19, 809–861.

Sharples, M., & Domingue, J. (2016, September). The blockchain and kudos: A distributed system for educational record, reputation and reward. In European conference on technology enhanced learning (pp. 490-496). Cham: Springer International Publishing.

Swan, M., (2015). Blockchain: Blueprint for a new economy. O’Reilly Media, Inc, Sebastopol, CA, U.S.A.

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Financial Intermediation. 4, 333–339. https://www.sciencedirect.com/science/article/pii/S0148296319304564#bb0105

Tapscott, D., & Tapscott, A. (2016). The impact of the blockchain goes beyond financial services. Harvard Business Review, 10(7), 2–5.

Wang, W., Zhang, Z., Wang, G., & Yuan, Y. (2022). Efficient cross-chain transaction processing on blockchains. Applied Sciences, 12(9), 4434.

Watson, L.A., & Mishler, C. (2017). Get ready for blockchain: should management accountants add blockchain technology to their professional vocabulary? Strategic Finance, 98(7), 62–64.

Xi, P., Zhang, X., Wang, L., Liu, W., & Peng, S. (2022). A review of Blockchain-based secure sharing of healthcare data. Applied Sciences, 12(15), 7912.

Xiao, Y. & Watson, M. (2019, March). “Guidance on conducting a systematic literature review,” Journal of Planning Education and Research, 39(1), 93–112, 10.1177/0739456X17723971.

Xu, R., Zhang, L., Zhao, H., & Peng, Y. (2017, March). Design of network media’s digital rights management scheme based on blockchain technology. In 2017 IEEE 13th international symposium on autonomous decentralized system (ISADS) (pp. 128-133). IEEE.

Yoo, S. (2017). Blockchain based financial case analysis and its implications. Asia Pacific Journal of Innovation and Entrepreneurship, 11(3), 312–321.