31 March 2024 | Daniel Bennet, Lily Maria, Yulia Putri Ayu Sanjaya, Achani Rahmania Az Zahra
The article "Blockchain Technology: Revolutionizing Transactions in the Digital Age" by Daniel Bennet, Lily Maria, Yulia Putri Ayu Sanjaya, and Achani Rahmania Az Zahra explores the transformative impact of blockchain technology on traditional transactional processes. Blockchain's decentralized and transparent ledger system promises to eliminate intermediaries, enhance security, and improve trust, offering significant benefits across various sectors such as financial services, supply chain management, and healthcare. However, challenges such as scalability, regulatory uncertainty, and high energy consumption hinder its widespread adoption.
The research employs a mixed-method approach, combining a survey of 200 participants from diverse industries and semi-structured interviews with 20 industry experts. The findings highlight that 60% of participants from high-volume transaction sectors see scalability as a major barrier, while 45% mention regulatory uncertainty as a significant deterrent. To address these challenges, the study emphasizes the importance of collaborative efforts, continuous research and development, and education and awareness initiatives. These efforts can help create an environment conducive to innovation, streamline regulatory processes, and enhance the efficiency and scalability of blockchain networks.
The study concludes that by overcoming these challenges through collaboration, R&D, and education, stakeholders can unlock the full potential of blockchain technology, enabling secure, transparent, and efficient digital transactions across various industries. This will ensure organizations remain competitive in the complex digital landscape.The article "Blockchain Technology: Revolutionizing Transactions in the Digital Age" by Daniel Bennet, Lily Maria, Yulia Putri Ayu Sanjaya, and Achani Rahmania Az Zahra explores the transformative impact of blockchain technology on traditional transactional processes. Blockchain's decentralized and transparent ledger system promises to eliminate intermediaries, enhance security, and improve trust, offering significant benefits across various sectors such as financial services, supply chain management, and healthcare. However, challenges such as scalability, regulatory uncertainty, and high energy consumption hinder its widespread adoption.
The research employs a mixed-method approach, combining a survey of 200 participants from diverse industries and semi-structured interviews with 20 industry experts. The findings highlight that 60% of participants from high-volume transaction sectors see scalability as a major barrier, while 45% mention regulatory uncertainty as a significant deterrent. To address these challenges, the study emphasizes the importance of collaborative efforts, continuous research and development, and education and awareness initiatives. These efforts can help create an environment conducive to innovation, streamline regulatory processes, and enhance the efficiency and scalability of blockchain networks.
The study concludes that by overcoming these challenges through collaboration, R&D, and education, stakeholders can unlock the full potential of blockchain technology, enabling secure, transparent, and efficient digital transactions across various industries. This will ensure organizations remain competitive in the complex digital landscape.