Harnessing Blockchain Technology for Transforming Society

Vol-4 | Issue-5 | May 2019 | Published Online: 25 May 2019    PDF ( 291 KB )
Author(s)
Dr.C.Komalavalli 1; Dr.Deepika Saxena 2; Dr.Chetna Laroiya 3

1Professor, Jagan Institute of Management Studies, Rohini, Delhi(India)

2Associate Professor, Jagan Institute of Management Studies, Rohini, Delhi(India)

3Assistant Professor, Jagan Institute of Management Studies, Rohini, Delhi(India)

Abstract

New technology brings transformation in lives and has the purpose of bringing efficiency in operations. Transparency and security of data and information have become the new challenge in the era of digitalization and thus result into new innovations in the area of technological advancement. Distributed ledger technology (DLT) and decentralized mechanism used in new innovative technology called blockchain provides solutions to these concerns. The present study focuses on all these aspects and tries to throw light on these areas. This paper focuses on the concept of block chain technology with an understanding of common terminology. The study also emphasizes several benefits this technology is providing in businesses. This paper also shows the functionality of blockchain and discusses its application in various areas and industries. This study will also discuss the concerns and challenges associated with the blockchain technology.

Keywords
Blockchain Technology, Distributed Ledger Technology, Blockchain Applications, Immutability, Transforming Society
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