A Systematic Review of Blockchain Technology: Concepts, Applications, and Future Directions

Madhu Kumari

Abstract


Blockchain technology has emerged as a transformative force with the potential to disrupt various industries and revolutionize the way data is securely stored and transactions are conducted. This review paper presents a comprehensive and systematic analysis of blockchain technology, covering its fundamental concepts, diverse applications, and potential future directions. We explore the underlying principles of distributed ledger technology, consensus mechanisms, and cryptographic techniques that form the foundation of blockchain networks. Through an extensive review of literature and real-world use cases, we highlight the wide-ranging applications of blockchain, including finance, supply chain, healthcare, identity management, and decentralized applications (DApps). Additionally, we examine the challenges and limitations facing blockchain adoption, such as scalability, energy consumption, regulatory concerns, and interoperability. Furthermore, we discuss the ongoing developments and potential future directions, including scalability solutions, privacy-enhancing technologies, and integration with emerging technologies like Internet of Things (IoT) and Artificial Intelligence (AI). By synthesizing existing research and industry trends, this review paper aims to provide a comprehensive understanding of blockchain technology's current state and its transformative potential in shaping the future of digital transactions and decentralized systems.

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