The Evolution of Blockchain Technology: Applications, Challenges, and Future Directions
DOI:
https://doi.org/10.31181/dma21202443Keywords:
Blockchain, Cryptocurrencies, Bitcoin, Supply Chain Management, HealthcareAbstract
Blockchain technology, originating with Bitcoin in 2008, has evolved significantly, expanding beyond its initial purpose of facilitating peer-to-peer transactions. This paper aims to explore the multifaceted landscape of blockchain technology and cryptocurrencies, investigating its diverse applications, challenges, future directions, and implications. The objectives include analyzing the evolution of blockchain technology, identifying its applications across industries, addressing challenges such as scalability and regulatory uncertainty, and proposing future directions for innovation. Significantly, blockchain's decentralized and immutable nature offers potential solutions to longstanding issues in finance, supply chain management, healthcare, and beyond. Motivated by the transformative potential of blockchain, stakeholders are investing in research and development to overcome challenges and harness its benefits. Implications include the need for collaboration among stakeholders to address challenges and the potential for blockchain to drive innovation and reshape industries. In conclusion, while blockchain technology faces hurdles such as scalability and regulatory uncertainty, ongoing innovation, and collaboration offer promising opportunities for realizing its full potential and achieving a decentralized digital future.
Downloads
References
Wenhua, Z., Qamar, F., Abdali, T. A. N., Hassan, R., Jafri, S. T. A., & Nguyen, Q. N. (2023). Blockchain technology: security issues, healthcare applications, challenges and future trends. Electronics, 12(3), 546. https://doi.org/10.3390/electronics12030546
Goswami, S. S., & Behera, D. K. (2021). An analysis for selecting best smartphone model by AHP-TOPSIS decision-making methodology. International Journal of Service Science, Management, Engineering, and Technology, 12(3), 116-137. http://doi.org/10.4018/IJSSMET.2021050107
Peng, X., Zhao, Z., Wang, X., Li, H., Xu, J., & Zhang, X. (2023). A review on blockchain smart contracts in the agri-food industry: Current state, application challenges and future trends. Computers and Electronics in Agriculture, 208, 107776. https://doi.org/10.1016/j.compag.2023.107776
Ullah, H., Manickam, S., Obaidat, M., Laghari, S. U. A., & Uddin, M. (2023). Exploring the potential of metaverse technology in healthcare: applications, challenges, and future directions. IEEE Access11, 69686-69707. https://doi.org/10.1109/ACCESS.2023.3286696
Wazid, M., Das, A. K., Mohd, N., & Park, Y. (2022). Healthcare 5.0 security framework: applications, issues and future research directions. IEEE Access, 10, 129429-129442. https://doi.org/10.1109/ACCESS.2022.3228505
Bashir, A. K., Victor, N., Bhattacharya, S., Huynh-The, T., Chengoden, R., Yenduri, G., Maddikunta, P. K. R., Pham, Q-R., Gadekallu, T. R., & Liyanage, M. (2023). Federated learning for the healthcare metaverse: Concepts, applications, challenges, and future directions. IEEE Internet of Things Journal. https://doi.org/10.1109/JIOT.2023.3304790
Chengoden, R., Victor, N., Huynh-The, T., Yenduri, G., Jhaveri, R. H., Alazab, M., Bhattacharya, S., Hegde, P., Maddikunta, P. K. R., & Gadekallu, T. R. (2023). Metaverse for healthcare: a survey on potential applications, challenges and future directions. IEEE Access, 11, 12765-12795. https://doi.org/10.1109/ACCESS.2023.3241628
Goswami, S. S., Jena, S., & Behera, D. K. (2022). Selecting the best AISI steel grades and their proper heat treatment process by integrated entropy-TOPSIS decision making techniques. Materials Today: Proceedings, 60, 1130-1139. https://doi.org/10.1016/j.matpr.2022.02.286
Chan, K. Y., Abu-Salih, B., Qaddoura, R., Ala’M, A. Z., Palade, V., Pham, D. S., Ser, J. D., & Muhammad, K. (2023). Deep neural networks in the cloud: Review, applications, challenges and research directions. Neurocomputing, 545, 126327. https://doi.org/10.1016/j.neucom.2023.126327
Mittal, U., Yang, H., Bukkapatnam, S. T., & Barajas, L. G. (2008). Dynamics and performance modeling of multi-stage manufacturing systems using nonlinear stochastic differential equations. International Conference on Automation Science and Engineering, IEEE, pp. 498-503. IEEE. https://doi.org/10.1109/COASE.2008.4626530
Mahmoud, H. H. H., Amer, A. A., & Ismail, T. (2021). 6G: A comprehensive survey on technologies, applications, challenges, and research problems. Transactions on Emerging Telecommunications Technologies, 32(4), e4233. https://doi.org/10.1002/ett.4233
Yap, K. Y., Chin, H. H., & Klemeš, J. J. (2023). Blockchain technology for distributed generation: A review of current development, challenges and future prospect. Renewable and Sustainable Energy Reviews, 175, 113170. https://doi.org/10.1016/j.rser.2023.113170
Shao, L., Tang, W. E. I., Zhang, Z., & Chen, X. (2023). Medical metaverse: Technologies, applications, challenges and future. Journal of Mechanics in Medicine and Biology, 23(02), 2350028. https://doi.org/10.1142/S0219519423500288
Mittal, U. (2023). Detecting Hate Speech Utilizing Deep Convolutional Network and Transformer Models. International Conference on Electrical, Electronics, Communication and Computers, IEEE, pp. 1-4. https://doi.org/10.1109/ELEXCOM58812.2023.10370502
Yapa, C., De Alwis, C., Liyanage, M., & Ekanayake, J. (2021). Survey on blockchain for future smart grids: Technical aspects, applications, integration challenges and future research. Energy Reports, 7, 6530-6564. https://doi.org/10.1016/j.egyr.2021.09.112
Supriya, Y., & Gadekallu, T. R. (2023). A survey on soft computing techniques for federated learning-applications, challenges and future directions. ACM Journal of Data and Information Quality, 15(2), 1-28. https://doi.org/10.1145/3575810
Al-Hawawreh, M., Aljuhani, A., & Jararweh, Y. (2023). Chatgpt for cybersecurity: practical applications, challenges, and future directions. Cluster Computing, 26(6), 3421-3436. https://doi.org/10.1007/s10586-023-04124-5
Mittal, U., & Panchal, D. (2023). AI-based evaluation system for supply chain vulnerabilities and resilience amidst external shocks: An empirical approach. Reports in Mechanical Engineering, 4(1), 276-289. https://doi.org/10.31181/rme040122112023m
Marques, G., Pitarma, R., M. Garcia, N., & Pombo, N. (2019). Internet of things architectures, technologies, applications, challenges, and future directions for enhanced living environments and healthcare systems: a review. Electronics, 8(10), 1081. https://doi.org/10.3390/electronics8101081
Habbal, A., Ali, M. K., & Abuzaraida, M. A. (2024). Artificial Intelligence Trust, Risk and Security Management (AI TRiSM): Frameworks, applications, challenges and future research directions. Expert Systems with Applications, 240, 122442. https://doi.org/10.1016/j.eswa.2023.122442
Abd Ali, S. M., Yusoff, M. N., & Hasan, H. F. (2023). Redactable blockchain: Comprehensive review, mechanisms, challenges, open issues and future research directions. Future Internet, 15(1), 35. https://doi.org/10.3390/fi15010035
Hussein, N. H., Yaw, C. T., Koh, S. P., Tiong, S. K., & Chong, K. H. (2022). A comprehensive survey on vehicular networking: Communications, applications, challenges, and upcoming research directions. IEEE Access, 10, 86127-86180. https://doi.org/10.1109/ACCESS.2022.3198656
Ullah, S., Zheng, J., Din, N., Hussain, M. T., Ullah, F., & Yousaf, M. (2023). Elliptic Curve Cryptography; Applications, challenges, recent advances, and future trends: A comprehensive survey. Computer Science Review, 47, 100530. https://doi.org/10.1016/j.cosrev.2022.100530
Alshahrani, R., Yenugula, M., Algethami, H., Alharbi, F., Goswami, S. S., Naveed, Q. N., Lasisi, A., Islam, S., Khan, N. A., & Zahmatkesh, S. (2024). Establishing the fuzzy integrated hybrid MCDM framework to identify the key barriers to implementing artificial intelligence-enabled sustainable cloud system in an IT industry. Expert Systems with Applications, 238, 121732. https://doi.org/10.1016/j.eswa.2023.121732
Makina, H., Letaifa, A. B., & Rachedi, A. (2024). Survey on security and privacy in Internet of Things‐based eHealth applications: Challenges, architectures, and future directions. Security and Privacy, 7(2), e346. https://doi.org/10.1002/spy2.346
Wang, K., Ying, Z., Goswami, S. S., Yin, Y., & Zhao, Y. (2023). Investigating the role of artificial intelligence technologies in the construction industry using a Delphi-ANP-TOPSIS hybrid MCDM concept under a fuzzy environment. Sustainability, 15(15), 11848. https://doi.org/10.3390/su151511848
Rehman, A., Xing, H., Hussain, M., Hussain, A., & Gulzar, N. (2023). Emerging technologies for COVID (ET-CoV) detection and diagnosis: Recent advancements, applications, challenges, and future perspectives. Biomedical signal processing and control, 83, 104642. https://doi.org/10.1016/j.bspc.2023.104642
Sahoo, S. K., Das, A. K., Samanta, S., & Goswami, S. S. (2023). Assessing the role of sustainable development in mitigating the issue of global warming. Journal of process management and new technologies, 11(1-2), 1-21. https://doi.org/10.5937/jpmnt11-44122
Ahmed, S. F., Alam, M. S. B., Hoque, M., Lameesa, A., Afrin, S., Farah, T., Kabi, M., Shafiullah, G. M., & Muyeen, S. M. (2023). Industrial Internet of Things enabled technologies, challenges, and future directions. Computers and Electrical Engineering, 110, 108847. https://doi.org/10.1016/j.compeleceng.2023.108847
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Scientific Oasis

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.