The emergence of blockchain technology represents a significant advancement in the field of computer science.
Blockchain, an innovative technology that functions as a decentralized and publicly accessible record of all financial
transactions, has significantly transformed the manner in which commercial activities are conducted. Companies and large-
scale technology corporations have started substantial investments in the blockchain industry, a sector that experts forecast
will exceed a valuation of $3 trillion during the next five-year period. The surge in its popularity may be ascribed to its
robust security measures and comprehensive resolution for all issues pertaining to digital identity. The system in question
is a decentralized digital ledger. A blockchain refers to an immutable and decentralized ledger composed of blocks, which
function as collections of entries. The interconnection among these blocks is secured using encryption. The blockchain
technology is captivating due to its inherent qualities, and it has significant potential in several domains owing to its desired
attributes such as decentralization, transparency, and irreversibility. While blockchain technology is now most prominently
associated with cryptocurrency, it has a diverse array of potential applications. This article aims to explore the many
applications of blockchain in the domains of voting mechanisms, Internet of Things (IoT), supply chains, and identity
management.
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Acknowledgements
Authors thanks to Department of Computer Engineering for this research support.
Funding
This work was supported by the National Research Foundation of Korea (NRF) grant funded by the Korea Government (MSIT (No.2022R1F1A1063340)).
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Yangsun Lee
Yangsun Lee
Department of Computer Engineering, Seokyeong University, 16-1 Jungneung-Dong, Sungbuk-Ku, Seoul 02713, Korea.
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Cite this article
Yangsun Lee, “An in Depth Analysis of Blockchain Technology and its Potential Industrial Applications”, Journal of Machine and Computing, vol.3, no.4, pp. 534-544, October 2023. doi: 10.53759/7669/jmc202303045.
