Blockchain Technology and its Applications Across Multiple Domains: A Survey
Wajde Baiod, Janet Light, Aniket Mahanti
Abstract
Blockchain technology has become an active area of research and a technological option for many businesses and industrial communities. With its distributed, decentralized, and trustless nature, blockchain can provide businesses with new opportunities and benefits through increased efficiency, reduced costs, enhanced integrity and transparency, better security, and improved traceability. Although blockchain’s largest applications have been in the finance and banking sector, we now see experiments and proposed applications in different fields. This paper provides an overview of blockchain technology; it brings together all the key design features, characteristics, and benefits of blockchain that make it a superior and unique technology, and it presents the popular consensus protocols and taxonomy of blockchain systems. Additionally, the paper surveys blockchain-based applications across multiple domains such as in finance, insurance, supply chain management, energy, advertising and media, real estate and healthcare. It aims at examining the industries’ key issues, blockchain solutions and use cases. The paper highlights three broad limitations that blockchain technology presents: scalability, security, and regulation, and shows how these challenges could impact blockchain application and adoption.