A survey on opportunities and challenges of Blockchain technology adoption for revolutionary innovation

11:09 22/11/2018

In the "Industry 4.0" era, blockchain as well as related distributed ledger technologies has been an unmissable trend for both academy and industry recently. Blockchain technology has become famous as the innovative technology that underlies cryptocurrencies such as Bitcoin and Ethereum platform. It also has been spreading with multiple industries exploring their capabilities and new blockchain use cases springing up on a daily basis. Its emergence has brought a great deal of impact on how the information will be stored and processed securely. Furthermore, almost of advocates say that blockchain will disrupt and change everything from education to financial payments, insurance, intellectual property, healthcare,... in the years to come. However, a comprehensive survey on potential and issues of blockchain adoption in academy and industry has not been yet accomplished. This paper tries to conduct a comprehensive survey on the blockchain technology adoption by discussing its influences as well as the opportunities and challenges when utilizing it in the real-world scenarios.

Across various industries, credential verification stands as a critical requirement, yet traditional approaches face limitations in security, privacy, and interoperability. Although recent blockchain innovations promise decentralization, deploying them independently in institutions creates data isolation. While there are theoretical frameworks, lack of practical studies achieving a balance between credential mobility and...