Title: Blockchain-enabled technology: the emerging technology set to reshape and decentralise many industries
Authors: Mohsen Attaran; Angappa Gunasekaran
Addresses: School of Business and Public Administration, California State University, Bakersfield, 9001 Stockdale Highway, Bakersfield, California 93311-1099, USA ' School of Business and Public Administration, California State University, Bakersfield, 9001 Stockdale Highway, Bakersfield, California 93311-1099, USA
Abstract: The past few years have seen an explosion in the business use of blockchain. The technology has great potential to drive simplicity and efficiency in financial services, and it is poised to drive the next wave of financial service innovation. Interest in exploiting blockchain in other industries, such as manufacturing and healthcare, is increasing, and deployments are gaining momentum. Yet, the adoption rate is slow, and organisations are only beginning to scratch the surface in regards to the potential applications of this technology. Implemented properly, the business benefits can be substantial. This article explores the changing dimensions of blockchain, highlights the importance of this technology, reviews its timeline from inception to maturity, identifies determinants of implementation success, and covers some of the potential benefits of this technology. Finally, this study highlights the successful implementation of blockchain solutions in the manufacturing and service industries.
Keywords: blockchain distributed ledger technology; P2P networks; public key cryptography; sharing economy; neighbourhood micro-grids; machine to machine transactions; machine to machine; M2M; bitcoins.
International Journal of Applied Decision Sciences, 2019 Vol.12 No.4, pp.424 - 444
Received: 31 Jan 2019
Accepted: 06 Feb 2019
Published online: 07 May 2019 *