Block Chain Technology and Its Emerging Significance

Abstract

Block chain technology is a decentralised, distributed ledger that stores the record of ownership of digital assets, any data stored on block chain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cyber security and health care. Block chain technology has the potential to revolutionise interaction between governments, businesses and citizens in a manner that was unfathomable just a decade ago. Block chain has emerged to become a potentially transformative force in multiple aspects of government and private sector operations. Its potential has been recognized globally with a variety of international organisations and technology companies highlighting the benefits of its application in reducing the costs of operations and compliance, as well as in improving efficiencies .Future of Blockchain in the Finance Industry, Cybersecurity, Digital Advertising, Supply Chain Management and so on will ensure transparency in governance, ensure less cybercrime, to promote marketing, reduce the human error with less cost and time. The study objective is to identify the country which supports blockchain, influencing factors and its impact on future of block chain. To achieve this objective, case study method is used, five different cases are taken to prove how the blockchain methodology support the managerial functions in various aspects. The study findings are supported by the advantages of using blockchain, how it helps the nations to reduce the time taken to accomplish the goals with transparency, to maximise the efficiency by adaptation of blockchain technology and to reduce the human intervention thereby reducing the prevalent cyber crime.