Application Analysis of Blockchain in Business

Abstract

Blockchain has aroused widespread interest in many fields. As a distributed digital ledger, blockchain has transparency, traceability, and irreversibility in recording transaction information, and has been welcomed by many industries and investors. This paper aims to discuss two main applications of blockchain: in supply chain management and reducing transaction costs in the financial field. By analyzing relevant cases and data, this paper discusses the significant impact of blockchain technology in these two fields. Potential risks of adaptation are also considered. Blockchain can enhance the traceability and efficiency of supply chain management and avoid losses caused by fraud and transaction costs in the financial field. As blockchain has not been widely used, its technical cost and use standard setting deserve attention. Considering the risks of adoption, it is very important to set standards for the scope of participants and the type of blockchain to ensure security before applying blockchain to specific fields.

Exploring Blockchain for Nuclear Material Tracking: A Scoping Review and Innovative Model Proposal

“…The efficacy of blockchain in guaranteeing the security, traceability, integrity, item tracking, and access control of financial transaction data renders it a significant instrument for enhancing financial tracking and security [37]. Furthermore, due to the immutable and transparent nature of storing every transaction record on the blockchain, the likelihood of fraud and errors is diminished, and any worries regarding transaction fees are eradicated [38]. These characteristics enhance financial stability, particularly for transactions of significant value.…”