Supervised by: Ibrahim Berksoy BSc, Msc. Ibrahim studied Computer Education and Educational Technologies at Bogazici University and completed his Master’s degree in Computer Education and Instructional Technologies at Yildiz Technical University. He is currently working on his PhD in Education at the University of Bristol, with his thesis research centring on digital educational game design.

Abstract

Since its introduction by Nakamoto in 2008, blockchain technology has been revolutionising conventional practices in various industries. Blockchain technology itself (as it will be explained in more detail later) is a method of storing data, typically transactions, via distributing the information to multiple computers or nodes. With its promising technology, its use case can be more secure and flexible. This research paper offers a comprehensive overview of blockchain technology, exploring its polymorphism, fundamental mechanisms, advantages, and drawbacks. The technical aspect of blockchain as well as its implications will be discussed. In addition, it highlights the borderless applications of blockchain in key sectors such as banking, healthcare and logistics. Furthermore, utilising blockchain enables transparency and efficacy in certain sectors, namely logistics.

1. INTRODUCTION

1.1 What is Blockchain Technology

1.1.1 Definition

Blockchain first gained prominence as the underlying technology behind cryptocurrencies like Bitcoin and other cryptocurrencies (Kim, 2020). Blockchain technology is a decentralised and distributed digital ledger that securely, transparently, and impenetrably records transactions across several computers (Ibid). Simply put, blockchain technology stores information in blocks that are made into chains (Gondek, 2023). Each block in the chain contains a hash from the previous blocks, a timestamp and a digital signature from the transactions of this data (Ibid). What makes blockchain technology decentralised is that it doesn’t require a third party such as a bank or government to authorise transactions. This improves reliability and enables transactions without additional fees.

1.1.2 Distributed digital ledger and transparency

A distributed digital ledger is a digital, public record of all transactions used by certain users to validate blocks and transactions. These users own a node (a computer linked to the up-to-date database (ledger)) and work to verify transactions are referred to as miners. 

This clarity of block history makes it transparent and the extent of security makes it close to impenetrable (as the level of security is directly linked to the skills of the miners). In essence, transactions are verified by other “nodes” in a blockchain network, which provides a much more secure system compared to a centralised system, which enables attackers to target the “central” system.

1.2 The Technical Aspect of Blockchain Technology

1.2.1 Introduction

Understanding the technical aspects of the blockchain itself is important as they form the foundation of ensuring data security and allowing for decentralised consensus. The following section will discuss the inner workings of the blockchain and the benefits provided by these technologies.

1.2.2 Blocks

The blockchain is made up of a series of blocks (hence the name blockchain), which can hold information in a manner that makes it incredibly difficult to modify the data once it has been added to a block (Sanderson, 2017). Each block contains an index and timestamp to identify the block, the information being stored in the block, as well as the hash of the block before it. The hash of a block is a string of bits (normally 256 bits) which originates from a cryptographic hash function. This function is made such that if any information in the block were to be changed, the new hash of the block would be changed completely and unpredictably. Because of this, by including the hash of the previous block in the new block, it is ensured that no information in the previous block has been modified at all.

1.2.3 Cryptographic hash functions

Cryptographic hash functions are one of the core technologies used in blockchain technology. These hash functions essentially convert data to hashes, usually consisting of a string of characters of an arbitrary length, in a way that the hashes cannot be decrypted or traced back to its original input. This means that any input passed through a hash function can return a unique hash, while it is infeasible to convert a hash back to its corresponding input (Kim, 2020). These hashes act as digital signatures for each block, securing the integrity of the data, whilst also being used as a link from one block to the previous and succeeding blocks in the blockchain (Nehru, 2022).

1.2.4 Proof of work in blockchains

One of the main security benefits of the blockchain is that blocks cannot be modified after they are created. The way that this is done is via a proof-of-work (PoW). For any block to be verified, a miner must find a specific number (sometimes called a nonce) which, when added to the existing data in the block, will produce a hash that starts with a certain string of numbers (commonly leading zeros). Once a miner has found this number, it can be easily verified by running the hash function with the nonce, and checking if it produces the correct number of leading zeros (Sanderson, 2017). If it does, it proves that the miner had to put in a certain amount of work to find the number, so the miner is rewarded. This method prevents fraudulent transactions and attacks by ensuring that the user who adds the next block has to do a significant amount of work, making large scale attacks infeasible because of the amount of processing power required.

1.2.5 Decentralisation

Whenever a new block is made, it is broadcast publicly so that other users on the network can each keep their own copy of the chain (Kim, 2020). A peer-to-peer computer network is also used, allowing multiple computers to interact with one another without needing a central server, with each computer being able to act as a server for other computers. This means that if any data is lost or corrupted, it can simply be replaced by another user’s copy of that section of the chain (Kim, 2020).

1.3 Types of Blockchain Technology

1.3.1 Introduction 

Blockchains come in four major types: public, private, hybrid, and consortium (Haleem et al., 2021). Each has a unique set of advantages and disadvantages, so which one works best depends on the characteristics that are most crucial to have in a particular data management situation.

1.3.2 Public blockchain

A public blockchain is a decentralised peer-to-peer (P2P) network of computers available to anyone for unrestricted, anonymous use (Kim, 2020). In addition, Kim (2020) states that public blockchains are able to authenticate transactions without relying on a trusted third party, ensuring further reliability and security. Despite this, public blockchains are limited by their main disadvantage. Because of the large amount of data sharing between the network’s many participants, processing speeds may suffer (Kim, 2020).

1.3.3 Private blockchain

Contrary to public blockchains, private blockchains cannot be joined by any anonymous user. Private blockchains are administered by a network administrator, who needs to grant participants permission to access the private blockchain. Usually, these closed systems are used within organisations. Gergely et al. (2020) notes that these examples of blockchain are usually half-decentralised and lack proof of work and mining. They find that these systems can provide true anonymity, unlike public blockchains such as those used by Bitcoin. 

1.3.4 Consortium blockchain

Consortium blockchain is a merger between public and private blockchains and it involves multiple organisations cooperating to govern the blockchain. Similar to private blockchains, participants have to be approved by the organisations. However, there are access levels to administer the level of control each participant owns (Kim, 2020). Due to its semi-decentralisation, it is possible to maintain a balance between efficient collaboration and security with consortium blockchain. 

1.3.5 Hybrid blockchain

A hybrid blockchain combines the advantages of both public and private blockchains so that the relationship between privacy and control can be stabilised (GeeksforGeeks, 2023). Hybrid blockchains are commonly used for selective transparency because they can be organised into public and private layers so that confidential data are kept separate from open data. Different from the other types, the level of decentralisation is determined by the design of the hybrid model, which makes it more adaptable.

1.3.6 Conclusion

In summary, each type of blockchain discussed above has unique features that enable it to work best in certain situations. Despite these differences, all blockchains share a common ability to maintain decentralisation and security for all participants.

1.4 Advantages of Blockchain Technology

1.4.1 Introduction

In recent years, the emergence of blockchain technology has sparked major interest in varying sectors, industries, and domains, and has offered an alternative approach to other conventional approaches to data management (Blockchain Technology, n.d.). In this section, the multifaceted advantages of blockchain technology will be discussed, highlighting its potential as a replacement for traditional data management methods that are still prevalent in modern-day businesses.

In essence, the blockchain is a decentralised system that takes the control and management from a centralised system to the hands of multiple nodes within a trusted network (Kim, 2020). This yields many advantages, including a more secure method of transactions that is not solely limited to the world of banking. 

1.4.2 Decentralisation

A blockchain’s decentralised nature enhances its transparency and the public’s trust in the network. This is because anybody connected to the network can access and verify its data (Budhi, 2022). Budhi also states that changes to data records can be easily traced using the permanent audit trail created by blockchain networks. In addition, due to the fact that the transactions are verified by multiple nodes within the blockchain network, this means that transactions can be rolled out reliably without any concern about whether or not it is genuine.

Decentralisation in blockchains means that no single entity is able to control a network. Thus, according to Budhi, participants in the network do not have to worry about government censorship or other types of regulation, allowing them to carry out tasks more freely. 

1.4.3 No third-party intermediaries

In addition, the blockchain technology will not need any third party intermediaries and provides a direct and secure method of storing and validating data. The reliability and security of data within a blockchain network is further ensured by the fact that it cannot be changed. Unlike the CRUD model of traditional networks that allows for easy modification and erasing of data, blockchain networks get rid of such a venue that can be accessed by hackers to tamper data (Budhi, 2022).

1.4.4 Ideal for Scalable Systems

For a data management system to be scalable, it must be able to work effectively in a variety of conditions, from small networks used to exchange patient data between nearby hospitals to large networks used in worldwide cryptocurrency transactions. Blockchain technology accomplishes this goal by allowing changes to be made in the system, enhancing its performance in a particular situation, which makes blockchain an ideal solution for a scalable system (Kim, 2020).

1.4.5 Reduced Costs

In addition, blockchain technology is a popular choice for many businesses because it gets rid of extra costs. Direct transactions between participants that lack the interference of a third party allow these fees to be eliminated (Blockchain Technology, n.d.).

1.4.6 Conclusion

All in all, the emergence of blockchain technology has introduced an alternative approach to conventional data management methods. This discussion underscores the main advantages of blockchain: decentralisation, transparency, traceability, elimination of intermediaries, and more. Blockchain’s decentralised architecture highlights transparency and public trust through accessible, verified data. The direct, intermediary-free transactions characteristic of blockchain eliminate extra costs. Consequently, blockchain presents a paradigm shift poised to revolutionise diverse industries.

1.5 Drawbacks of Blockchain Technology

1.5.1 Introduction

In the previous section, we discussed the advantages of blockchain technology. Now, we will delve into the drawbacks. Blockchain technology itself is relatively young having only been introduced in 2008 so it’s bound to have a number of drawbacks (Originstamp, n.d.).

1.5.2 Efficiency

One of the largest issues concerning blockchain is its low efficiency (Fernando, 2021). In order to make the public ledger, the entire up-to-date database must be uploaded to the users each time. This means the throughput (amount of data a system can process within a given time) is greatly insufficient, incurring subsequent delays. 

1.5.3 Energy demand

Another major drawback is the energy demand (Ganne, 2018). This increasingly huge amount of data needs to be stored somewhere, which takes power and money. The costs of this could outweigh the economical benefits of blockchain (Zhu & Zhou, 2016; Jamison & Tariq, 2018; Lee 2019). This isn’t only an economical drawback but also environmental (Fernando, 2021). This energy demand was estimated to be 22 terawatt-hours annually (for contrast, Google consumes about 5.7TWh) (PwC, 2016). It’s even said that miners increase this by five times yearly (Fernando, 2021). As blockchain grows, this will only get bigger and the environmental impact will become irreversible (Fernando, 2021).

1.5.4 Security

The security, albeit strong, is lacking in a number of ways. For one, there is still a need for secure user authentication in blockchain markets (Kim, 2020). Furthermore, users must have a minimum level of understanding of IT and blockchain to safely navigate and use blockchain technology. Without it, one can easily fall victim to hackers or miss a vulnerability in the system (Iansiti and Lakjani, 2017).

1.5.5 Hacking

Additionally, blockchain technology is not unhackable. As Bocetta states, if a user had enough computer power to control 51% of the nodes (the majority), they can fake a transaction. This is due to a flaw in the proof of work concept (Bocetta, 2020).

1.5.6 Trilemma 

Finally, a major factor that prevents blockchain’s growth is that in order to increase the scale of it, one must reduce the security and/or decentralisation (Kim, 2020). This acts as a three-fold challenge; to improve one the other two must take damages (Kim, 2020). For example, as blockchains can’t handle many transactions at once, to increase the scale, the most obvious solution is to reduce the number of people required for confirmations and adding data to the network (Binance Academy, 2023). However, this would reduce the decentralisation, as the power would be more condensed (fewer people), and the security would be reduced, as it would make it easier to single-handedly override the proof of work concept. 

1.5.7 Conclusion

Overall, the largest issues holding back blockchain technology is the efficiency, power demand and the trilemma. Because of the lack of efficiency and power demand, a trilemma is created where we can’t improve the security or scale further without creating faults. 

2. THE IMPLICATION OF BLOCKCHAIN TECHNOLOGY

2.1 The Implication of Blockchain Technology in Banking

2.1.1 Introduction

Several industries, including the banking industry, are being disrupted by blockchain technology. Blockchain technology, which is frequently connected to cryptocurrencies, is gaining popularity because it provides a secure and decentralised way to move assets (FM, 2023). Although the blockchain ledger is open and distributed, the data is secure and verified. The potential applications of this technology in banking are far-reaching and transformative.

2.1.2 Security

One of the biggest impacts of blockchain is in the area of ​​security. Traditional banking systems rely on centralised databases, vulnerable to single points of failure and potential breaches. The distributed nature of the blockchain ensures that no single entity has control over the entire network, reducing the risk of unauthorised access, data manipulation, and network attacks. Javaid, et al. (2022) note ‘the superior security of blockchain-based credit reporting over conventional server-based reporting.’

2.1.3 Cross-border transactions

Cross-border transactions, a traditionally time-consuming process, will greatly benefit from blockchain technology. The current system involves many intermediaries, leading to delays, high fees, and increased complexity (DBS, 2023). Blockchain can facilitate direct peer-to-peer transactions, eliminating middlemen and reducing transaction times from days to minutes. This not only improves the speed and efficiency of cross-border transfers, but also reduces costs for banks and customers. 

2.1.4 Smart contracts

Smart contracts are another revolutionary aspect of blockchain technology. These self-executing contracts are programmed with predefined conditions and execute automatically when these conditions are met (Khan, 2021). Banks can leverage smart contracts to automate a range of processes, such as loan approvals, commercial payments, and compliance checks. This not only speeds up processes, but also reduces the risk of human error and fraud. For example, a mortgage agreement can be encoded into a smart contract, and when all conditions are met, the contract automatically triggers the transfer of funds and ownership (Ibid).

2.1.5 Supply chain finance

Supply chain finance is another area where blockchain can drive innovation in the banking sector. By integrating blockchain into the supply chain, banks can accurately track the movement of goods, verify their authenticity, and ensure regulatory compliance (Khan, 2021). This transparency reduces the risk for banks funding suppliers, as they have access to real-time tamper-proof data on the goods being financed. This can lead to improved loan terms and lower default rates. The impact of blockchain on identity management cannot be underestimated. With data breaches and identity theft becoming more and more common, blockchain provides a secure and decentralised way to store and verify identities (Chirag 2023). This can streamline customer referral processes, simplify KYC procedures, and improve data privacy. Customers will have more control over their personal information, sharing only what is necessary for specific transactions (Chirag, 2023).

2.1.6 Asset tokenisation

Asset tokenisation is an emerging trend that could reshape the banking landscape. Heines et al. (2021) describe it as ‘the concept of creating a singular identifier on a distributed ledger in terms of a token that may represent anything from financial assets, goods, to other valuable resources.’ By representing physical assets such as real estate, stocks, and commodities as digital tokens on the blockchain, banks can unlock liquidity and enable fractional ownership. This opens up investment opportunities for more people who may not have had access to these markets before. 

2.1.7 Conclusion

Though blockchain technology has the potential to become very powerful and game-changing in the world of banking, it still has a long way to go. Kayal et al. (2021) write that blockchain technology is not robust enough to replace current currency or function as a standard in the world of banking, noting that ‘Bitcoin is still in an embryonic phase and needs to evolve with time especially keeping in pace with technological advancements.’

2.2 The Implication of Blockchain Technology in Healthcare

2.2.1 Contribution of blockchain towards healthcare

Blockchain technology already has far-reaching applications in the healthcare sector, helping improve the patient care process and paving the way for further innovations (Haleem et al., 2021). Haleem et al. (2021) list some of the most notable contributions that blockchains have made to the healthcare industry as follows:

• Storing patient data – Since blockchain technology acts as a shared database that can store many types of information in large quantities, it is a perfect system for hospitals that need to keep track of and exchange information about a multitude of patients. The security and validity of all this data are ensured by a blockchain’s encryption system and immutable records.
• Patient monitoring – The transparent nature of a blockchain database allows it to be an effective and reliable tool for tracking a patient’s status. Using a blockchain can improve temperature monitoring and supply management for a patient while also reducing the need for a doctor to watch the patient constantly. In addition, since records in a blockchain are immutable, past data that may be useful for determining treatments can always be accessed.
• Prescription tracking – The traceability of a blockchain allows for the close tracking of prescription medications along every point of their journey from manufacturer to pharmacy to patient. Thus, blockchains ensure that the correct medications are delivered to a patient while illegal drugs are identified and removed.
• Clinical trials – Public trust in the clinical trial process is crucial for finding sufficient participants and getting widespread use of an approved treatment. Blockchains help increase this trust with their transparent processes, which allow the public to monitor trials closely and identify false data.
• Creating research initiatives – A blockchain’s various validation measures, high security, and immutability ensure the reliability of the data within it. The blockchain can thus serve as a trustable source for research groups that may use patient data to initiate innovative research.
  

2.2.2 Impacts on the healthcare industry

Blockchain technology offers an open and secure method to store and transfer data, which will result in dramatically lower prices and new methods for people to receive access to healthcare (Morey, 2021). Nowadays, numerous leading businesses in the healthcare industry are already building the groundwork for a blockchain revolution.

Chronicled, a company in charge of the MediLedger network, a blockchain network in the healthcare and life sciences industry, uses blockchain technology in its to improve communication between businesses, stakeholders and healthcare organisations (Morey, 2021). In this instance, blockchain helps facilitate open collaboration between parties by maintaining high security standards, ultimately limiting the possibility of organisational troubles (Ibid). Curisium, another company in the healthcare industry, has also similarly invested in blockchain technology to create a platform for contract management and further negotiations between parties (Ibid). This shows how blockchain technology greatly simplifies what would have been an overly complicated process with conventional technology.

In addition, blockchain technologies also help conceal sensitive information such as patients’ data and more as can be seen from existing companies such as Patientory, which uses blockchain to create patient-centric services and applications, with updated medical data and history, as well as a secure way to communicate with trusted medical professionals (Morey, 2021). This was also useful during the pandemic due to improved COVID-19 tracking and reporting services. Similarly, Ever, a Thai healthcare company, has also created a mass patient-centric network, ultimately connecting over 170 hospitals, and 5 million patients, revolutionising Thailand’s healthcare industry (Ibid).

2.2.3 The future of blockchain in healthcare

In the future, the mass usage of blockchain technology may prove revolutionary for the healthcare industry. However, multiple challenges may rise in the implementation of blockchain technology, including scepticism from the general populace, cost for integration, as well as political issues such as current regulations and laws (Mamun, 2022). Therefore, thorough collaboration between businesses, the government, and other parties is essential to bring about a blockchain revolution in healthcare. This would ultimately bring about the full integration of blockchain technology in healthcare, allowing for more secure payments, contract managements, reduced costs, and improved data safekeeping, benefitting all parties involved (Mamun, 2022).

2.3 The Implication of Blockchain Technology in Logistics

2.3.1 Introduction

In this section, the potential application of blockchain technology in the sector of logistics will be discussed. More specifically, the blockchain will allow businesses and industries to keep a record of the sellers/product information/order certificates, validate orders, help identify counterfeit products, and maintain a transparent system.

The properties of blockchain technology help to make the logistics industry more maintainable. Due to its decentralisation and immutability, the blockchain ledger can be used to store detailed information about products, including order certificates and manufacturing processes with an extra formidable level of security (Hackius & Petersen, 2017). Making sure that the data stored on the blockchain cannot be altered creates a trustworthy trading environment for the participants. Furthermore, Hackius and Petersen (2017) suggest that this also eliminates the need for physical paperwork which reduces the risk of losing important data and it lowers the burden carried by administrators.

2.3.2 Implementation in logistics

The implementation of blockchain technology in logistics proves that it’s possible to preserve the real-life trading experience while digitising the process. The participants such as suppliers and receivers can all use digital signatures to sign and authenticate transactions on the blockchain. Perboli et al. (2018) suggest that cryptography is of paramount importance for blockchain, and the system in logistics makes use of asymmetric cryptography in which each participant can generate a digital signature using a private key, and the signature’s authenticity is validated using a public key. Smart contracts are pre-programmed digital contracts that execute themselves automatically once certain predefined conditions are met, and they are used to enhance the validation process further (Kim, 2020). For instance, once the delivery has been confirmed by the recipient, the transaction to the supplier is automatically processed by the smart contract without any human intervention. By reducing the number of intermediaries involved, the overall process becomes more dependable and efficient.

2.3.3 Traceability

Traceability is another convincing feature of blockchain that is utilised in logistics, and this effectively allows participants to trace the movement of goods through the supply chain. Since all the records are tamper-proof, it permanently protects the origin of each piece of data, which can significantly aid in identifying and combating counterfeit products such as unapproved medicines. Hackius and Petersen (2017) state that such unauthorised medicines are causing a major crisis in the healthcare industry, and by applying blockchain technology, the relationship between patients and pharmacies should be eased, which should also strengthen social harmony. 

2.3.4 Consensus mechanisms

In addition to traceability, consensus mechanisms are also a key contributor to preventing counterfeit goods from infiltrating the supply chain, as they enable all participants to reach agreement on the authenticity of products. Proof-of-Stake is one of the consensus algorithms commonly used so that nodes with more cryptocurrency tokens are more likely to be selected for validation and block-adding, however, participants have to stake a certain amount of cryptocurrency as collateral in case of fraudulent acts. Consequently, the blockchain allows for transparency by ensuring every authorised user on the network can access the same data. 

2.3.5 Conclusion

In conclusion, blockchain’s integration into logistics has been transforming this industry subtly in recent years. Blockchain’s capabilities such as automated operations and secure data storing are key contributors to boosting productivity, transparency and security in the logistics sector.

3. The Future of Blockchain

3.1 Introduction

The promising and substantial rise of blockchain technology secures an innovative future ahead of us. As its recognition gradually develops, the application of blockchain has been sprawling through major industries (Baker, 2023). The usage of blockchain will not only be confined to recording transactions for banks and tracking product information in logistics, as it has the potential to introduce the world to a new era of cybersecurity. With the integration of artificial intelligence (AI) and the Internet of Things (IoT), blockchain technology could greatly enhance data security and automation (Atlam et al., 2018).

3.2 Internet of Things (IoT)

IoT is the network of devices with sensors, software and other technologies, allowing them to exchange data with each other and central systems over the Internet. These devices tend to generate vast amounts of data and they are particularly vulnerable to unauthorised access by perpetrators. Implementing blockchain technology here could ensure data integrity by recording all the data generated by IoT devices on the blockchain (Atlam et al., 2018). The efficiency of procurement processes in logistics is another challenge that could be minimised by linking smart contracts with IoT data. Changes in IoT data can trigger smart contracts to automatically execute their predefined rules. For example, new stocks could be automatically reordered by a smart contract when IoT devices are detecting low stock levels. Currently, blockchain is often used by healthcare professionals to manually record patient health data, but with the help of IoT devices, health data could be collected and transmitted in real-time with higher accuracy, and in addition, this could also enable remote patient monitoring (Skiba, 2017).

3.3 Integration with AI algorithms

Moreover, AI algorithms could analyse the data to provide real-time health insights, and patients could grant controlled access to healthcare providers. In recent years, blockchain technology has also been introduced to the education sector, and despite the fact that many people remain sceptical, it has still made respective progress. The two major applications so far are academic degree management and Education Reputation Currency (Sharples & Domingue, 2016; Skiba 2017). Chen et al. (2018) suggest that smart contracts could potentially be set up between teachers and schools so that their teaching quality and progress could be monitored and assessed fairly. The vision is that teachers will be rewarded with cryptocurrency only when they meet the specified teaching targets in the smart contract.

3.4 Conclusion

The rapid rise of blockchain technology heralds a technological revolution for many industries. It has the potential to improve cybersecurity and automation further by combining IoT and AI. The possibility of enhancing data integrity, patient monitoring and educational quality with blockchain technology demonstrates its compelling adaptiveness, which guarantees to open up new opportunities across different sectors in the future.

3. Conclusion

Blockchain is an emerging technology that has the potential to vastly improve data management in various sectors of the global economy. A blockchain is characterised by its decentralised, distributed network of computers, which ensures greater reliability and security of data without the need for a third party due to the permanent nature of data added to the chain. Various technologies such as hash functions and proof-of-work act as chains that further secure each block added to the network. Blockchains exist in four main types to fit different organisational needs. Public blockchains are completely decentralised and unrestricted, while private blockchains are more centralised and restricted to only those with proper permissions. The other two types, consortium and hybrid, each feature some kind of mix of public and private.

The rise of blockchain in recent years has resulted in significant attention across multiple industries, due to its new methods for managing data. The decentralised nature of blockchain, which distributes control among multiple nodes in a network, brings forth multiple advantages. These advantages include increased security in transactions, as well as increased transparency and trust due to publicly accessible data. The fact that the blockchain leaves an unchangeable log of transactions ensures data integrity, while decentralisation prevents individual control and regulatory concerns (Budhi, 2022). However, this technology is relatively new, so it still has several limitations. Notably, its efficiency is a concern due to the proof-of-work system which is used to verify transactions, and the fact that the data must be copied and saved on multiple computers, which costs power and money (Zhu & Zhou, 2016; Jamison & Tariq, 2018; Lee 2019). Additionally, while the security system is strong, it still lacks aspects such as user authentication and the high level of knowledge required to safely navigate (Kim, 2020).

The implications of blockchain technology can range from industry to industry, including in banking, healthcare, and logistics. In banking, blockchain provides a secure and decentralised method to distribute and transfer assets thanks to technologies including smart contracts and asset tokenisation, though currently being far away from fully integrating blockchain in its services (Javaid, M. et al., 2022; Kayal et al., 2021). Meanwhile, in healthcare, blockchain also offers revolutionary technologies such as improvements in patient data storage, patient monitoring, prescription tracking and more, with several companies already changing the landscape of the healthcare industry through blockchain (Haleem et al., 2021; Morey, 2021). Lastly, for logistics, blockchain technology offers enhanced transparency and security by storing product information, validating orders, and preventing counterfeiting through features like digital signatures, smart contracts, and tamper-proof records. It streamlines processes, reduces intermediaries, and fosters trust, ultimately improving productivity and security in the industry (Hackius & Petersen, 2017). Therefore, blockchain technology can be applied across multiple industries.

These characteristics mean that blockchain has the potential to revolutionise cybersecurity. Integrating blockchain with AI and IoT could greatly enhance data security and automation. IoT devices, which are susceptible to unauthorised access, could benefit from blockchain’s data integrity by recording data on the blockchain (Atlam et al., 2018). In healthcare, real time patient data collection could enable remote monitoring and AI analysis, while the blockchain ensures data accuracy and controlled access (Skiba, 2017). The education sector also sees blockchain implementation for the management of academic degrees and assessments of teaching quality (Sharples & Domingue, 2016; Skiba, 2017; Chen et al, 2018). This rapid rise of blockchain presents a transformative potential, bolstering cybersecurity, automation, and data integrity across industries, with vast potential for continued adaptation and innovation.

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