Blockchain Technology for Enhanced Business Management
Mohd Inshal Naved, Mini Jain, V Venkat Reddy, Atul Kumar Singla, Aboothar Mahmood Shakir, Balaji Rajalakshmi · 2023
This empirical study investigates how blockchain technology is revolutionizing corporate management in a dynamic way. Blockchain-based technologies have drawn a lot of interest as well as started revolutionizing a number of industries. Driven by contemporary programming and technological infrastructure., the introduction of blockchain technology has brought about new opportunities for company strategy and commercial operations. Blockchain has the ability to improve transparency and transform cross-organizational business processes because of its safe and decentralized design. The paper explores the important consequences of integrating blockchain technology with business process management (BPM). The use of blockchain in business process management (BPM) has prospects for improved information accuracy, higher client happiness, and increased efficiency. Technology plays a particularly significant role in the fourth industrialization phase since it is in accordance with Industry 4.0 concepts as well as facilitates digital transformation and efficient business processes. The study does, however, highlight the difficulties associated with employing blockchain technology, such as issues with scalability, data security, and legal compliance. The study highlights that in order for organizations to fully utilize blockchain technology, feasibility investigations and solutions to these issues must be implemented. The study's conclusion recognizes blockchain's bright future in business process management and its capacity to solve important organizational issues. Blockchain technology possesses the potential to revolutionize corporate operations as well as procedure management by providing cutting-edge solutions to a wide range of sectors as it develops further.