The fundamental properties of Blockchain technology

Holotiuk et al. (2018) presented the representative paper for the cluster ‘blockchain’ technology, which analyzes the fundamental properties of Blockchain and points out that we have much to do to implement Blockchain extensively. Additionally, Galanakis et al. (2021) investigate the forms of fraud and criminal actions that blockchain technology can prevent and highlights threats that remain vulnerable to Blockchain. In the meantime, Kumar (2020) proposed a cryptographic technique to solving difficulties with information leaking on a blockchain.

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Blockchain is hailed as a good fix for supply chains (Galanakis et al., 2021). The key relevant data in managing a supply chain can be identified by registering the product transfer on the digital ledger. In this case, the nodes cryptographically validate all transactions and ignore invalid transactions on the blockchain network (Sadouskaya, 2017).

The study by Min (2019) investigated the performance of Blockchain in the US, using a survey method from among the health practitioners in 55 medical facilities. The study concluded that blockchain technology has contributed to optimal performance and profit for many industries, particularly the manufacturing industry. Despite some company-wide analysis of current blockchain applications in the supply chain, it remains unclear whether and how Blockchain or new technologies can solve and anticipate disruptions and leadership in the supply chain’s resilience (Min, 2019). Furthermore, Blockchain can help monitor and detect fraud, safety problems and food safety and food integrity concerns and fraud issues, and quality assurance authenticity (Dutta et al.,2020).

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