Unlocking the Power of Blockchain to Overcome Business Challenges and Enhance Efficiency: A Systematic Review & Bibliometric Analysis

Abstract

Blockchain technology is a versatile technology developed using various techniques in the 21st-century digital era and extensively used across industries. This paper emphasizes the benefits of blockchain technology in enhancing business efficiency in various industries, including real estate, Aerospace, pharmaceutical, fast-moving consumer goods (FMCG), financial sector, fashion, and government sector.

In the digital era, blockchain technology was used to manage digital cryptocurrency, which works on distributed networks. Much research is still being carried out on this subject throughout the globe to get maximum benefits in terms of security, transparency, trustworthiness, reliability, and immutability of transactions. Industry experts or researchers are exploring the use cases of blockchain technology in different areas to enhance business efficiency and productivity.

This paper highlighted key principles of blockchain technology and how it addresses challenges faced in various sectors. A literature review of various publicly available articles, research papers, and academic journals has been carried out to understand blockchain technology and its usage across different industries in addressing the challenges. In the automotive or Aerospace sector, traceability, transparency, and tracking are critical elements for business processes in manufacturing as well as supply chain management, where blockchain technology has the potential to manage processes more securely and transparently with lean management. Blockchain can play a vital role in streamlining land records and tracking the right landowners with a key principle of immutable records. Counterfeit of drugs, lack of supply chain visibility, drug traceability, excess inventory, data security, and confidentiality are key challenges faced by the pharmaceutical industry, where blockchain technology can help to manage the processes efficiently. The FMCG industry has also seen benefits for inventory management, traceability, and genuine products with the help of blockchain technology. and. Some of the good use cases demonstrated in the BFSI sector for leveraging blockchain technology for secure and fast transactions and effective management of LC in the case of import of goods. The education sector also realized the benefits of blockchain for ensuring credential verification, secure record-keeping, and streamlined administrative processes. This study also highlights that blockchain technology can enhance the aerospace industry's security, efficiency, and productivity. As the aerospace industry constantly pursues innovation, enhanced safety features, reliability, and operational efficiency are key priorities through continuous improvement. Blockchain technology is considered an emerging technological platform that can transform capability and efficiently address key challenges of aerospace systems. Initially, blockchain technology was used to manage cryptocurrencies like Bitcoin; blockchain has been disrupted with unique features and a distributed ledger to make secure, transparent, and immutable or tamper-proof data management capabilities. Within the aerospace domain, smart contracts revolutionize supply chain management capabilities, improve traceability and tracking of function parts, digitalize maintenance records, and enhance overall operational efficiency through transparency.

The power of blockchain technology is observed in secure e-voting systems, which effectively prevent data and minimize fraud in the government sector. Lastly, blockchain technology in the fashion industry reaps supply chain visibility, intellectual property of design, and enriched customer experience. Overall, blockchain technology can potentially transform business processes and enterprise efficiencies across various industries.