The digital transformation of businesses is the center of focus in recent years. As a result of which multiple technologies have been introduced to compete on a global scale. Among these blockchain is one of the technologies that secures data using cryptography, and make the transactions transparent (Sadiku, 2023). Blockchain is well known for one of the public networks that is Bitcoin Blockchain. Blockchain technology is a distributed database that is composed of a chain of blocks containing data and details regarding time, date, dollar value, and participants. Blockchain technology allows the data to be stored permanently in the database which is recorded for the changes in transactions to be monitored. These transactions are recorded in an account book known as Ledger which can be updated using digital currency. For instance, transactions ranging from a grocery store, to farmer, clinic etc. in a blockchain can be recorded. The first blockchain was introduced by Satoshi Nakamoto in 2008 in the form of Bitcoin (Sadiku, 2018) and according to research by McKinsey Technology Council the global GDP by 2027 can be associated with up to 10% of blockchain enabled transactions (McKinsey & Company, 2022).
The features of the blockchain include:
1- They do not need any human intervention for execution.
2- They are permanent and secure.
3- The transactions are accessible by every user.
4- Costs can be shared between its users.
5- The transactions cannot be overwritten to track the changes.
Blockchain technology, being recognized for cryptocurrency is now playing a key role in the digital transformation of business processes which is used by the organizations to compete globally (Sadiku, 2023). Following are few business processes which can be transformed digitally using blockchain technology:
Human Resources:Blockchain technology can be used to transform the recruitment process and document verification of the candidates in the domain of human resources.
Contract Transformation: : In the formation of contract that includes terms and conditions the blockchain chain technology can be used to write the contract in the form of code that will be secure and decentralized.
Marketing: In the domain of marketing blockchain can help improve customer satisfaction through data management of customer and through the analysis of customer behavior.
Supply Chain Management: The supply chain can be managed using Blockchain in which the product or service can be tracked in upstream and as well as downstream that includes tracking the transportation of raw material and finished goods between suppliers, distributors, warehouses, and customers etc.
Customer Management: The data of customers can be managed using Blockchain which can be used to engage customers and satisfy their needs.
Audits: Blockchain technology can also pull in the data from multiple resources and can create paper trials for audit
Data Verification: This technology can be used by the state to verify the data of the citizens such as passport, national identity card, criminal record etc., electronically.
Finance and Operations: The operations and finance sector can be transformed by using digital currency and electronic management of data. The finance sector is already trying to use blockchain technology to offer new services. In finance blockchain has previously been used in the form of cryptocurrency which in the digital world is gaining high credibility .
Healthcare: In healthcare systems the blockchain technology can play an important role in securing the information of the patients to minimize the theft rate. This technology can form smart contracts between the management and the patients for better controlling of the record (Sadiku, 2023).
Cybersecurity: Blockchain technology has a feature of secure data that attempts to reduce cyber-attacks allowing individuals to protect their intellectual property. Therefore, blockchain can be used along with other AI and machine learning models to create a protective digital environment for individuals (Tarasenko, 2023).
Blockchain Technology has been used in multiple industries and is continuing to transform the business processes digitally such as processes executed by the government, finance processes, human resource processes, operations, marketing, and customer support and engagement etc. This technology can help small scale organizations to automate their processes and enhance their efficiency allowing them to expand globally.
1- Sadiku, M.N,O., Chukwu, U.C., Sadiku, J.O., et al., 2023. Blockchain in Business.
2- Tarasenko, E., 2023 . “Top 9 blockchain business opportunities,”
3- Sadiku, M.N.O, Wang, Y., Cui, S., Musa, S.M., 2018. “A primer on blockchain,” International Journal of Advances in Scientific Research and Engineering
4- McKinsey & Company, 2022. What is blockchain?
