ENHANCING DIGITAL TRANSACTIONS WITH BLOCKCHAIN TECHNOLOGY: DESCRIPTIVE-ANALYTICAL STUDY

Abstract

Background: The emergence of Blockchain technology has led to profound transformations in digital transactions, offering a secure and transparent ledger for recording and processing transactions. This innovation holds promise for enhancing security, efficiency, and costeffectiveness across various sectors, including healthcare, education, finance, and real estate. Methods: This descriptive-analytical study explores the potential of Blockchain technology to revolutionise digital transactions. It employs a comprehensive review of existing literature and case studies to analyse the impact and applications of Blockchain across different domains. Results and conclusions: This research underscores the multifaceted benefits of Blockchain technology in streamlining processes, reducing transaction times, minimising fraud, and lowering costs across diverse industries. Blockchain emerges as a pioneering technology, functioning as the largest decentralised open database and facilitating transparent and secure data management. The technology, categorised into public, private, and hybrid types, comprises fundamental elements such as blocks, consensus mechanisms, cryptographic hash functions, and timestamps. With its core functions of transmission, storage, and automation, Blockchain disrupts conventional processes. Smart contracts, supported by external intermediaries like Oracle Programs, access data from external systems, enhancing their functionality and applicability. Moreover, Blockchain enables a departure from routine practices, ensuring robust monitoring of manufacturing processes, evaluating product quality, and verifying compliance with standards prior to market release.