BLOCKCHAIN ADOPTION: CHALLENGES AND OPPORTUNITIES

Abstract

The concept of distributed ledger systems had already been in circulation when Satoshi Nakamoto introduced the inaugural blockchain, employing cryptocurrency in 2001. This pioneering move saw the initiation of the inaugural bitcoin transaction on the blockchain platform. This milestone propelled Bitcoin into the limelight for online transactions, primarily owing to its hallmark features encompassing transactional autonomy, user-friendly functionality, unambiguous transparency, and seamless global integration. Consequently, cryptocurrencies, led by Bitcoin, have experienced a meteoric surge in development and user acceptance over the past decade. Nevertheless, the foundational blockchain technology, which underpins cryptocurrencies, harbors untapped potential for catalyzing innovation and extending its sphere of influence beyond the realm of digital currencies (Hughes, Park, Kietzmann, & ArcherBrown, 2019).

A myriad of blockchain use cases have emerged, with the technology poised for unprecedented growth in diverse domains. While some of these applications remain in the theoretical realm, their practical viability is being explored across various sectors of the economy