Demystifying Blockchain: A Critical Analysis of Application Characteristics in Different Domains

Abstract

Different vertical domains have gained popularity in integrating Blockchain technology with their existing applications, because of its numerous benefits like immutable, transparency, privacy, persistence, and security. Blockchain technology is used in various circumstances, allows the applications to achieve higher security, improved traceability, and transparency. This paper reviewed most of the applications related to the different domains and the number of criteria met by each application in each domain requirement. This paper examines the advantages, disadvantages, and limitations of implementing the Blockchain in various applications in different domains. Furthermore, this paper describes the prerequisites for deploying Blockchain across multiple application fields.