Insights into Industrial Efficiency: An Empirical Study of Blockchain Technology

Abstract

Blockchain technology is expected to have a radical impact on most industries by boosting security, transparency, and efficiency. This work considers the potential benefits of blockchain-focused applications in industrial process monitoring. The research design facilitates a detailed bibliometric analysis and delivers insights into the intellectual structure of blockchain technology’s application in industry via scientometric approaches. The work also approaches numerous sources in various industrial sectors to identify the transformative role of blockchain in industrial processes. Aspects such as blockchain technology’s impact on industrial processes’ transparency are discussed, while the paper does not ignore that success stories in applying blockchain to industrial sectors are often exaggerated due to a highly competitive environment that the cryptocurrency domain has become. Finally, the work presents major research avenues and decision-making areas that should be tackled to maximize the disruptive potential of blockchain and create a secure, transparent, and inclusive future.