Blockchain applications - Usage in different domains

Abstract

Originally conceived as a mechanism to enable a trustless cryptocurrency - Bitcoin, blockchain has since unbound itself from its original purpose as an increasing number of industries and stakeholders' eye the technology as an attractive alternative to solve existing business solutions as well as disrupt mature industries. This paper presents a systematic literature review of the blockchain technology, tracking its increase in popularity in relation to similar technologies, such as cryptocurrencies and Bitcoin. The objective of this paper is to identify the current standing of the blockchain technology within the literature while also identifying the major fields of study and areas of application for which blockchain offers a valuable solution. This paper finds that unique features to the blockchain, such as privacy, security, anonymity, decentralization, and immutability, provide valuable benefits to various fields and subjects. This paper also finds that exploring the application of blockchain has only begun with some limited studies in areas, such as the Internet of Things, energy, finance, healthcare, and government, that also stand to benefit disproportionately from its implementation.