With its advancement in cryptography and resistant to the modifications, blockchain is considered as the most demanded technology these days. Moreover, increasing bitcoin popularity has also provided numerous opportunities for blockchain technology in the financial sector. The researchers are trying to analyze more of blockchain’s advantages and its application impact on different areas.
Transparency and capability to optimize the ecosystem resources in digital format are found to be the main advantage of the blockchain process. Start-up companies are trying to employ the blockchain technology to enhance their business transactions, even though the business is not related to finance and cryptocurrencies. Especially in the logistics sector, employing blockchain technology can achieve effective intercommunication amongst numerous parties such as manufacturers, suppliers, and auditors—which allows customers to track their order in real time.
Apart from advantages, the generic design challenges that are associated during the development and validation stage of blockchain technology are in terms of integration and authentication. In companies, the entire system is categorized into different subunits and assigned with specific tasks to complete a project efficiently. The individual unit comprises of different data formats and models for data storage, which leads to unit isolation from the central system. It is observed as a critical challenge in the IT sector. To overcome these challenges, the blockchain technology should be periodically restructured as per the design strategies, and organizations should provide complete details about their business operations carried in the blockchain.
In certain cases, business sectors are trying to integrate blockchain technology in their existing IT ecosystem to address the problems related to technology lag. This approach allows companies to take advantage of the latest technology along with the existing information in the local database. During this transmission, there may be chances of the existence of bugs with the blocks exchange, and the same can be eliminated through data mapping technology.
The solutions captured through hybrid IT integration framework allow companies to transfer data efficiently and eliminate the disruption at the integration level. Furthermore, by integrating the blockchain technology in logistics will enable users to enjoy the latest and secure technology along with cutting down cost and enhancing supply chain transparency. Meanwhile, the successful utilization of blockchain technology in companies will provide insights into effective implementation strategies, which can change the future perspective of an organization.