Security aspects of blockchain technology intended for industrial applications

Abstract

Blockchain technology plays a significant role in the industrial development. Many industries can potentially benefit from the innovations blockchain decentralization technology and privacy protocols offer with regard to securing, data access, auditing and managing transactions within digital platforms. Blockchain is based on distributed and secure decentralized protocols in which there is no single authority, and no single point of control; the data blocks are generated, added, and validated by the nodes of the network themselves. This article provides insights into the current developments within blockchain technology and explores its ability to revolutionize the multiple industrial application areas such as supply chain industry, Internet of Things (IoT), healthcare, governance, finance and manufacturing. It investigates and provides insights into the security issues and threats related to the blockchain implementations by assessing the research through a systematic literature review. This article proposes possible solutions in detail for enhancing the security of the blockchain for industrial applications along with significant directions for future explorations. The study further suggests how in recent years the adoption of blockchain technology by multiple industrial sectors has gained momentum while in the finance sector it is touching new heights day by day.