Customer Centric Blockchain Phenomenon in Global Perspective

Abstract

Purpose: Blockchain is anticipated to be a technology having a potential to lead into a next technology revolution, with new paradigms of doing business in various industries. The purpose of the present research is to discuss the evolution and analyze the blockchain in a global perspective and further to find out its potential benefits for customers in a wide variety of areas ranging from financial sector, healthcare, supply chain management, e-commerce, and retail to energy sector etc.

Design/Methodology/Approach: The study is primarily based on secondary data collected from various sources. The study has focused on the areas where blockchain technology is primarily being used. For each area, target customers are identified and the impact of the technology in particular areas is assessed for them.

Findings: Findings of the study reveals that blockchain stands to revolutionize the customer’s experience significantly by offering greater transparency, reduced costs, privacy and security etc.

Originality/Value: Blockchain being the recently emerging technology has the huge potential to transform the way various industries and businesses perform their various functions. This technology is considered to be a vital point for the decentralization of the infrastructure and to strengthen the trust issues. The present study focuses on the blockchain terminology in context of customers and analyzes it in a global perspective and also highlights its associated challenges and opportunities.

Paper Type: Theme Based Paper