Blockchain and Distributed Ledger Technology (DLT): Investigating the use of blockchain for secure transactions, smart contracts, and fraud prevention

Abstract

Blockchain and Distributed Ledger Technology (DLT) have emerged at once to transform various industries through revolutionary innovations that secure transactions and develop smart contracts as well as detect and prevent fraud. Blockchain technology serves the purpose of this study to better secure digital transactions and render them more transparent while also achieving greater efficiency. Blockchain protects records from tampering because of its decentralized structure and unalterable properties so organizations achieve reduced risk of fraud and unauthorized changes. Smart contracts act as automated self-executing agreements which perform predefined rules to minimize transaction needs of intermediaries thus reducing operational costs The research addresses implementation barriers of blockchain adoption including the challenges related to scalability and regulatory challenges in addition to energy consumption issues. This paper presents investigative research about blockchain and DLT using case examples to show their capability for generating economic innovation while promoting digital integrity in modern digital markets