A Survey of Blockchain Applicability, Challenges, and Key Threats

Abstract

With its decentralized, immutable, and consensus-based validation features, blockchain technology has grown from early financial applications to a variety of different sectors. This paper aims to outline various applications of the blockchain, and systematically identify general challenges and key threats regarding its adoption. The challenges are organized into even broader groups, to allow a clear overview and identification of interconnected issues. Potential solutions are introduced into the discussion, addressing their possible ways of mitigating these challenges and their forward-looking effects in fostering the adoption of blockchain technology. The paper also highlights some potential directions for future research that may overcome these challenges to unlock further applications. More generally, the article attempts to describe the potential transformational implications of blockchain technology, through the manner in which it may contribute to the advancement of a diversity of industries.