ChainLink: Exploring the Boundless Potential of Blockchain Technology 2023 07.06 Published by: Aisyah Ahmad Zaki Amalia Yusrina Yusri Farah Syuhada Fauzi Rachel Neong Kaning Business Continuity
CON TENT Introduction 1 Satoshi Nakamoto Blockchain in Healthcare How can blockchain used in healthcare? 3 Blockchain in Gaming Malaysia’s Gaming Industry 5 Industry Blockchain in Voting Tsukuba City, Japan 7 Systems Blockchain in Supply Malaysia’s Palm Oil 9 Chain Management
10 Take 5! Crossword Word Search . 12 Blockchain and Digital Identity MyDigital ID 14 Blockchain and Cybersecurity Malaysia involvement in blockchain and cybersecurity . How blockchain enhances cybersecurity? 16 Blockchain and Internet Of Things (IoT) 18 Blockchain in Vaccination Programs 20 Conclusion Strengths Weakness . Threats . Opportunities ..
lockchain is a game changing technology that has received a lot of attention and recognition in recent years. It is a decent decentralized and distributed ledger technology that lets many parties to securely and transparently record and verify transactions. The concept of blockchain was initially proposed in 2008 by Satoshi Nakamoto, an unidentified individual or group of persons who also created the world's first blockchainbased cryptocurrency, Bitcoin. INTRODUCTION B A blockchain, at its core, is a digital ledger that keeps a growing list of information known as blocks. These blocks are joined together using cryptographic principles to form a chain. Each block has a unique identification, a timestamp, and a list of transactions or data. Importantly, once a block is added to the chain, it becomes incredibly impossible to change or tamper with the data contained inside it, maintaining the blockchain's integrity and immutability. 1
One of the most essential features of blockchain is its decentralized nature. Instead of depending on a central authority, such as a bank or government, to confirm and authorize transactions, blockchain use a distributed network of computers known as nodes. These nodes collaborate to validate and verify transactions, reaching consensus on the blockchain's state. This decentralization eliminates the need for middlemen while also lowering transaction costs and increasing security. Transparency is another vital features of blockchain. Blockchain creates a public and auditable record of all transactions that is available to all network members. Because each participant owns a copy of the complete blockchain, no one entity has control over the data. This transparency fosters confidence among participants while also allowing for effective auditing and tracking of transactions. Greenidge Generation's bitcoin mining facility Satoshi Nakamoto 2
BLOCKCHAIN IN HEALTHCARE: TRANSFORMING PATIENT RECORDS & DATA MANAGEMENT Blockchain technology has a lot of potential in the healthcare industry due to the failure of conventional health information exchange (HIE) and personal health record (PHR)-based exchanges to deliver on their promise of a shared coalescence. Electronic Health Records (EHR), competing interests, and a variety of other factors continue to Expose the trust failure inherent in conventional health information exchange intermediations (McFarlane et al., 2- 016; Andrew et al., 2019). The pharmaceutical industry can also benefit from the technology as pharmaceutical companies can easily track the provenance of their products through the distributed ledger, overcoming the long-standing global issue of counterfeit medicine (Gupta, 2019). Therefore, the healthcare industry is currently recEiving attention from people, and there are also a lot of organisations that are starting to make an effort to apply blockchain technology in healthcare. Generally, there aren’t a lot of blockchain technology applications in Malaysia. In order to begin applying blockchain technology in healthcare in Malaysia, a lot of research is required, and Malaysia needs to be involved in a long and complicated process to begin applying blockchain technology in the healthcare industry. One of the recent blockchain applications in Malaysia is that the Malaysian and Singaporean governments have worked together to develop digital vaccination certificates for COVID-19 vaccines using blockchain technology. This allows the authorities to accurately track vaccine recipients and the exact vial that was used for each individual (Bernama, 2021). One of the making sure their original Blockchain things from the supply there is to Supply Smart supply Some blockchain players to log contract services, Manufacturers, eliminate drugs and blockchain Medical staff credential verification Blockchain technology can be used to keep experience of medical professionals. Trusted institutions and healthcare organisations can credentials of their staff, which helps ease process for healthcare companies “ Estonia is one of the world's most technologically advanced countries. Estonia's medical services data is 99% digital. It is the first country to use blockchain technology in healthcare since 2016 “ InnoHEALTH magazine 3
of the biggest problems in the healthcare industry is making sure that medical goods can be traced back to original source to show that they are real. Blockchain-based systems make it possible to track from the manufacturing point and at each step of supply chain. This lets customers know everything is to know about the goods they are buying Supply Chain Transparency To avoid the problem of data silos, which means that patients and healthcare providers only see part of a patient's medical history, a blockchain-based system for medical records was made. This system can be linked to existing electronic medical record software and acts as a single view of a patient’s record Electronic health records centered on patients HOW CAN BLOCKCHAIN BE USED IN HEALTHCARE? Smart contracts for insurance and supply chain transactions blockchain-based systems allow healthcare players to authenticate their identities as organisations, contract details, track transactions of products and services, and offer payment settlement details. Manufacturers, distributors, and healthcare groups can eliminate payment chargeback issues for prescription and other items by sharing digital contracts on a blockchain ledger. verification keep track of the Trusted medical can log the ease the hiring Blockchain cryptography makes sure that only the right people can access personal information, which is kept as a unique hash function on the blockchain. Once patient information is added to the blockchain ledger as a hash function, it can't be changed because it would require access to all copies kept IoT security for remote monitoring
BLOCKCHAIN IN GAMING INDUSTRY: ENABLING OWNERSHIP AND INTEROPERABILITY OF VIRTUAL ASSETS With the emergence of blockchain technology, the gaming industry has seen revolutionary advancements. Gaming is one area where blockchain, which was first designed for cryptocurrencies like Bitcoin, has found use. We will explore the use of blockchain in the gaming business, concentrating on how technology makes it possible to own and use virtual assets interchangeably. Gaming platforms are revolutionising how players interact with and own in-game assets by utilising the decentralised and transparent properties of blockchain, resulting in greater user autonomy and improved gaming experiences. When it comes to controlling virtual assets within games, gamers have typically been at the mercy of game publishers and creators. By introducing the idea of non-fungible tokens (NFTs), blockchain technology offers a decentralised and immutable solution to this issue, though. NFTs are special digital tokens that might signify ownership of a certain thing or value, such exclusive weaponry, skins, or digital real estate. Players now have genuine ownership and control over their virtual assets thanks to blockchain-based NFTs, irrespective of the game or platform they were purchased on. By enabling players to freely transfer, trade, or even sell their virtual assets on secondary marketplaces, this decentralised ownership system unlocks a new level of value and customization in gaming. For example, players can purchase a rare ingame item, such as a legendary sword, and then trade or sell it to other players, creating a thriving player-driven economy within the gaming ecosystem. 4
MALAYSIA’S GAMING INDUSTRY Wiliam Wong has been named the winner of the inaugural Luno Battlexie: Winter Cup 2021 by Luno, a Malaysian digital asset exchange, and Monstax Guild. The tournament is a blockchain gaming tournament featuring Axie Infinity, a popular non-fungible token (NFT) game.According to Luno Malaysia country manager Aaron Tang, the positive response to the tournament demonstrated the growing popularity of NFT games like Axie Infinity among Malaysian gamers while also demonstrating their interest in earning Wong defeated seven other finalists to win the blockchain gaming tournament, taking home the grand prize of RM13,000 in Bitcoin.Loh Vern Sern and Low Kah Seng were the first and second runners-up, winning RM6,000 and RM3,000 in Bitcoin, respectively. cryptocurrency. Tang stated that Luno, in collaboration with Monstax Guild, intends to be at the forefront of advocating for Malaysia's growing blockchain gaming community and providing them with the tools to begin their cryptocurrency journey. "We believe in the potential of P2E blockchain games and their role in establishing a new competitive esports ecosystem," he said. Shas Fung, co-founder of Monstax Guild, stated that the tournament had revealed an incredible foundation for Malaysia's competitive esports scene. The tournament, according to Fung, will continue to bring out the best in the blockchain gaming community. "With the rise of blockchain gaming, Monstax Guild aims to establish a fair community platform that empowers players with the opportunity to experience this new era of gaming," he explained. The tournament featured nearly 300 Axie players from across the country in an intense preliminary round of matches on December 18 and 19.
Blockchain in Voting Systems: Enhancing Security and Ensuring Trusts in Elections lections ensure that citizens have a voice in selecting their representatives and are the foundation of democratic society. However, security, transparency, and trust issues are frequently problems with traditional voting methods. A potential remedy for these problems and a revolutionary change in the way elections are held is blockchain technology. In this essay, the use of blockchain in voting systems is examined, with particular attention paid to how it improves security and promotes voter confidence. Voting systems can be made more reliable, transparent, and impervious to fraud by utilising the decentralised and unchangeable characteristics of blockchain. The potential to increase security is one of the main benefits of using blockchain technology in voting systems. Voter fraud, tampering, and hacking are only a few of the security risks that traditional voting procedures are vulnerable to. Blockchain-based voting systems protect the validity of the voting process by using distributed consensus processes and cryptographic algorithms. Each vote is registered on the blockchain as a transaction, which is subsequently confirmed and kept by various network nodes. Votes are guaranteed to be immutable and resistant to unauthorised adjustments thanks to the decentralised and transparent nature of blockchain technology. Additionally, voters' privacy and anonymity are safeguarded by blockchain-based voting systems that employ advanced encryption techniques, prohibiting any unauthorised access to or tampering with personal data. E Suruhanjaya Pilihan Raya Malaysia has not yet practice blockchain technology in the election, and there is not much country that has practiced it. However, a developed country such as United States, Russia, and Japan has applied blockchain in their elections since 2020. An election for the student council at Tsukuba, Ibaraki Prefecture, 6
Tsukuba City, Japan sukuba City in 2020 became the first Japanese city to implement blockchain digital voting. As part of Tsukuba's smart city initiative, LayerX, a Japanese blockchain startup, was integrated into the voting system. Tsukuba already has an electronic voting system, and LayerX's proposal met the government's criteria for electronic voting systems. sukuba has yet to use the system in government elections, but it has been used to vote on social development proposals. LayerX confirms registration by using Japan's "My Number" system. Voters can vote remotely online, and their votes are recorded in a distributed ledger. ome voters forgot their passwords when logging into the application, complicating the rollout. However, the rollout was deemed a success overall, with Mayor Tatsuo praising the ease and simplicity of voting via the application. T T S An election for the student council at Namiki Secondary School in 7
Blockchain in Supply Chain Management: Revolutionizing Transparency and Traceability upply chain management is a vital part of businesses globally but it frequently confronts hurdles such as a lack of transpare ncy and traceability issues. However, blockchain technology provides a game-changing alternative that has the potential to transform supply chain management. In this post, we will l ook at how blockchain is changing the way we manage supply chains byenabling increased transparency and traceability, which may boost efficiency and trust across sectors. Blockchain technology is a distributed and decentralised ledger that provides data immutability and security. Blockchain, through utilizing cryptography and consensus methods, provides a transparent and auditable mechanism for recording and confirming transactions. Because blockchain allows for real-time visibility of product movement, stakeholders can track and manage inventories across the supply chain. This transparency aids in the identification of bottlenecks, the reduction of de lays, and an overall improvement of operational efficiency. Blockc hain is good in building trust and authenticity. The unalterable records of blockchain provide a strong framework for authentication and verification. This feature assists in the battle against counterfeiting and fraud in the supply chain through enabling items and components to be traced back to their original source. Other than that, Blockchain also helps in streamlining supply chain operation and reducing costs. Blockchain automates documentation procedures, reducing paperwork and eliminating errors made manually. Smart contracts, which are self-executing agreements created on blockchain, improve transactions and payments through reducing the need for intermediaries and reducing expenses. S 8
Blockchain technology has the potential to significantly improve transparency and traceability in the food industry in Malaysia. Here blockchain, specifically in the context of Malaysia's food business, ca result in these advantages. . Traceability of Palm Oil: Malaysia is a significant producer of palm oil, an d blockchain can make the supply chains for palm oil products transparent and traceable. Stakeholders may guarantee the integrity and sustainability of palm oil by documenting every stage of the production process on a block chain, from the collection of palm fruits to processing and distribution. Custom ers and businesses may confirm the certifications, sustainable practises, and place of origin of items containing palm oil, lowering the possibility of false adver tising or unethical sourcing. . Halal certification is essential for guaranteeing that food products conform to Islamic dietary requirements because Malaysia has a sizable Muslim population. Blockchain can make halal certification procedures more transparent and auditable. Every stage of the certification process, including auditing, issuing, and renewal, can be documented on a blockchain, giving consumers and businesses access to an immutable record. As a result, consumers are more likely to believe that food goods are halal. . Conclusion - The food industry in Malaysia may increase transparency, traceability, and accountability by using blockchain technology. Consumers can get correct infor mation about food goods thanks to blockchain, which also supports ethi cal and sustainable practises and improves compliance with sta ndards and certifications. These developments help Mal aysia's food industry grow strong and responsibly while also fostering consumer confidence and food safety. . Malaysia’s Palm Oil
Across 2. One way that blockchain used to enhance cybersecurity 6. The organization that involved in Blockchain Secure Authentication 8. Digital tokens 9. One of the limitations of blockchain technology 10. Currency that uses blockchain technology Down 1. Problem in gaming industry 3. A network of interconnected physical devices 4. Blockchain-based voting system encourage ___________ in the results elections 5. One of blockchain technology applications in Malaysia is Covid-19 ______________ certificate 7. Blockchain provides data ______ 1 2 3 4 5 6 8 9 7 10 Take 5! Crossword 10 2. auditing 6. telekom Malaysia 8. nfts 9. expensive 10.crypto 1. duplication 3. IoT 4. trust 5. vaccination 7. security
SMART CONTRACTS CRYPTOCURRENCY COSTLY FRAUD RECORDS SUPPLY CHAIN DATA ENCRYPTION HEALTHCARE TRACEABILITY GAMING SCALABILITY COMPLEXITY EFFICIENCY CYBERSECURITY IMMUTABLE Word Search 11
Identity is essential to a functioning society and economy. Having a proper way to identify ourselves and our possessions allows us to build thriving societies and global markets. At its most basic, identity is a set of claims about a person, place, or thing. For people, this typically consists of first and last name, date of birth, nationality, and some form of a national identifier such as a passport number, social security number (SSN), driving licence number, and so on. These data points are issued by centralised entities (governments) and are stored in centralised databases (central government servers). Physical forms of identification are not widely available to all humans for a variety of reasons. Approximately 1.1 billion people worldwide lack the ability to claim ownership of their identity. Oneseventh of the world's population is vulnerable, unable to vote, own property, open a bank account, or find work. The inability to obtain identification documents jeopardises a person's access to the financial system, limiting their freedom.Citizens who have official forms of identification continue to lack complete ownership and control over their identities. They have a disjointed online identification experience and unkn Blockchain and Digital Identity: Securing Personal Data in a Connected World MIMOS is Malaysia's national applied research and development (R&D) centre dedicated to developing technology solutions that help the government and industry deliver better value. 12
owingly lose the value generated by their data. Companies that hold their data are frequently hacked, necessitating a lifetime of fraud mitigation for the end-user. There is little to no recourse if a social security number is issued and then lost. MyDigital ID is a national identity management and transaction signing platform that was created to address the shortcomings of its current implementation.Insecure communication channels and the storage of user credentials are two examples. MyDigital ID users are assured of trusted digital certificate issuance, secure digital certificate key protection in mobile devices, trusted authentication for online services, and non-repudiation of online transactions. MYDIGITAL ID MyDigital ID will provide users, particularly Malaysian citizens, with a high-assurance MyKad instrument, as well as an equally high-assurance authenticator applicable to the broadest possible range of use-case scenarios, including routine web and mobile application transactions, as well as Internet of Things (IoT) and blockchain applicability. It is also used for secure authentication with online service providers or for signing online transactions. 13
Blockchain and Cybersecurity: Safeguarding Data and Preventing Cyberthreats Blockchain technology has the potential to disrupt many economic sectors. Blockchain can enhance digital data protection and privacy, both of which are vulnerable to cyberattacks. Individuals, organisations, and governments must prioritise cybersecurity as cyberattacks become more frequent, sophisticated, and expensive. Data breaches threaten the identities, reputations, and finances of millions of individuals. Malaysia has experienced an increase in the frequency and severity of cybersecurity threats, including ransomware attacks, cyber espionage attempts, data breaches, and cyber scams, over the past year. Cyber Security Malaysia (CSM) recorded 4,741 cases of cyber threats in 2022, and 456 cases of fraud as of February 2023. TM One, the enterprise and public sector business solutions arm of Telekom Malaysia Berhad (TM), and PT VADS Indonesia, a wholly owned subsidiary of TM One, recently signed a business agreement with FNS Value Co., Limited (FNSV) from Korea to make PT VADS the sole distributor of the Blockchain Secure Authentication (BSA) solution for the Indonesian market. The signing ceremony took place online, and the papers were signed with TM One Digital Signature Solution (TMODS). It is a certified online signing tool that follows the Malaysian Communications and Multimedia Commission (MCMC) Digital Signature Act of 1997. This makes the document legally binding and recognised by Malaysian courts. MALAYSIA INVOLVEMENT IN BLOCKCHAIN AND CYBERSECURITY 14
TMOne subsidiary PT VADS will now offer advanced managed security services to Indonesian consumers through this partnership. They think BSA solves digital transaction security problems. By utilising BSA, consumers will no longer be required to recall their passwords in order to conduct transactions on any device. Additionally, it resolves additional cybersecurity issues, such as credential assaults and hijackings. At present, biometrics in the majority of mobile applications are limited to simple functions, such as checking account balances, and cannot be used for transaction approval. This will facilitate the expansion of digital lifestyles and enterprises. Immutable and Transparent: Blockchain technology keeps a record of all activities that can't be changed or removed and is open to everyone. This can make data safer and make it harder for hackers to change it. Decentralization: Blockchain technology is decentralised, which means that there is no single point of failure or controlling authority. This can make it harder for cybercriminals to hit successfully because there is no single point of weakness. Data Encryption: Blockchain technology employs complex encryption methods to safeguard data, making it more difficult for cybercriminals to access sensitive information. Smart Contracts: Contracts that are saved on the blockchain and can run on their own are called "smart contracts." These contracts can be set up to run instantly if certain conditions are met. This reduces the chance of human error and fraud. How Blockchain Enhances Cybersecurity? 15
The Internet of Things (IoT) is a network of interconnected physical devices, vehicles, appliances, and other items that are integrated with sensors, software, and network connectivity to gather and share data. Simply said, it is the idea of linking common items to the internet and allowing them to speak and interact with one another and with humans. IoT has acquired substantial attention and momentum in recent years as a result of technological breakthroughs such as seBlockchain and Internet of Things (IoT): Enabling Secure and Efficient Device Communication sensor miniaturization, wireless connectivity, and cloud computing. These have enabled the connection of a large variety of devices and the collection of important data from them, resulting in countless potential and applications across a wide range of sectors. The concept of IoT is to enable devices to gather and exchange data to make educated decisions, automate processes, and improve productivity. Objects that are equipped with sensors may monitor their surroundings, measure factors such as temperature, humidity, or location, and transfer this data to centralized systems for analysis and action. The amount of data processed by IoT devices is massive, all supplied in a chain and vulnerable to cybercriminal operations. Thus, the opportunity to use the blockchain architecture to verify, standardize, and safeguard the adoption of data held by devices arises. 16
In Malaysia, supply chain management, particularly in the agriculture sector, is one area where blockchain and IoT are being used. Malaysia is well-known for producing palm oil, and the use of blockchain and IoT can help with a number of issues with regard to traceability, sustainability, and fair trade. Each step of the supply chain for palm oil can be recorded in a transparent, unchangeable ledger that can be provided by blockchain technology. IoT devices can be linked into the supply chain to gather real-time data on elements like temperature, humidity, location, and handling conditions. These devi ces include sensors and GPS track ers de, transportation information, and processing facilities. This promotes transparency and lowers the possibility of fraud by enabling customers and stakeholders to confirm the origin and provenance of palm oil. Sustainability: Malaysia has been working to make its palm oil sector more sustainable. IoT devices can gather information about sustainable practises, like tracking water use, soil quality, and the application of pesticides and fertilisers. Stakeholders may track and confirm sustainable practises at each stage of the supply chain by using this data. . Traceability: To track and record si gnificant information throughout the supply chain trip, IoT sensors can be added to palm oil crates or containers. The blockchain can b e used to store this information, whi ch includes information about the sour ce of palm oil, the farm where it was ma Fair Trade and Payments: By ensuring secure and transparent transactions, blockchain can support fair trade practises. Payments to farmers can be automatically processed by smart contracts on the blockchain depending on established criteria, such as quality, quantity, and fair price. This makes it easier to cut out middlemen and shorten payment lag times, ensuring that farmers get paid on time and fairly. In conclusion, transparency, sustainability, and accountability in Malaysia's palm oil supply chain can all be enhanced by implementing blockchain and IoT. By guaranteeing product authenticity, supporting fair trade, and encouraging sustainable practices throughout the supply chain, it helps consumers, busi nesses, and the environment. For I oT security, the blockchain can m onitor the information acquired b y sensors without enabling it to be replicated by any incorrect data. Sens ors may also use Blockchain technology to communicate data without the requirement for a trusted third party. In terms of Internet of Things (IoT), Blockchain technology stands out because to its ability to address scalability, reliability, and privacy concerns. It enables device coordination, as well as tracking and processing transactions for millions of linked devices. This is a decentralized technique in which cryptographic algorithms are used to ensure the privacy of consumer data. It is a method that eliminates flaws and provides a robust environment. 17
Blockchain in Vaccination Programs: Advancing Trust and Accountability Blockchain technology has the potential to significantly ad vance trust and authenticity in vaccination programs. By leve raging the characteristics of blockchain, such as immutab ility, transparency, and decentralization, we can addres s several challenges related to trust and authenticity in vaccination processes. Blockchain can enhance transparency and traceability in the vaccine sup ply chain. Each step of the supply chain, from manufacturing to distribution, can be recorde d on the blockchain, creating an immutable and transparent ledger of all transactions. This ensures that vaccines are not tamper ed with or counterfeited, and it enables ea sy verification of the vaccine’s authentici ty and origin. Blockchain can provide a decentralized platform for tracking the d istribution of vaccines. With smart contr acts, vaccination programs can automa te and enforce distribution rules, ensuri ng that vaccines are allocated based o n predefined criteria (e.g., priority group s). This reduces the risk of fraud, manip ulation, or unauthorized access to vaccin es, as the distribution process becomes more transparent and accountable. Blockc hain-based digital identity systems can sec urely store vaccination records. Each individ ual's vaccination history can be recorded on t he blockchain, allowing easy access and verify cation of their immunization status. This can be particularly useful for cross-border travel, where pr oof of vaccination may be required. Blockchain ensu res that vaccination records are tamper-proof and cann ot be falsified, enhancing trust in the authenticity of the in formation. 18
The Covid-19 vaccination certificate in MySejahtera cannot be forged because it uses blockchain technology, which prevents it from being copied or duplicated.Datuk Seri Dr Adham Baba, Minister of Science, Technology, and Innovation, stated that the operator of the immune sation programme who had the authority to update MySejahtera had abused their powers. "Th e ministry developed the Vaccine Management System under the Covid-19 National Immunisation Programme using blockchain technology, which makes it im possible to copy or replicate unless the operator abused the issuanc e of digital (vaccination) certificates," he explained. He made the remarks today at an event to launch E-Scroll, a Blockchain pla tform for International Islamic University graduates. Dr. A dham was asked to comment on the arrest of a 51-ye ar-old doctor at a private clinic in Marang, Terengga nu, for allegedly selling fake Covid-19 vaccination certificates. Police also seized more than 100 va ccination appointment cards, several docume nts, a laptop, and a mobile phone from the clinic during the raid on Saturday. Accordin g to preliminary investigation, those who wanted the fake vaccination certificate w ould have to pay between RM400 and RM600 each. An initial investigation als o revealed that 1,900 people, including those living outside Terengganu, had s ought vaccination at the private clinic since September of last year. Dr. Adha m stated that the ministry would wor k with the police to expedite the inve stigation into the case, which is punis hable unde Section 420 of the Penal Code for cheating. "We will leave the I nvestigation to the police." The investig ation into the case, according to the min istry, will also reveal issues concerning int egrity. "However, we will wait for the polic e to complete their inve . stigation," he said. . 19
CONCLUSION lockchain technology has emerged as a powerful and transformative force, offering numerous strengths, weaknesses, threats, and opportunities across various sectors. Strengths One of the key strengths of blockchain lies in its decentralized and transparent nature. Data is recorded and validated by several participants thanks to distributed ledger technology, boosting security, openness, and trust across a variety of applications. Blockchain records' immutability adds another degree of security, protecting them from fraud and tampering. Peer-to-peer transactions and the possibility of disinterring mediation can open B up new possibilities for efficiency and cost reductions. Weaknesses Despite its advantages, blockchain technology has several drawbacks. As blockchain networks struggle to effectively manage enormous transaction volumes, scalability is still an issue. Another issue that needs to be addressed is the energy usage connected to some blockchain networks. Furthermore, the difficulty of using blockchain technology and the requirement for technical knowledge may prevent widespread adoption. 20
In conclusion, the decentralization, transparency, and immutability of blockchain technology are major advantages. However, there are issues with complexity, energy use, and scalability. Addressing security concerns and navigating the shifting regulatory environment are crucial. Despite these obstacles, there are many chances for blockchain to change sectors and open the door to new applications. Blockchain technology has the potential to develop further and pave the way for a future that is more decentralized, open, and effective by utilizing its advantages, fixing its weaknesses, and limiting its risks. blockchain offers enormous opportunity in numerous industries. It has enormous potential to revolutionize sectors like finance, supply chain management, healthcare, and voting systems. Greater transparency, efficiency, and trust may be achieved in various areas thanks to blockchain-based solutions, which will revolutionize current procedures. Furthermore, the emergence of nonfungible tokens (NFTs), smart contracts, and decentralized finance (DeFi) creates new opportunities for innovation and wealth creation. Threats Threats to blockchain technology should also be acknowledged. The potential for security flaws and attacks, such as 51% attacks or smart contract exploitation, is a significant danger. Furthermore, the regulatory environment for blockchain is still developing, and unclear or unfavorable legislation may limit its development. The obstacles that need to be carefully handled include those posed by intellectual property rights and privacy issues. Opportunities Despite the difficulties and dangers, Cryptocurrency is not recognised as legal tender in India, meaning that it is not a legal medium of payment in India. 21