An Overview of Blockchain Technology, Focusing on the Characteristics of the Blockchain Process

Abstract

The objective of this literature overview is to examine the importance of blockchain technology in business and administrative applications. It analyzes the progress of blockchain technology applications, comparing articles from the fields of business, management, and accounting mainly from 2019 to 2023. The review identifies common conceptual phrases used by many authors to highlight the fundamental characteristics of blockchain processes. These include the permanent transfer of resources, data integrity, immutable duration, and elimination of third-party control. The use of smart contracts in blockchain processes drives business innovation. This can reduce asymmetric information, increase transparency, enhance the ability to enter into reliable contracts and minimize transaction costs, all of which contribute to higher levels of competition. Presenting findings resulting from knowledge of the technology can help companies and organizations make informed decisions about whether to adopt or reject blockchain applications. Thisstudy reveals the idea that the transparency of blockchain could form the basis for new innovative business models and explores the potential of blockchain technology’s transparency to develop novel business models.