Blockchain

Abstract

This chapter provides an exploration to the enormous potential of blockchain and its strategic benefits. The application of blockchain has the potential to revolutionize existing business models. Blockchain is a peer-to-peer model that can speed up processes resulting in robust tracking and reducing costs of transactions. It is essential for business professionals to understand the significance of the implications of this far-reaching technology on business activities. Consequently, it is imperative that business leaders comprehend aspects of the technology to be integrated in strategic initiatives. The purpose of this chapter is to inform readers about the strategic benefits of blockchain technology. The chapter explains blockchain in the context of business strategies while highlighting its applications. This chapter is structured to explain the idea of blockchain technology, expound on the importance of the technology's business applications, and illustrate how professionals can integrate this technology in business.