Blockchain Innovation: Enhancing Security and Clarity in Digital Exchanges

Blockchain Innovation: Enhancing Security and Clarity in Digital Exchanges

Ms. Ashmita Patel1, Ms. Bhavisha Shah2, Dr. Parag Sanghani3

1ERP Coordinator, Department of Administrative, P P Savani University, kosamba

2Assistant Professor, Department of Computer Engineering/ Information Technology, P P Savani University

3Vice Chansellor, P P Savani University

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Abstract - Blockchain technology, which was originally intended for cryptocurrency transactions, has grown into a transformative tool for improving security and transparency in a variety of industries. This research paper examines blockchain mechanisms such as decentralisation, cryptographic security, and consensus algorithms, emphasising their importance in ensuring data integrity and transparency. The broad impact of blockchain is demonstrated through applications in financial services, supply chain management, healthcare, digital identity verification, real estate, and public services. Despite challenges such as scalability, regulatory issues, and energy consumption, blockchain offers significant benefits in terms of fraud prevention, cost savings, and efficiency. Future possibilities include combining blockchain with emerging technologies such as AI and IoT, central bank digital currencies, and more energy-efficient consensus mechanisms. This study emphasises blockchain's crucial role in improving digital exchanges and its potential to revolutionise them.

Key Words:  Blockchain technology, security, transparency, digital transactions, decentralization, cryptographic security, smart contracts