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Blockchain Technology

the previous transaction. Also, information is stored across a network of computers

rather than on a single server, making it complex for hackers to compromise the

transaction data.

10.2.3.3  Better Efficiency and Speed

Blockchain greatly assists in streamlining and automating the trading processes, and

thus, the transactions can be completed quickly and more proficiently.

10.2.3.4  Cost Effective

Reducing cost is a priority for businesses, and since Blockchain removes the need

for any third parties or middlemen to make guarantees in a trade, it proves more cost

effective.

10.3  LITERATURE SURVEY

Decision making forms an important basis for businesses. The significance of deci­

sion making and its use have been demonstrated by (Sharma et  al., 2009, 2012​;

Purohit & Sharma, 2015; Sharma & Khandait, 2016; Sharma & Khandait, 2017).

Distributed ledger technology has made strategic decision making more challenging

than ever. Blockchain has also made major contributions to decision making. In his

article of 21 August 2018, Braiman (2018) has discussed in detail how Blockchain

could transform decision making. Tapus and Manolache (2019) have integrated deci­

sion making using the Blockchain. Blockchain technology has been applied and

implemented successfully by different authors in varied areas such as the Internet

of Things (IoT), health, business and food chain supply, data management, integrity

verification, etc. Reyna et al. (2018) investigated challenges in Blockchain IoT imple­

mentation and surveyed the most applicable work so as to examine how Blockchain

can possibly make a better IoT. Huh et al. (2017) built a Blockchain-based IoT sys­

tem that can regulate and organize IoT units on the Ethereum platform. Agbo et al.

(2019) presented a systematic review to illustrate how Blockchain technology can be

successfully utilized in healthcare. The review shows that a number of studies have

proposed different use cases for the application of blockchain in healthcare; however,

there is a lack of adequate prototype implementations and studies to characterize

the effectiveness of these proposed use cases. . McGhin et al. (2019) discussed the

research challenges and prospects involved in Blockchain in healthcare applications

and also explored various research agendas, such as in the domain of patient identity

validation in an emergency situation. Research remains to be done on a real-world

patient dataset so as to verify its outcomes and act accordingly. Keogh et al. (2020)

presented a systematic review on the possibilities and challenges of Blockchain

and GS1 standards in the food supply chain and observed that the amalgamation of

GS1 and Blockchain technology would provide a rational structure for a business-

based method for transforming the food supply chain and would also improve the

food traceability system. Rogerson and Parry (2020) investigated using case stud­

ies and found that Blockchain has moved on from cryptocurrencies and is being