Blockchain Technology Application: Challenges, Limitations and Issues
Authors: Neil Efren Villanueva
Abstract
This paper presents the review of the challenges, limitations and issues of the Blockchain technology in various industries and applications. Blockchain technology is an emerging technology. It was initially introduced as an application used for crypto currency named Bitcon. Its properties are immutability, running on Peer-To-Peer Network and the most important feature is decentralization. A thorough literature review was done through searching in reputable journal databases like Web of Science and Scopus from year 2015 to 2020. Selected keywords has been used in searching for the appropriate and right papers. Based on the result, the common challenges of this technology were the privacy, security, protocols, laws and regulations, scalability, latency, throughput and energy consumption as applied to the healthcare systems, financial institutions, smart contract, Internet of Things (IoT) and governance. By defining these challenges, future Blockchain technologist and developers can improve the whole technology.