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Research Article | Open Access
Volume 13 2021 | None
LEVERAGING BLOCKCHAIN FOR ENHANCED GOODS TRADE
KHANIYA THAZEEN, GUNTI ANUSHA, Dr.N.SRINIVAS
Pages: 1264-1267
Abstract
This research study looks at how blockchain technology can be used to facilitate product exchanges. There is a significant deal of curiosity in the potential influence of blockchain technology, a decentralized and secure system of record-keeping, on the operation of trade. This study investigates the key obstacles faced by businesses when attempting to utilize blockchain technology for goods trading and suggests practical solutions. Case studies and stakeholder conversations are essential components of the research process across many fields. These empirical findings highlight the benefits and drawbacks of trading products using blockchain technology. The information supplied is useful to organizations considering the use of this technology. This article delves into the potential applications of blockchain technology, including smart contracts, monitoring systems, and supply chain transparency. The findings suggest that blockchain technology can enhance the security, dependability, and efficiency of goods transactions. This might expedite transactions and prevent fraud, improving the entire customer experience. Furthermore, the paper covers the obstacles of scalability, interoperability, and legal conformance, and offers quick answers to these complicated problems. It illustrates the importance of coordination between IT companies, governments, and enterprises in achieving widespread adoption of blockchain technology for product transfers. This study gives in-depth insights into the practical applications of blockchain technology in the field of goods trading. This knowledge may be highly valuable for firms who want to leverage blockchain technology to improve their operations, making them safer, more transparent, and more efficient.
Keywords
Blockchain, Goods trade ,Supply chain, Distributed ledger.
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