Chapter 5: Exploring Blockchain's Potential for Business Transformation in the Healthcare and Construction Industry

The crucial technological innovation of cryptocurrencies, blockchain, or distributed ledger technology (DLT) is a recent and pragmatic innovation that may eventually have an enormous effect on different types of business organizations. Additionally, it is a paradigm shift movement – one of the breakthroughs crucial to corporate management (Pal et al., 2021). The proliferation of Bitcoin, an electronic money system that eliminated the need for centralized financial intermediaries and enabled online transactions between two parties, may be traced back to a white paper written by Nakamoto (2008) and Squarepants (2008). A ledger that Nakamoto first described as ‘a chain of blocks’ and later termed ‘blockchain’ was also built to build Bitcoin (Bai et al., 2019; The Economist, 2015). The creation and dissemination of BT were indispensable to the 2009 cryptocurrency revolution that resulted in the rise of Bitcoin, the first digital money in history to exist without the need for or validation of reliable authority (Kosba et al., 2016). Blockchain is an immutable, decentralized database that makes it easier to monitor assets and log transactions in a business network (Ghosh et al., 2023).