Exploring the Role of Blockchain Technology in Enhancing Transparency: A Systematic Review
Atta Yaw Agyeman *
D Jarvis College of Computing and Digital Media, DePaul University, Chicago, USA.
Samuel Gbli Tetteh
D Jarvis College of Computing and Digital Media, DePaul University, Chicago, USA.
Sofo Mohammed-Nurudeen
Department of Computer and Electrical Engineering, University of Energy and Natural Resources, Sunyani, Ghana.
Lois Azupwah
University Clinic, University of Energy and Natural Resources, Sunyani, Ghana.
*Author to whom correspondence should be addressed.
Abstract
Today, as digitalisation and the service economy gain prominence, the integrity of information and data has become crucial across all sectors. As a digitalised public ledger, blockchain has significant potential to enhance transparency and trust both within and across organisational boundaries. The primary objective of this essay is to bridge the gap between the theoretical understanding of blockchain and its practical application for further development and research of the technology. It also explores why it took many years for blockchain to emerge as a prominent topic and discusses the actual usability of this technology. Understanding the subject and research questions will facilitate comprehension of the discussion and the key findings of the systematic review. The main aim is to search for and analyse articles and information regarding how blockchain technology can improve transparency and trust within organisations and the associated benefits and challenges. Three research questions guide the search for relevant literature to deepen understanding and provide a comprehensive overview of the current state of the technology: “What is blockchain technology and how does it work?”, “How can blockchain be employed to achieve transparency?” and “What are the benefits and challenges of utilising blockchain technology for transparency and trust?”. Presently, the most pertinent question related to contemporary society concerns how blockchain technology can be harnessed to provide transparency. Although blockchain technology is currently in its introductory phase, it is expected to grow exponentially in the future. As the private information of individuals or organisations can be stored in the distributed network of blockchain, data security challenges are more pronounced in this context. Achieving a higher degree of transparency is an effective strategy for fostering public awareness and trust, especially in today’s data-driven society. Consequently, the significance of transparency at all levels is underscored, whether for an individual seeking transaction security and legitimacy or a governmental organisation striving for greater trust and reliability.
Keywords: Blockchain technology, transparency, data-driven society, practical application, decentralization, database, digital transaction, data integrity