THE ADOPTION OF BLOCK CHAIN IN BUSINESS I.T. INFRASTRUCTURE: POTENTIAL AND BARRIERS

  ABSTRACT: This paper explores the adoption of Blockchain technology in business IT infrastructure. It focuses on transformative potential in addressing critical challenges such as data security, transparency in operations and transaction efficiency. This is because businesses store, share, and manage data that rely heavily on digital and traditional IT. Increased risk of infrastructure abuse and inefficiency Blockchain with its decentralized and tamper-proof ledger offers a revolutionary way to reduce these risks while improving operational efficiency. Blockchain’s immutable and decentralized architecture provides unparalleled protection against cyber threats and data tampering. A survey by IBM (2022) found that businesses using Blockchain saw a 30% reduction in Cybersecurity breaches in the first year of adoption, further demonstrating the value of Blockchain in preventingfraud in financial sector With JPMorgan’s Blockchain-based payments system reducing fraud, attempts increased 20% in three years, a significant boost, it has the potential to increase transparency in multi-stakeholder environments. For example, Walmart’s Blockchain-based supply chain reduced the time needed to track food products from six days to just two seconds. According to a Deloitte (2023) case study, this capability not only improves accountability; but it also builds trust between stakeholders, with transportation being a key factor in industries such as finance and healthcare, growing interest in Blockchain among businesses. This is evident from global investment trends. According to IDC (2023), global spending on Blockchain solutions will reach $17.6 billion by 2023, up 40% from last year. In the U.S., Blockchain spending accounted for 37% of the global total, with industries like finance, logistics, and energy leading the charge.