A Study of Impact of Digital Technology and Use of Blockchain Technology from the Consumer Point of View

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This chapter explores the impact of blockchain technology on consumers, delving beyond its association with cryptocurrencies. Blockchain, a distributed ledger shared across a computer network, securely stores digital data. While cryptocurrencies like Bitcoin popularized blockchain as a secure platform for transaction records, its potential extends far wider. Businesses and investors are recognizing blockchain's disruptive potential in various sectors, including finance, governance, smart contracts, the Internet of Things, and the sharing economy. However, for many consumers, blockchain remains synonymous with cryptocurrencies. These digital currencies are often seen as a subset of alternative currencies and, more specifically, digital currencies. Consulting firms predict that by 2025, blockchain will become a significant technological platform. Though research on blockchain is ongoing, with a focus in engineering and finance, few studies consider the consumer perspective. Neglecting this perspective creates an incomplete picture of such a revolutionary technology. After all, consumers are the lifeblood of the economy, making their experience crucial in understanding any business innovation.