Journal of Statistics Applications & Probability

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Purpose: Currency transactions between companies or people are often controlled and characterized by third- party organizations. To make any such transaction or set up any digital payment transaction, a credit card company or bank acts as a middleman who helps to complete the transaction. The service provider charges a fee for this. Such transaction systems tend to be centralized, as the information involved in the process is managed and controlled by a third party, not the transacting parties. Blockchain technology innovates upon the transaction mechanism because it helps decentralize the environment by eliminating the third party in the transaction process. This study focuses on the trend shift characterized by the adoption of blockchain technology and the revolution it brought to different sectors. Methodology: A systematic literature review was used in this study. A systematic literature review (SLR) identifies, selects, and critically appraises research in order to answer a clearly formulated question. Findings: Blockchain technology results in the decentralization of the transaction system by securing the transaction mechanism. It has also impacted the healthcare, aviation, and e-commerce sectors heavily. Systematic reviews clarify what blockchain offers as a supportive technological environment in four areas: creating the industrial ecosystem, technology usable for business, constructing the system, and regulatory concerns. Originality: This study determined blockchain has the potential to improve processes and policies in different sectors. Additionally, data were collected via systematic review through case-based analysis for each sector.

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