Blockchain technology, expected to be the next transforming force following the internet, has gradually evolved from its origins in cryptocurrency. It has become a framework for operational efficiencies and innovative business models across diverse industries. Blockchain technology’s diverse value propositions fuel this transition. This includes immutability, decentralization, and transparency, which are skilled in revolutionizing transaction procedures and data management by eliminating the need for intermediaries. This has resulted in a new paradigm of business practices. Analyzing over 30 scholarly articles, this paper explores the factors that drive and block the adoption of blockchain technology in modern industries. This study also reviews the influence this tech has on industries and its sector-specific dynamics. The findings of this study are that blockchain shows substantial potential to generate operational efficiency benefits; however, its long-term success depends on overcoming legal, regulatory, and technical barriers while guaranteeing interoperable and scalable solutions. Through a literature review, this study highlighted the need for multi-stakeholder collaboration and continued research to fully harness blockchain’s capabilities for decentralization and innovation in today’s industries. This research provides substantial insights into developing a conducive environment for housing blockchain technology in modern industries.
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