An Empirical Study on Blockchain Technology- Enabled Systems in Commodity Markets

Abstract

The significance of blockchain technology and its applications in commodity markets have been gaining not only recognition but also popularity over the past few years. One of the main reasons behind the acceptance of blockchain technology in commodity markets is efficiency. The concept of centralization has been radically transformed because of blockchain technology. Decentralization, tamperproof nature, transparency, peer-to-peer (p2p) exchange, amongst others are some of the characteristics of blockchain technology that help in tackling issues faced by commodity markets. This study aims to present an empirical study of commodity market-based systems that enable the use of blockchain technology in various business processes.