Role of entrepreneurs in driving blockchain in the fourth industrial revolution
1 Sanctus Maris Concepts Ltd.
2 Independent Researcher, Clarksville, Tennesse, USA.
3 Independent Researcher, Abuja, Nigeria.
4 Independent Researcher, Lagos, Nigeria.
Review
Open Access Research Journal of Multidisciplinary Studies, 2023, 06(02), 100–113.
Article DOI: 10.53022/oarjms.2023.6.2.0052
Publication history:
Received on 13 October 2023; revised on 20 December 2023; accepted on 23 December 2023
Abstract:
The Fourth Industrial Revolution (4IR) is characterized by the integration of advanced technologies, such as artificial intelligence, IoT, and blockchain, transforming various sectors globally. This paper explores the crucial role of entrepreneurs in driving the adoption and innovation of blockchain technology within the context of 4IR. Entrepreneurs serve as key catalysts for change, leveraging blockchain's decentralized nature to enhance transparency, security, and efficiency across industries. The potential of blockchain extends beyond cryptocurrency; it offers innovative solutions in supply chain management, healthcare, finance, and governance. Entrepreneurs are at the forefront of developing blockchain applications that address pressing challenges, such as fraud, data security, and operational inefficiencies. By creating decentralized applications (dApps) and smart contracts, they facilitate trust and accountability, fostering a collaborative economy that is essential in the digital age. However, the successful implementation of blockchain technology faces several challenges, including regulatory uncertainties, scalability issues, and a lack of public understanding. Entrepreneurs play a pivotal role in navigating these challenges by advocating for supportive policies, educating stakeholders, and driving research and development. Their ability to identify market needs and develop tailored blockchain solutions positions them as key players in the evolution of industries during 4IR. Furthermore, this paper discusses case studies highlighting successful entrepreneurial ventures that have effectively utilized blockchain technology to disrupt traditional business models and create new market opportunities. These examples illustrate the transformative impact of entrepreneurial innovation on enhancing operational efficiency and driving sustainable business practices. In conclusion, entrepreneurs are essential in harnessing blockchain technology's potential, enabling organizations to thrive in the dynamic landscape of 4IR. Their innovative approaches not only drive technological advancement but also contribute to creating a more inclusive and transparent economy. The findings emphasize the need for continued support and collaboration between entrepreneurs, governments, and industry stakeholders to fully realize blockchain's benefits in the 4IR context.
Keywords:
Entrepreneurship; Blockchain; Fourth Industrial Revolution; Innovation; Decentralization; Technology Adoption
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0