Blockchain end user adoption and societal challenges: Exploring privacy, rights, and security dimensions

Abstract

The focus of this review article is on the societal problems and end user acceptance of blockchain technology. The paper begins by outlining the importance of blockchain in modernizing trust and data management systems and highlighting its rapid spread across numerous industries. In‐depth analysis of the adoption‐influencing aspects is done, which also lists the advantages and typical end‐user problems. It examines the privacy implications, restrictions on pseudonymity, and function of technologies that improve privacy, such as zero‐knowledge proofs, while also exploring the legal and regulatory environment around blockchain, putting a focus on digital identity, intellectual property, and data ownership. It also evaluates blockchain security features, such as flaws and risks associated with smart contracts, discusses best practices for boosting security, discusses the societal effects of blockchain, and makes suggestions for legislators, companies, and scholars. The use of blockchain technology and its effects on privacy, rights, and security are discussed in real‐world case studies as well.