A Study on the Role of Blockchain Technology in Enhancing Data Security: Perspectives from Indian IT Companies

Abstract

This research asks, from the point of view of the point of view of the Indian IT organisation, what blockchain technology can do to secure data from a security point of view. Using secondary data from 2015 to 2020, the report assesses patterns of blockchain adoption, as perceived by Indian IT organisations, together with their challenges and benefits. In the IT industry, block chain usage has been significantly driven by the need for better data quality, transparency, and risk reduction; it went from 2.3% in 2015 to 35.2% in 2020. Although regression analysis suggested a strong connection (r = 0.9945) with time and adoption rates, the correlation analysis and hypothesis testing of the curve confirmed that blockchain adoption increases over time. Among other findings, this report has a weighted average severity score of 3.7466 and significant adoption impediments, including a shortage of qualified specialists and high implementation costs. This research contributes to the expanding knowledge body on blockchain and data security by providing insights into how an IT business can leverage blockchain as a security strategy. It also covers future research topics and suggestions on how to solve the adoption obstacles.