ABSTRACT:
This paper reviews the usefulness of the blockchain technology in the modern society as well as to look at possible means of mitigating the risks of illegal use and unwholesome practices through the regulators and government's policies with regards to industry 4.0. The benefits and challenges suggest the need for government to regulate the blockchain technology to reduce adoption risks by deriving an adoption framework that is consumer based and providing guidelines for service providers. Literature review was used to dig out important facts to support the need to normalize blockchain activities. Based on the reviewed Literature, the need for regulation of blockchain was obvious because there are inherent risks in the adoption and implementation of blockchain so far. The societal and industrial concerns require protection. The regulation and standardization of blockchain are now necessary and apt to reduce some unwanted wholesome practices of individuals by developing policies to guard customers and service providers.
Keywords:
Blockchain, Industry 4.0, Regulation, Government, Disruptive, Technology password mechanisms, shoulder surfing attack, electronic payment.
