Blockchain technology: principles, applications, and challenges

International Journal of Computer Trends and Technology, 2019

Blockchain is the most amazing technology for upcoming inflictions in computing. It is a decentralized, digitized, creative and innovative invention of the present world by an individual or a group work under the pseudonym, Satoshi Nakamoto in 2008. Distributed ledger of records is immutable and verifiable in Blockchain that's why it is impossible to manipulate any data in existing blocks. Although the most common assumption of blockchain is cryptocurrency, there are explorations in different other sectors. This paper analysis the scope of reviewing the blockchain technology which will introduce the latest research field of its applications. However, it will also highlight the opportunities as well as the challenges in front of the recent technology which is developing our digital world.

International Journal of Innovative Computing

Blockchain, Bitcoin's core technology, and spinal cord have received enthusiastic attention since the last couple of decades. The Blockchain serves as a paradigm for distributed and unchangeable computations for bitcoins and cryptocurrencies. The key features behind this technology are to create a reliable, secure, transparent, decentralized, and reliable autonomous ecosystem. It is useful for a variety of applications, especially for legacy devices, resources, and infrastructure. In this article, we presented a technical overview, its application, and the challenges associated with blockchain technology and cryptocurrencies. This study aims to provide a ground-breaking overview and future research direction and promising importance of Blockchain.

An Analysis of Blockchain Technology A Security and Privacy Perspective, 2022

A distributed ledger technology that took over the world in recent days is Blockchain technology. It is simply a list that grows continuously holding the records of the transactions and data records securely in the form of blocks. It is also referred to as technology similar to linked lists where blocks are interlinked to each other [20]. A header block and the body block are the two main components of each block in the blockchain [41]. Usually, the header block holds the information about the management information of the block and the chain. The nodes of the blockchain communicate directly with each other through a peer-to-peer network. Every node consists of its digital signature [30] to validate the transactions. Blockchain technology brings the features like transparency, decentralisation, anonymity, and audibility. These features have gained the interest of both researchers and industries. Nowadays blockchains are extensively used in the fields of finance, medicine, agriculture, transportation, and Internet of Things [25] [38]. But we need to consider the security and privacy-related challenges in order to effectively use this new technology. Today most of the researches are going on the security and the privacy issues of the blockchain. The researches mainly focus on two concepts, analyzing the attacks which have been suffered by the blockchain recently and proposing some of the countermeasures against the type of attack. However, there are very little researches that provide an in-depth analysis of these issues The focus of this chapter is on examining current trends in blockchain security and privacy problems. The chapter is laid out in a fairly orderly fashion. The first portion of the chapter covers the fundamentals of blockchain technology, including the various types of blockchains, blockchain architecture, and consensus methods. The most recent and likely cyberattacks and issues on blockchains are described in the next section. The solutions section lists some of the legitimate current countermeasures to the attacks presented. Finally, the article highlights the unresolved concerns that will need to be handled effectively in the future.

International Journal of Scientific Research in Computer Science, Engineering and Information Technology, 2020

Blockchain is considered to be a disruptive core technology. Although many researchers have realized the importance of blockchain, but the research of it is still emerging. It is the record-keeping technology behind bitcoin and is one of the hottest and fastest growing skills in the IT sector today. It serves as an immutable ledger which allows transactions to take place in a decentralized man Blockchain-based applications are rising up, covering numerous fields including finance, healthcare, product management, Internet of Things (IoT), and many more. However, there are still some challenges of blockchain technology such as scalability and security problems which need to be overcome. This paper comprises of a comprehensive study of Blockchain technology. We have included here a deep dive into how blockchains work, its architecture, consensus and various applications. Furthermore, technical challenges are briefly listed.

Blockchain is an emerging technology that has the potential to significantly enhance the safety of transactions across a variety of transaction networks, including banking, supply chain, and others. By the year 2030, it is anticipated that Blockchain technology will have contributed $3.1 trillion in new company value. It serves as the foundation for a dynamic distributed ledger, which is something that can be used to cut down on the amount of time spent documenting transactions between parties, eliminate the expenses that are associated with intermediaries, and lower the danger of fraud and tampering. This book's objective is to provide a comprehensive examination of the many ways in which blockchain technology might be adapted to, and used for practical business applications. Blockchain technology is gaining traction in all industries that do high-volume transactions daily. This book covers all there is to know about blockchain technology and may be used by computer science postgraduate students, researchers, and practitioners at both the fundamental and intermediate levels. It demonstrates the quick progress that has been accomplished in the current business model by employing the principles of blockchain technology. This book examines both the theoretical underpinnings of Blockchain technology as well as its practical implementations. Readers will get an understanding of the iv trust model, distributed ledger, and decentralized peer-topeer network that are characteristics of Blockchain technology. They will also get familiar with the fundamental elements of Blockchain technology, including transactions, blocks, block headers, and chains; Blockchain's operations, including hashing, verification, validation, and consensus models; Blockchain's underlying algorithms; and the fundamentals of trust, including hard forks and soft forks. The principles of Smart Contracts, Proof of Work, and Proof of Stack will also be presented, along with the introduction of public and private Blockchain networks that are analogous to Bitcoin and Ethereum. v PREFACE This book, which is titled "Advanced Applications of Blockchain Technology", discusses not only the technical applications of Block chain but also its fundamental components. Hash functions, cryptography, and consensus are the components that make up these building blocks. The only purpose of this book is to provide a thorough introduction to both the theoretical and practical elements of blockchain technology. This book includes all that one needs to know to have a complete comprehension of blockchain technology. Following the completion of this book, readers will be able to build an in-depth grasp of the inner workings of blockchain technology and will also be able to create apps that use blockchain technology. This book covers all there is to know about blockchain technology, including cryptography, cryptocurrencies, Bitcoin, Ethereum, and a variety of additional platforms and technologies that are utilized for the construction of blockchains. For readers to get the most out of this book, it is highly suggested that they have some prior experience with basic programming and a fundamental grasp of computer science. Nevertheless, even if such is not the case, it is still possible to read this book without much difficulty since pertinent background data is presented whenever it is essential. vi TABLE OF CONTENT

International Journal of Computer Sciences and Engineering, 2018

Blockchain is one of the latest trends in Information Technology domain. It has changed a way of thinking for IT professional. Companies are focusing on implementation of blockchain with their services to ensure security and reliability. Still they are facing challenges and issues for development and implementation of blockchain based services. This paper discusses those issues and challenges to be considered in development and implementation.

2021

It is only a matter of time before technology emerges to open up a whole new world of opportunities. For example, the invention of the Internet was a development like this that changed the world in almost every theory. Blockchain technology is also one of the emerging technological advances that is expected to change the way transactions are conducted, thus affecting a wide range of potential applications. Blockchain is a distributed software network that works both as a digital logger and a method that allows secure transfer of assets without a mediator. Just as the Internet is a technology that facilitates the flow of digital information, blockchain is a technology that facilitates the digital exchange of digital value. Anything from coins to land titles to votes can be token, stored, and exchanged via a blockchain network.

The Eastasouth Journal of Information System and Computer Science, 2024

Blockchain has toured the technological world as a revolutionary platform powering safe and secured storing of information across many sectors including digital currency and supply systems. This paper discusses the potential of this technology and the essential role it plays in the management of data integrity and security in distributed systems. It starts with a brief discussion of the key concepts of blockchain namely decentralization, the ledger is not controlled by the parties to the transaction or by any third party, immutability of records on the blockchain, the records on a blockchain cannot be tampered with once they have been put on the blockchain, and transparency, everybody can see the record but cannot influence it. The paper then looks at how these principles improve data security and data integrity as compared to centralized approach. Besides, it also looks at some of the drawbacks and possible limitations of blockchain about data consistency and protection again also giving scenarios that support its efficiency.

International Journal of Engineering Research & Advanced Technology (IJERAT), 2022

The increasing need for organizations to keep a high level of synchronization around the world and the coming of new advancements are pushing increasingly more to move decision-making and operational power from the focus of associations to their edges. The blockchain could be the critical innovation to roll out this improvement conceivable. A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. Blockchain is pleased with the fact that it provides high satisfaction and a trust bond to its users. Data immutability, decentralization, anonymity, auditability, and transparency are the main features that make blockchain an attractive technology. This paper presents a study of blockchain technology to provide a comprehensive analysis that includes types, architecture, components, characteristics, and applications of blockchain.

International Journal of Research , 2019

Threats to data ethics are consequently paramount relevance, as tampering with data can maliciously affect crucial business decisions. This issue is especially true in cloud computing surroundings , where data owners can't get a handle on fundamental info elements, such as the physical storage of data as well as also the control of its own Travels. Blockchain has just emerged as a fascinating technology which, among others, provides persuasive qualities about data integrity. Using the blockchain to manage data integrity threats is apparently a natural choice, however, its existing limitations of non throughput, higher latency, and weak stability interfere with the practical feasibility of virtually any blockchain-based solutions. At their basic levelthey empower a network of users to record trades in a shared ledger within that community, for example under normal operation of this blockchain system no trade may be changed once released. This record provides a high level technical overview of blockchain technology. The purpose is to help readers comprehend just how blockchain technology works.