The Blockchain Technology

International Journal of Hyperconnectivity and the Internet of Things, 2017

This article describes how Blockchain is a technology that has a great potential to change the way business is done in the future, exactly like the internet did in the early nineties. Blockchain offers new opportunities to develop new types of digital services to overcome business problems, and improve business practices by making transaction information a public resource. While research on the topic is still emerging, it has mostly focused on crypto-currencies instead of taking advantage of this novel concept to create new advanced services. This article discusses blockchain and the technology behind it, some of its possible applications, as well as threats targeting the new poorly understood technology.

American Journal of Management

Blockchain is the Technology which allows assets to be transferred from one party to another simultaneously and without needing a third party, guaranteeing utmost security. In addition, it is a multiple global ledgers, shared by all people around the world, which enables them to do all kinds of transactions (Sutardja Center for Entrepreneurship & Technology Technical Report, 2015) in real time and without falling prey to fraud or manipulation. Besides, it is the biggest data bases, accessible to all people (BigchainDB, 2016) and containing verified assets which can be safely exchanged. Blockchain will have a huge effect on deferent levels, it will change the way all people adopt to deal through decades and threat traditional intermediary parties, on the other side it faces many obstacles stumbling blocks to be fully operated in different fields. This paper try to address the mechanism of blockchain technology, and how it works in simple words, then determine the possible applications of blockchain, and how to make best use of this technology, and finally the threats and challenges of blockchain. WHY BLOCKCHAIN IS A REVOLUTION? The blockchain system was first used in 2008 as the main platform for Bitcoin's virtual currency. Thanks to Blockchain, this cryptocurrency has won users' trust, so far at least. It is a common misconception that Bitcoin and Blockchain are one and the same; the truth is that the latter can be regarded as the backbone of the former, which distinguishes it from other digital currency systems (KAYE Scholar, 2018). It is worth mentioning that the Blockchain system can be used in many other applications. Traditional transactions and asset transfer usually involve mediators. These can be banks, necessary for money transfer, a ministry entitled to register transactions, a real estate publicity department to verify ownership, a real estate broker, etc. These intermediary entities are usually paid for their services. Blockchain provides an alternative where files are transferred, stored and managed with no need for such mediators. To be more accurate, the real mediator in this case would be millions of computers connected to the chain. The transaction moves from one computer to another in an encrypted form that guarantees safety, rules out the possibility of manipulation, forgery or fraud and secures registration priority rights. This poses a threat to millions of people around the world who would be more than likely to lose their jobs because of this system.

RCD, 2018

Since 2009, blockchain has served as a potentially transformative record technology that is expected to be as revolutionary as the Internet. Originally developed as a methodology for registering cryptocurrency transactions, Blockchain's functionality has evolved into a large number of applications, such as banking, financial markets, accounting, supply chains, voting systems and government services. This document aims to explain blockchain technology while providing an initial discussion on how this innovation could allow a real-time, verifiable and transparent business ecosystem. In addition, blockchain has the potential to create digital companies through intelligent contracts that allow automation and democratization of decision making. Clasificación JEL: O33

Blockchain, which was once the foundation of cryptocurrencies, has developed into a flexible as well as decentralized platform that is changing the way that digital transactions are conducted across various industries. The significant effects of blockchain technology on identity management, supply chain management, healthcare, and finance are examined in this essay. The decentralized ledger, smart contracts, and cryptographic security of the technology improve openness, expedite processes, and lower fraud. Blockchain transforms international trade alongside promotes decentralized finance in the financial sector. It guarantees endto-end transparency and accountability in supply chain management. Verifiable digital identities enhance identity management's safety, while secure patient data sharing and streamlined procedures benefit healthcare. Blockchain is a catalyst for a safer and more efficient digital future because of its diverse applications and fundamental components, which together have the capacity to revolutionize the industry.

Blockchain, the technology behind most cryptocurrencies that exist today, offers a paradigm shifting technology that has the potential to transform the way that we record and verify events on the Internet. By offering a decentralized, immutable, community verified record of transactions, regardless of what these transactions represent, blockchain technology promises to transform many industries. In this paper, we provide a survey of this very important technology and discuss its possible use-cases and its effect on society. The purpose of this paper is to familiarize the reader with the current state-of-the-art in the blockchain world both in terms of technology and social impact.

International Journal of Advanced Trends in Computer Science and Engineering, 2019

Many existing business processes can be more effective and efficient with blockchain technology to save time, reduce risk and save money. Blockchain is a digital ledger where each block is linked to another block in a time stamped and every block has numbers of transaction with meta data like index, previous Hash and hash of that block. These hash make this digital ledger to an immutable public record of digital transactions. Every new transaction is validated by the other nodes across the distributed network before it is stored in a block. All transaction information once stored on the ledger is verifiable and auditable but not editable. With blockchains, business can establish what they are and then trade items like money, votes, deeds, intellectual property, stocks and bonds, loyalty points, and anything else that has value. One of the biggest divisions in blockchain technology is permissioned versus permissionless blockchains. Permissioned Blockchain is especially useful for the business that have to comply with regulations and wants to complete control of their data. Hyperledger works in this direction that has the aim of improving cross-industry permissioned blockchain technologies. In this paper we explained the some parameter for selecting platform of blockchain for business applications with some use cases and business people can also use Blockchain-as-a-service to deploy their own blockchain app easily that's managed and administered by cloud-based service providers.

Gabema Academy, 2023

This study investigates the potential for blockchain technology to revolutionise the processing of digital transactions by bringing about improvements in safety, transparency, and confidence. The use of blockchain technology results in the creation of a decentralised architecture that does away with the need for opaque third-party middlemen. Blockchain technology enables peer-to-peer transactions to take place with an unparalleled level of security assurances. These guarantees are made possible through cryptographic signature, distributed consensus, immutable ledgers, and other technological aspects. This article presents an overview of blockchain technology and discusses the ways in which its characteristics, such as decentralisation, transparency, and immutability, enhance security in comparison to more conventional systems. Following that, it investigates a variety of applications spanning banking, contracts, supply chains, voting, identification, and other domains that potentially gain higher transaction integrity with the use of blockchain technology. Despite this, blockchain is still a relatively new technology that faces obstacles in the form of scalability, interoperability, legislation, and other concerns that have yet to be resolved. If these challenges can be surmounted, blockchain technology has a tremendous potential to revolutionise the way transactions are conducted in the digital economy by enhancing its efficacy, transparency, auditability, and trustworthiness. However, careful investigation and development are still required in order to incorporate blockchain designs in a way that is complementary to preexisting systems. In general, the blockchain technology sets the groundwork for establishing extremely resilient, decentralised, and secure digital transaction processing.

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.

International Journal of Trend in Scientific Research and Development, 2018

There is prevalent conformity that the technology has powerful potential to herald a new age of efficiency in the financial service industry. Blockchain is undeniably one of the most talked-about technologies in the present financial service industry. Blockchain has the potential to provide extraordinary transaction security through cryptography that avoids costly mainframes, data centers and other intermediaries for online financial transactions. Banks and other financial service organizations have already experimenting with cryptocurrency and Blockchain technology. It is expected that Blockchain have major impact, especially on financial services industry due to its ability to reduce transaction costs. Financial services firms have also entered the blockchain space as investors, with corporate venture capitalists becoming the most active investors in bitcoin and blockchain technology. With this article I have made an attempt to present the concept of Blockchain technology and its essentials, impact of Blockchain technology on the financial services sector.

In: Balas V., Jain L., Balas M., Shahbazova S. (eds) Soft Computing Applications. SOFA 2018. Advances in Intelligent Systems and Computing, vol 1221. Springer, Cham., 2018

Blockchain is an emergent technology with very rapid evolution that seems to radically reshape industry, economy and society [2]. It seems that blockchain technology triggers the beginning of the second era of digital economy. First era of digital economy is the result of the convergence of computing and communications technologies, meanwhile its second era tends to be a combination of computer science, mathematics, cryptography and behavioral economics [10]. It started back in 2008 when it was introduced for the bone structure of cryptocurrencies by a person or a group of people known for the name Satoshi Nakamoto. This paper aims to be an overview of what Blockchain currently involves, also it discusses its potential applications in different industries and its implications for society and economy in the context of next generation of internet.