Blockchain Technology: A Literature Review

2018

Objective: To review the literature on the current state of blockchain. Method: A review of academic papers obtained from academic databases, a white paper, a federal report, a memorandum opinion and information from industry sources were used to have (I) an overall sense of the current state of the blockchain technology, (II) potential uses in government and (III), current examples or potential uses of the technology. Findings: Most sources say the technology has a groundbreaking nature, having potential in multiples areas government and the private sector. The accounting potential still looks unresolved but accountings firms like Deloitte have interest in the technology. The technology can reduce cost in multiple areas of the private sector and government, increase transparency and security thanks to an advanced security mechanism. There are technical challenges still to resolve. The law lag must be minimized to keep up with the technology and its implementations. Conclusion: The government and the private sector must approach a fail fast and frequently development process with this technology on small scale projects to better understand it and implement it properly. More academic research is needed and there is a lot of space for it since it’s a technology still in an early development stage.

PloS one, 2016

Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in 2008. The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical challenges and limitations. In this research, we have conducted a systematic mapping study with the goal of collecting all relevant research on Blockchain technology. Our objective is to understand the current research topics, challenges and future directions regarding Blockchain technology from the technical perspective. We have extracted 41 primary papers from scientific databases. The results show that focus in over 80% of the papers is on Bitcoin system and less than 20% deals with other Blo...

Innovative Computing Review, 2022

Blockchain technology is used to maintain the ever-growing list of data records. Blockchain can be an authentic ledger which includes applications such as fund transfers, settling trades voting, and several other useful components. However, there are still many underlying challenges associated with blockchain technology. Blockchain (database) is older but a new approach in information technology whose first implementation is Bitcoin (crypto currency). Bitcoin has also used Blockchain technology at its back end to keep a permanent record (chains of block) of all the data. Bitcoin is the primary appliance that formed decentralized surroundings designed for Crypto money, wherever the participant is capable of acquiring and substituting production with Digital cash. Therefore, a confirmed contract could involve crypto cash, contracts, report, or other information. The current study aims to describe a comprehensive synopsis of the blockchain concept which could also be used in many other applications. The most essential material goods of blockchain are made with the aim that there is no essential overseer or any centralized information storage space routine. Hence, Blockchain transactions occur only in peer to peer network which is distributed among several nodes. Therefore, Blockchain expertise could be an innovative implementation of possible applications, in favor of an organization that enables a safe and sound connection exclusive of the necessitated essential power. The current study proposed and analyzed the possible function of blockchains within a structure throughout a case examination. In addition to do a systematic literature analysis Blockchain technology is expected to bring developments in diverse fields, such as politics, economy, culture, industry, and business models. Therefore, the scholarly research discovered the variety of drivers designed for blockchain accomplishment while highlighting the barriers and risk inborn within the chunk string (Blockchain).

ACM SIGMIS Database: the DATABASE for Advances in Information Systems, 2021

Distributed ledger technology, frequently designated as "blockchain," is evolving from its hype phase toward greater maturity and long-term value creation. Although many academic communities were initially slow to grasp the technology's numerous potential implications, meanwhile a substantial amount of research is dedicated to investigating the development and impact of blockchain and related technologies. As undertaken, most research projects take a specific homogenous perspective, such as a technical or business viewpoint. To date, blockchain research studies are largely missing a bridge between and across academic disciplines. Given the manifold implications of blockchain technology, a fruitful crossdisciplinary exchange is therefore needed. In this paper, we bring together researchers with varying expertise to provide a vision into what may be next in terms of concepts, applications, and research agendas. We consider business, economic, societal, legal, technical, and philosophical viewpoints and propose multiple research questions as well as hypotheses arising from these diverse viewpoints. Simultaneously, we challenge various academic communities to tackle some of the most crucial issues of current blockchain research and to develop a solid foundation for future exploration.

2019

Blockchain as technology promises to be a hugely disruptive and empowering technology both in public and private finance applications. As a method to order transactions in a distributed ledger, blockchains offer a record of consensus with a cryptographic audit trail that can be maintained and validated by multiple nodes. It lets contracting parties dynamically track assets and agreements using a common protocol, thus streamlining and even completely collapsing many in-house and thirdparty verification processes. Block chain originally conceived as the basis of cryptocurrencies, aspects of blockchain technology have far-reaching potential in finance. Although it promises a secure distributed framework to facilitate sharing, exchanging, and the integration of information across all users and third parties, it is important for stakeholders to analyze it in depth for its suitability in business applications. There is a wide spectrum of blockchain applications ranging from cryptocurrency, financial services, risk management among others, however there is no comprehensive survey on the blockchain as disruptive technology in finance and its application, To fill this gap, we conduct a comprehensive survey on the blockchain technology, its challenges, advances in managing these challenges and the future of block chain technology in the financial industry.

Financial Risk and Management Reviews, 2021

Blockchain technology was first introduced as Bitcoin's underlying technology which is one type of distributed ledger that consists of replicated, shared, and synchronized data over the Internet. This study extends prior studies on blockchain. A fundamental framework for a blockchain research classification was proposed by analyzing 230 articles related to the study of blockchain published in Asia and around the world from 2016 to 2020. The study applies a comprehensive meta-analysis based on findings, literature sources, research objectives, research methods, and context. The objective of the study is to summarize the current blockchain research, its constraints, and future trends. Meta-analysis is characterized by the process of theory construction. It is a powerful tool to analyze the literature in a descriptive form which will guide for further study. Research shows that the study at home is more decentralized, non-systematic, and has failed to gain a certain research depth-Moreover, it lacks quantitative analysis. Future research will focus on digital currency, Internet financing, and the risk of blockchain technology research. Contribution/Originality: This study contributes to the existing literature by examining the previous studies in the period of 2016-20 which help us to comprehend the scope of study on blockchain.

International Journal of Advances in Computer Science and Technology , 2024

Blockchain and cryptocurrencies have emerged as revolutionary technologies that have garnered substantial interest in the past few years. A blockchain functions as a distributed and transparent ledger, facilitating secure transactions without the requirement of intermediaries. Digital assets like Bitcoin and Ethereum are examples of cryptocurrencies, leveraging blockchain technology to enable secure and unrestricted transactions. These innovations have the potential to revolutionize industries such as finance, supply chain management, and healthcare. However, challenges such as regulatory concerns and scalability issues must be addressed for their widespread adoption. Overall, blockchain and cryptocurrencies offer new opportunities for innovation and financial inclusion.

International Journal for Research in Applied Science & Engineering Technology (IJRASET), 2021

Blockchain is a technology that has the potential to cause big changes in our corporate environment and will have a significant influence over the next few decades. It has the potential to alter our perception of business operations and revolutionise our economy. Blockchain is a decentralised and distributed ledger system that, since it cannot be tampered with or faked, attempts to assure transparency, data security, and integrity. Only a few studies have looked at the usage of Blockchain Technology in other contexts or sectors, with the majority of current Blockchain Technology research focusing on its use for cryptocurrencies like Bitcoin. Blockchain technology is more than simply bitcoin; it may be used in government, finance and banking, accounting, and business process managementAs a result, the goal of this study is to examine and investigate the advantages and drawbacks of Blockchain Technology for current and future applications. As a consequence, a large number of published studies were thoroughly assessed and analysed based on their contributions to the Blockchain body of knowledge.

SSRN Electronic Journal, 2021

To identify how blockchain technology affects current and future research, we carried out a bibliometric overview of the journal articles written on the blockchain. We aimed to answer some of the questions to visualize the trend of the publications regarding the advancement of blockchain utilization in fields relating to finance, economics, and social science. We used the Scopus database for the literature research, which resulted in 506 papers by 1278 authors from 79 countries. Our study showed that from 2008 till 2021, publishing about blockchain was more significant in conference papers than articles by a factor of 2. Our study also showed the importance of citation regarding published academic articles, the link to the number of publications, the authors, the universities, the affiliated organizations, and the countries of the publications. The use of authoring and citation analysis give valuable insights. On the topic of blockchain, we identified Financial Innovation as the most impactful journal on the topic, the National Natural Science Foundation of China as the leading funding sponsor on blockchain research, the USA as the highest publication production country, and Hong Kong as the highest country in the average citation per document produced. We finally identified the 20 most cited articles on the blockchain topics. Unlike other brief bibliometric studies, our study's investigation and findings could become a first stage of learning for those interested in carrying out a bibliometric study. In addition, our study could become the starting point for any future research on any blockchain projects.

2019

Blockchain technology has gained tremendous popularity both in practice and academia. The goal of this article is to develop a coherent overview of the state of the art in blockchain technology, using a systematic(i.e.,protocol-based, replicable), multivocal (i.e., featuring both white and grey literature alike) literature review, to (1) define blockchain technology (2) elaborate on its architecture options and (3) trade-offs, as well as understanding (4) the current applications and challenges, as evident from the state of the art. We derive a systematic definition of blockchain technology, based on a formal concept analysis. Further on, we flesh out an overview of blockchain technology elaborated by means of Grounded-Theory.

IEEE Access, 2019

Blockchain as emerging technology is revolutionizing several industries, and its abundant privileges have opened up a bunch of research directions in various industries; thereby, it has acquired many interests from the research community. The rapid evolution of blockchain research papers in recent years has resulted in a need to conduct research studies that investigate a detailed analysis of the current body of knowledge in this field. To address this need, a few review papers have been published to report the latest accomplishments and challenges of blockchain technology from different perspectives. Nonetheless, there has not been any bibliometric analysis of the state of the art in blockchain where Web of Science (WoS) has been taken into consideration as a literature database. Hence, a thorough analysis of the current body of knowledge in blockchain research through a bibliometric study would be needed. In this paper, we performed a bibliometric analysis of all Blockchain's conference papers, articles, and review papers that have been indexed by WoS from 2013 to 2018. We have analyzed those collected papers against five research questions. The results revealed some valuable insights, including yearly publications and citations trends, hottest research areas, top-ten influential papers, favorite publication venues, and most supportive funding bodies. The findings of this paper offer several implications that can be used as a guideline by both fresh and experienced researchers to establish a baseline before initiating a blockchain research project in the future. INDEX TERMS Blockchain, bibliometric study, Web of Science. I. INTRODUCTION Since the innovation of Bitcoin, a digital cryptocurrency, in 2008 [1], Blockchain technology has positioned itself in the focal point of interest among a diverse range of researchers and practitioners. Blockchain is a decentralized ledger that stores all transactions that have been made on top of a peer-topeer network in a secure, verifiable and transparent way. The main advantage of Blockchain over the existing technologies is that it enables the two parties to make transactions over the Internet securely without interference of any intermediary party. The omission of the third party can reduce the processing cost while improving the security and efficiency of transactions. Due to the considerable amount of benefits that Blockchain can bring in every industry, its significance level has been compared to the role of the Internet in the early 1990s [2]. Blockchain is revolutionizing various industries, ranging from finance [3]-[5], Internet of Things (IoT) [6]-[11], The associate editor coordinating the review of this manuscript and approving it for publication was Maurizio Tucci.

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.

2022

With inside the twenty first centurydue to striking highlights and productive qualitiesthe Blockchain beinga leading technology. Blockchain gives a new talented dispensed era to deal with the demanding situations of statisticsstandardization, machine interoperability, safety, confidentiality, and an approachability of clinical records.Over last couple of years, the hype and concentration around blockchain expertisehave steadily amplified under various working fields. With covering the brief introof blockchain technology this paper presents the key application, hitches and the recent research of this technology.

International Journal of Computer Applications, 2017

Blockchain is being termed as the fifth disruptive innovation in computing. In simplest words, it is a distributed ledger of records that is immutable and verifiable. Since its advent in 2008, blockchain as a concept has been used in various ways. The largest impact or application is seen as a multitude of cryptocurrencies that have sprung up. However, with time, it has become clear that blockchain as a technology is likely to have an impact much wider than just the cryptocurrency domain and much deeper than simple distributed ledger storage. This detailed survey intends to bring together all the key developments so far in terms of putting blockchain to practice. While the most common adoption of blockchain is in finance and banking domain, there are experiments being conducted by many big players in various other domains. This paper will explore the various domains where blockchain has had an impact and where future implementations may be expected.

2024

Blockchain technology represents a groundbreaking innovation in data management and security. By utilizing decentralized, transparent, and immutable ledgers, it eliminates the need for intermediaries and enhances trust across various sectors. This paper explores the scope, current and future applications, its transformative impact on financial systems and information security, participation pathways, and its technical underpinnings. Additionally, the document discusses its application in cryptocurrencies like Bitcoin and emerging domains, offering a comprehensive guide to understanding and leveraging blockchain technology.