Blockchain and the Application of Blockchain Technology

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.

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.

Blockchain Technology has gained momentum in last 10 years with advent of cryptocurrencies especially the Bitcoin. In the year 2008, Satoshi Nakamoto, the pseudonymous creator of Bitcoin conceptualized the empirical functioning of Blockchain Technology by issuing virtual currency called and United States with annual revenue of more than $500 Million for US based companies and more than $100 Million for non US based companies and it was analysed that: Research & Development in Blockchain Technology has been one of the top five priorities of 86% companies of total sample size. Not able to derive the advantages or being late in application around BlockChain 77% companies are found to be afraid of losing competitive advantage. Implementation barriers, regulatory issues and uncertainty about Return of Investment are major reasons behind companies being reluctant to invest here though aware of its benefits. There are enough evidences that global market is optimistic about Blockchain technology. In tracking high value cargo FedEx is using this technology. To reduce the contamination in supply chain IBM is providing solutions to Walmart completely providing a Private Blockchain Network. Microsoft is providing private Blockchain straits in its cloud computing software i.e. Microsoft Azure.

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.

2023

The purpose of this research was to explore specific ways in which blockchain can be used in the world of finance and business. Blockchain can be used for global inclusion in the domain of finance. It can be used to remove multiple intermediaries in businesses and also make transactions much more secure and trustworthy. Distributed ledger technology can be used in negotiating value, insurance, reducing transaction costs, contracting for future trading, and setting up new business models. The following establishes the application of blockchain in these fields to improve its existing state. Blockchain can also make central banks reconsider their system. Using smart contracts and autonomous agents transactions can be made smooth and secure for all parties involved.

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

Blockchain is a technological concept which evolves from the first cryptocurrency, Bitcoin, and disrupts constantly enlarging areas of economy. The concept of blockchain is developing, and while the future of Bitcoin remains unclear (as it is for the most elements of the economy) it is evident that the blockchain holds enormous potential for large-scale improvements. However, being a technology that could decrease significance many of today's large global corporations, institutions and power structures which have keen interest in preserving established hierarchies, its potential could well remain unexploited. This paper aims to introduce and present the concept of blockchain and its current applications in logistics and supply networks. Blockchain technology promises overpowering trust issues and allowing trustless, secure and authenticated system of logistics and supply chain information exchange in supply networks. The new implementations within supply chain are shifting from blockchain to a wider notion of distributed ledger technologies. Paper presents description and rationale behind current and possible future applications of blockchain in logistics and supply chain.

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 for Research in Applied Science & Engineering Technology (IJRASET), 2022

Blockchain is a disruptive core technology that has the potential to change the internet as we know it, forever. Transactions on blockchain are completely decentralised. Although , we can say it is its very crucial property that we need over traditional second generation web aka web2.0. In this research, we had discussed about the fundamentals, working principles, and upcoming future use cases to get a stable, privacy oriented working. We explored the top articles, most productive countries, top most education sources to do evaluation on the future use cases of blockchain in day to day life. In this paper, we will get knowledge about the top most advantages of blockchain over previous technology. Architecture of blockchain like nodes & networks are also discussed in this paper. We had discussed the core principles of decentralisation, distributed database ledgers: bill book type management to store all activities & transaction, cryptography: to protect the system from unethical activities. Cryptography derived or explains the us concepts of proof of work (POW) and proof of stake (POS). These concepts increases the trust and productivity on the blockchain. We will discuss about all types of security practices like Hashing, Private keys, Consensus: inspector of modern blockchains, architecture (nodes & network) etc. At last we will discussed the future use cases of blockchain.

of bachelor's thesis Author Laura Jutila Title of thesis The blockchain technology and its applications in the financial sector