Blockchain Technology: Transforming Systems for the Future

Iconic Research And Engineering Journals, 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 third-party 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.

Future Internet

The real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate digital money, but they have not been successful due to security and trust issues. However, blockchain needs no central authority, and its operations are controlled by the people who use it. Furthermore, it cannot be altered or forged, resulting in massive market hype and demand. Blockchain has moved past cryptocurrency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology’s desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. We first conduct a thorough analysis of b...

Future Internet

Blockchain is a new technology, often referred to as the Internet of Value. As with all new technologies, there is no consensus on its potential value, with some people claiming that it will bring more disruptive changes than the Internet and others contesting the extent of its importance. Despite predictions that the future is perilous, there is evidence that blockchain is a remarkable, new technology that will change the way transactions are made, based on its ability to guarantee trust among unknown actors, assure the immutability of records, while also making intermediaries obsolete. The importance of blockchain can be confirmed by the interest in digital currencies, the great number of published blockchain papers, as well as MDPI’s journal Future Internet which exclusively publishes blockchain articles, including this special issue covering present and future blockchain challenges. This paper is a survey of the fast growing field of blockchain, discussing its advantages and pos...

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.

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 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.

MANAS Journal of Engineering

Blockchain technology, which includes cryptocurrencies such as Bitcoin, Ethereum,…etc [1,2] which has been evaluated as an investment tool by many people all over the world in recent years, needs to be examined in details, both mathematically and conceptually [8,9]. In fact, it can be said that blockchain technology, which is characterized as an accounting system and database based on distributed ledgers in its most basic form, is extremely secure in terms of copying data or attacking. For this reason, we can say that technology has a more effective security mechanism than any central state-of-the-art authoritative system used today. However, as it is almost impossible to bring all of the security, speed and cost parameters to their full extend in a system at the same time, as in any cryptosystem, the security parameter from the distributed ledger structure in blockchain technology adversely affects the speed and cost parameters. In this article, we discuss the cryptographic working...

California State University, San Bernardino, 2021

Blockchain technology has become an active area of research and a technological option for many businesses and industrial communities. With its distributed, decentralized, and trustless nature, blockchain can provide businesses with new opportunities and benefits through increased efficiency, reduced costs, enhanced integrity and transparency, better security, and improved traceability. Although blockchain's largest applications have been in the finance and banking sector, we now see experiments and proposed applications in different fields. This paper provides an overview of blockchain technology; it brings together all the key design features, characteristics, and benefits of blockchain that make it a superior and unique technology, and it presents the popular consensus protocols and taxonomy of blockchain systems. Additionally, the paper surveys blockchain-based applications across multiple domains such as in finance, insurance, supply chain management, energy, advertising and media, real estate and healthcare. It aims at examining the industries' key issues, blockchain solutions and use cases. The paper highlights three broad limitations that blockchain technology presents: scalability, security, and regulation, and shows how these challenges could impact blockchain application and adoption.

International Journal of Advances in Computer Science and Technology , 2024

The digital code of blockchain technology has revolutionized every aspect of business, commerce and industry. This new system eliminates the need to store and manage codes by providing timely and immutable data. Unlike the traditional systems, these blocks are not specific to a particular organization but are monitored by a network of nodes or computers. Strong encryption protection and connect all blocks together. Blockchain's immutability and security have revolutionized fundamental concepts such as trust, ownership, identity, and financial transactions[6]. This technology enables secure, fast, transparent and pseudonymous transactions. A source of information about blockchain, this article provides an in-depth study of blockchain's history, principles and popularity. Additionally, various consensus algorithms used in the blockchain technology are also carefully examined. Originally conceived as a system for cryptocurrencies, blockchain has evolved into a transformative force across industries. The article discusses the concepts, methods and applications of blockchain technology. Blockchain's decentralized structure, driven by decentralized ledgers and encrypted confirmation, ensures reliability, and security and transparency of information transactions. This research contributes to the growing body of knowledge about blockchain and is useful for researchers, practitioners, and policymakers who want to better understand the technology's impact and future directions. Additionally, this article will examine various applications and real-life examples of blockchain technology and addresses related issues and problems [2-8]. The presentation of non-current events expands the range of the potential applications. This study provides a better understanding of all aspects of blockchain by providing an overview of the products.

Gabema Academy, 2023

Blockchain technology and Bitcoin represent groundbreaking innovations with the potential to transform financial services, supply chains, healthcare, and many other industries. This report provides an overview of blockchain technology, Bitcoin, and their applications. It explains the key features of blockchain such as decentralization, immutability, and transparency that enhance security. The history of Bitcoin and how it harnesses blockchain to enable a decentralized digital currency are discussed. Potential benefits of Bitcoin like reduced transaction costs and enhanced privacy are weighed against risks like volatility and scalability constraints. Applications of blockchain technology beyond cryptocurrencies in fields like identity management, voting, real estate, and cybersecurity are explored based on the innate capabilities of distributed ledger technology. However, realizing the full promise of blockchain innovations requires overcoming technical obstacles related to performance, interoperability, regulation, and standardization across platforms. With continued advancement, blockchain systems could profoundly expand possibilities in terms of trusted decentralized coordination, automation, transparency, and data integrity across institutions and society. This report provides a comprehensive overview of foundational concepts, developments, opportunities, and challenges related to blockchain and Bitcoin.