Understanding the Blockchain Technology Beyond Bitcoin

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.

MEST Journal

Thanks to cryptocurrencies, blockchain technology has recently become the focus of interest of both scientists and the public. The paper presents the principles on which blockchain is based and analyzes the possibilities of the application of blockchain technology in more detail. In a part of the analysis, some of the most common cryptocurrencies were considered, such as Bitcoin, Ethereum, USD Coin, Ripple, and ADA. Blockchains' applicability in supply chains, finance, real estate, health care, voting, and smart cities the authors discussed in the chapter about the application of blockchain technology. A separate chapter discusses the limitations of blockchain technology. Based on the analysis, at the end of the paper, the authors conclude that blockchain technology has great potential in automating and optimizing business processes and protecting the information and privacy of users. Given the demonstrated interest of companies in blockchain technology, investments, and demand ...

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.

International Journal of Engineering and Computer Science

Blockchain is defined as a group of unsegregated blocks over a P2P network. It is also considered as a decentralised ledger which holds the records of any online event. It offers a secure platform for knowledge and value transfer even in an untrustworthy network. In digital transactions on blockchain, each transaction is verified by all the nodes within the network using consensus protocol. Through this paper we will give a comprehensive overview of how Blockchain technology works, its current and future applications and how it can change the digital events in future.

Scientific & Academic Publishing, 2018

Blockchain is one of the most important technical invention in the recent years. Blockchain is a transparent money exchange system that has transformed the way a business is conducted. Companies and tech giants have started investing significantly in the blockchain market and it is expected to be net worth of more than 3 trillion dollars in next 5 years. It has become growing popular because of its irrefutable security and ability to provide complete solution to digital identity issues. It is a digital ledger in a peer to peer network. This paper provides a background on Blockchain technology, history, it's architecture, how it works, advantages and disadvantages and its application in different industries.

Ovidius University Annals Economic Sciences Series, 2023

Blockchain Technology which began as a pilot project on the technological fringes aimed at solving the double-spending in a digital exchange of value in a transactional relationship has moved into the mainstream and become the vortex of technological innovations. In technical parlance, blockchain technology is called 'Distributed Database (DD)' or 'Distributed Ledger Technology (DLT)'. Its intrusion into our 'wired world' of cybernetics has thrown open a whole 'Pandora box' of a sort, a jinni out of the technological bottle, whose applicability cuts across not only finance but across the broad spectrum of our social, political, and economic life. Since its debut in 2008 by Satoshi Nakamoto, it has generated a great deal of interest globally; with mixed feelings; swinging between euphoria and trepidation. Euphoric because it has endangered trust, while a feeling of trepidation because of its decentral city based on consensus. This technological breakthrough was made possible by the employment of cryptography and algorithm. This paper is an attempt at exploring the noise and the frenzy about blockchain technology and its unfolding ubiquitous uses across various aspects of our daily existence.

A world with little or no intermediaries where there is no need to build trust between people and transactions are completed in seconds. This is the promise of the Blockchain Technology." -Tarik Dogru Blockchain technology and its economic, social, and technological implications, mainly in the form of the cryptocurrency Bitcoin, have become hot topics of conversation. Indeed, blockchain technology is primarily associated with Bitcoin because it is built on a blockchain platform. However, blockchain technology goes far beyond the cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, etc. So the question becomes: what exactly is blockchain technology? In this article, we attempt to answer this question, explain how blockchain works, and discuss the general and hospitality industry-specific implications of the technology.

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.

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 Research, 2019

Advanced from the Merkle Tree, Blockchain Technology is a completely decentralized computerized register which keeps a protected history of information trades. The decentralization part of Blockchain Technology does away the need of any focal specialist for overseeing it. In this paper we present an exhaustive diagram on blockchain innovation. We initially start by revealing insight into the basics of Blockchain Technology then we investigate some run of the mill calculations utilized in different blockchains. Blockchain, the establishment of Bitcoin, has gotten broad consideration as of late. Being an ineradicable information putting away innovation, Blockchain can be utilized in budgetary resources as well as anything which has some worth. In any case, being a human development, drawbacks are even here in the blockchain innovation, for example, versatility issues, security issues, and not really easy to use for nonspecialized individuals. Next, with regular specialized issues we have discussed the ongoing advances. We in conclusion finish up this paper by spreading out conceivable future improvements of blockchain innovation.

BULLETIN OF "CAROL I" NATIONAL DEFENCE UNIVERSITY

With the advent of new technologies and the rising trend of digitalization, the financial sector is being reshaped, evolving, and adapting to improve its efficiency and keep pace with people’s needs. One of the most current technologies that has the potential to develop the financial sector is Blockchain technology. The main idea of this technology is that it is based on a decentralized public registry, which allows transactions to be performed in a secure, efficient way and has several advantages that are not found in the traditional banking system we know. Blockchain and cryptocurrencies could become one of the most important innovations in the financial sector, capable of creating a digital economy, based on decentralization, since they have features that optimize and simplify transactions, without the need for an intermediary, compared to the traditional banking system

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.

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...

International Journal for Research in Applied Science and Engineering Technology IJRASET, 2020

Blockchain is a distributed, decentralized, public ledger for securely exchanging digital currency and transaction information. Blockchain was invented in 2008 by satoshi Nakamoto as public ledger for cryptocurrency bitcoin. Blockchain allows the participants to verify the transactions independently. This paper explains the concept of blockchain, characteristics, how blockchain works, and its security mechanisms. It attempts to highlights role of Blockchain in various fields. Key aspects: Improved accuracy by removing human involvement in verification. Cost reductions by eliminating third-party verification Decentralization makes it harder to tamper with. Transactions are secure, private and efficient. Transparent technology.

International Journal for Research in Applied Science and Engineering Technology IJRASET, 2020

Blockchain technology is the key for decentralized society and gathered a lot of attention in recent times. The technology of Blockchain offers an infrastructure of secure network that allows the users to perform any operation without middleman. It is expected to bring a revolution due to its characteristics of being transparent, secure and scalable. Blockchain technology will bring the considerable efficiency gains, transparency, cost savings and fraud detection while allowing the data to be shared in real-time between multiple parties in a trusted and transparent manner. This chapter elaborately discusses the basic building blocks of Blockchain technology such as public key cryptography, Digital signature, Elements and types of Blockchain and its applications in different sectors. I. INTRODUCTION Blockchain is a chain of blocks in which the information of transactions is recorded and maintained in a distributed public ledger across a number of computers that are linked in a peer-to-peer network. Blockchain was first introduced by [1] who proposed a peer-to-peer payment system that allows cash transactions through the Internet without relying on the need for a financial institution. Blockchain is secure by design, and an example of a system with a high byzantine failure tolerance [2]. Bitcoin is the first application of the Blockchain concept to create a currency that could be exchanged over the internet using cryptography to secure the transactions. Bitcoin blockchain is the mother of all blockchain. Blockchain is an ordered data structure that contains blocks of transactions. Each block in the blockchain is linked to the previous block in the chain. The first block in the chain is referred to as the Genesis block. Each block created gets layered on top of the previous block to form a stack called a Blockchain. There are a set of rules for confirmation of the legitimacy of a block and to verify that block has not been altered maliciously. Blockchain technology solved the problem of Double-spending (the event where customer can spend a set of the same bitcoins in two different transactions) as the second transaction would be recognized as invalid.