Blockchain Technology-A Conceptual Overview (original) (raw)
Related papers
Blockchain: Technological Revolution in Business and Administration
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.
Blockchain. Today Applicability and Implications
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.
Blockchain, a new era for business
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 - A Disruptive Technology In Financial Assets - IRE 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 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.
Blockchain -A Disruptive Technology in Financial Assets
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.
Blockchain Technology: A Study of Investment and Applications Introduction
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 500MillionforUSbasedcompaniesandmorethan500 Million for US based companies and more than 500MillionforUSbasedcompaniesandmorethan100 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.
Blockchain and the Application of Blockchain Technology
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 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 Revolution: How The Technology Changing Business
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.