Rise of Blockchain Technology: Beyond Cryptocurrency (original) (raw)

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.

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 Economy : The New Era of Digital Economy

International Journal of Scientific Research in Science and Technology, 2019

In this research paper the researcher given the analysis report of blockchain technology and its significant usage in new era of digital economy. The researcher stated that block chain technology is a network software protocols that enables the secure transfer of money, assets, and information via the internet, without need a third party intermediary. The researcher focused on some of the significant research issues and new dimension of centralized data centers, distributed ledger technology, specific times tamped with a unique cryptographic signature, tamper-proof auditable history of all transactions. In current scenario the block chain technology provides highly secure data in all aspects using cryptography, fingerprint that verifies the authenticity of the data. Alteration of the original data causes the hash of the altered data to no longer match the original fingerprint. Transactions on the blockchain are grouped and stored in blocks. The combined hash of these transactions is also stored, and each subsequent block saves the combined hash of the previous block. The resulting digital applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment secure channels which provides a new era of digital economy. In this research article the researcher focused on some of the significant research issues and challenges, statistical report of current blockchain technology usage and future direction for highly secure technology of new era of digital economy.

Blockchain technology – a new approach in business environment

MATEC Web of Conferences, 2018

Given the newest trends in business and the growing interest towards Internet of Things, it became natural that economic environment switched the paradigm of classical business model. Blockchain technology is a very timely topic of discussion both in academic environment and outside it. This element was proven by authors when analyzing the topic towards the number of publication releases and the search engine queries. Furthermore, the authors shaped the framework of blockchains' development highlighting the main advantages and disadvantages for Industry 4.0.

Emerging of Block chain Technology in Business Industry

Blockchain technology is emerging in every area. Blockchain is a constantly growing ledger in which every block in the network are connected with cryptographic hash of the previous blocks with distributed, decentralized and immutable properties. Supply Chain Management is collection of activities, organizations, suppliers etc, which maintain the flow of information about the products from its initial stages to until it reaches the consumer. With the implementation of blockchain technology in business area in the form of supply chain management it provides data transparency, traceability, reliability across the network. The paper discusses different case studies in which business companies are implemented and produced efficacious results. And it also shows how blockchain helps in overcoming fraudulent cases. The paper shows applications of blockchain and how its implemented in supply chain which provides transparency, immutability and distributed properties.

Review on 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.

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 the Sustainable Economic System

Principles of Sustainable Project Management, 2018

This chapter aims to provide managers in general and project managers in particular with the basic information about one of the most hyped disruptive technology concept in the shared digital economy today: Blockchain. Blockchain and other disruptive technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and Big Data are important disruptive steps that are increasingly relevant when defining and managing projects in the sharing digital business economy. The chapter comprises three main parts. The first part introduces the basic concept of the disruptive technologies in the digital transformation context and the main blocks required for the build of Blockchain framework. The focus is on describing each block in details applicable for any selected platform. The second part of the chapter outlines the concept of the smart contract. The general aim is to provide knowledge with actionable guidelines on how best to implement a smart contract using the Ethereum platfor...

Blockchain Technology in Supply Chain

The technological changes in recent years have played a major role in changing the rules in business life. After technological innovations such as autonomous tools, the Internet of Things, and industry 4.0, the new issue that has emerged with crypto money today is Blockchain technology. A blockchain technology is a peer-to-peer digital ledger of transactions that may be publicly or privately distributed to all users and therefore is said to be decentralized and distributed. The most important feature that distinguishes block-chain-based technologies from other technologies is that it has a special algorithm without being connected to any center. Therefore, this technology makes a significant difference in supplying fast, secure and accurate information flow among supply chain members. Reducing the costs and time that arise in the supply chain, it provides significant advantages to enterprises such as the transparency of the operations performed. The purpose of this study is; to explain the block chain technology and to contribute to supply chain processes and stakeholders. In this context, the study is considered as literature review. The study is important in terms of contributing to the relevant literature in basic level. Öz Son yıllarda yaşanan teknolojik değişiklikler, iş hayatında alışılagelmiş kuralların değişmesinde büyük rol oynamaktadır. Otonom araçlar, nesnelerin interneti ve endüstri 4.0 gibi teknolojiye bağlı yeni gelişmelerden sonra günümüzde özellikle kripto paralarla birlikte daha fazla öne çıkan bir konu da blok zinciri (Blockchain) teknolojisidir. Blok zinciri teknolojisi; bir ağ ortamında veri bloğunun ağa giriş izni olan tüm kullanıcılar tarafından, aynı anda takip edilebilirliğini sağlayan veya özel olarak tüm kullanıcılara dağıtılabilen ve bu sebeple merkezi olmayan, değişmez bir dağıtık veri tabanına kalıcı şekilde kaydedilmesini sağlayan şifrelenmiş bir dosyalama sistemidir. Blok zincir temelli teknolojileri, diğer teknolojilerden ayıran en önemli özellik ise herhangi bir merkeze bağlı kalmadan özel bir algoritmaya sahip olmasıdır. Dolayısıyla bu teknoloji, tedarik zinciri üyeleri arasında hızlı, güvenli ve hatasız bir şekilde bilgi akışı sağlaması konusunda önemli bir fark yaratmaktadır. Tedarik zincirinde ortaya çıkan maliyet ve zaman gibi unsurları azaltarak, gerçekleştirilen işlemlerin daha şeffaf olması gibi işletmelere önemli avantajlar sağlamaktadır. Bu çalışmanın amacı; blok zincir teknolojisini açıklayarak, tedarik zinciri süreçlerine ve paydaşlarına sağlayacağı katkıları ortaya koymaktır. Bu kapsamda çalışma, literatür incelemesi olarak ele alınmıştır. Çalışma, konu ile ilgili literatüre temel düzeyde katkı sağlaması bakımından önem taşımaktadır. Introduction The virtual currency Bitcoin, which was introduced in 2008, is becoming more popular and therefore the interest in Bitcoin technology increases gradually. Blockchain technology is an innovation which is considered to be at the center of Industry 4.0 revolution and it became part of our lives. With the innovations provided, Blockchain technology has achieved in attracting various sectors. The fact that this technology is a decentralized and scattered data network makes it traceable by all the participants. Although the fact of clear visibility of data has increased the attractiveness of it, the structure of the system that prevents any manipulation has made it very secure. In the broadest sense, Blockchain eliminates the existence of an authority or a central network, and allows the user to monitor the data on the Internet by himself/herself. Blockchain is a decentralized