Blockchain

Blockchain technology, advantages, disadvantages, risk and future, 2019

The increasing levels of globalization have necessitated the emergence of new technologies. Those new technologies create efficiency across transactions undertaken across the globe. There have been various technological trials, some of which were effective, while some failed or needed further improvements. Even so, significant milestones have been achieved, especially in relation to the computer system technologies, with the introduction of the blockchain technology. This technology has enabled the Bitcoin digital currency, which enables the distribution of information, but does not allow deleting of the same information (Crosby et al. 2016). With this technology in place, undertaking global business transactions has been enabled significantly.

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.

International journal of innovative research in computer science & technology, 2021

Blockchain is a decentralized technology. When it comes to resolving business issues, it wields considerable power. Every transaction on the blockchain is encrypted, and each transaction is linked to a previous transaction or record. Blockchain transactions are validated by algorithms running on nodes. A single entity cannot start a transaction. Eventually, blockchain provides transparency by allowing any participant to view transactions at any moment. Smart contracts provide secure transactions, minimizing the risk of third-party interruptions. Ethereum is a decentralized platform based on smart contracts. It enables developers to create markets that transfer money according to the instructions given years ago. Blockchain is distinguished by two key characteristics: immutability and decentralization. Deals are completed faster; Transactions and authentication are completed in a matter of seconds, and much more.

it - Information Technology

The blockchain technology foremost known in 2008 as the underlying technology of the cryptocurrency Bitcoin is a technology which was first introduced by Stuart Haber and W. Scott Stornetta [1] in 1991 as a cryptographically secured chain of blocks. Their basic idea was to implement a system in which document timestamps could not be corrupted. This idea was extended [2] in 1992 with the so called Merkle trees accepting different certificates to be collected into one block. Despite its earlier roots, the breakthrough of the blockchain technology only came 17 years later in 2008 whenSatoshiNakamoto (a pseudonymusedby an individual or a group of peoples) published the paper “Bitcoin: A Peer-to-Peer Electronic Cash System” [3]. The basic architecture of theBitcoinblockchain is a confluenceof three basic technologies as of cryptography, peer-2-peer systems and consensus mechanisms [4]. In the light of this, it is more likely that “Satoshi Nakamoto” is a group of people coordinating the knowledge of these three fields of research rather than a single genius experienced in all these fields. Inspired by the success of Bitcoin, a lot of systems attempting tomimic Bitcoin’s success appeared, with Litecoin (2011) [5], Ripple (2012) [6], or Monero (2014) [7] as only a few1 of the more well-known examples. Also, the Hyperledger project (2015) [8] of the Linux foundation as an umbrella project of open source blockchains and related tools, which started in 2015 should be mentioned here. Because the Bitcoin architecture is based on a simple Forth-like scripting language called Script [9] which is not Turing complete, it has no great flexibility and is therefore mainly restricted to money transfer. Moreover, there are other shortcomings like power wastage for consensus building [10], transaction fees which are not acceptable for micro payments and data exchange in the Internet-ofThings (IoT) context, and last but not least the storage of

Whenever we perform any digital transaction through banks, ATMs or credit cards, the transaction information is being stored and controlled by trusted third parties. Our identity and transaction history can be tracked anytime of legal requirements. In such cases people were in demand for a digital transaction method that is not controlled centrally but yet is very powerful and secure. The solution to the problem came in 2009 AD as – Bitcoin. Satoshi Nakamoto, in his paper in 2008 suggested a peer-to-peer electronic cash system called bitcoin for direct online payment method from one party to another without going through any financial institution. Even though the term itself was not mentioned in the paper, "blockchain" is the mechanism that is used to verify the transaction information by the peers. Blockchain provides distributed, unchallengeable, transparent, secure and auditable ledger.

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 OF ADVANCE RESEARCH, IDEAS AND INNOVATIONS IN TECHNOLOGY

A block chain is just a chain and a list of blocks. Each block, in the block chain, will have its own digital signature. Each block doesn't just contain the hash of the block, but its own hash in part, calculated from the previous hash Calculating and comparing the hashes allow us to see if a block chain is invalid. We create a system that Allows users to create wallets and Provides wallets with public and private keys using Elliptic-Curve cryptography. Secures the transfer of funds, by using a digital signature algorithm to prove ownership and finally allow users to make transaction your block chain

2020

Blockchain technology has gained popularity recently. It is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. The structure of a blockchain is presented as having a database which is managed autonomously using a peer-to-peer network and a distributed time stamping server. The benefits of blockchain is evidence in terms of security, scalability, immutability and transparency. Blockchain has also shown its potential in industry and academia. Possible future directions are with respect to four areas: blockchain testing, stop the tendency to centralization, big data analytics and blockchain application.

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.

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