Identify The Use Case of Blockchain Technology: Case Study of Ethereum Virtual Machine

IDENTIFY THE USE CASE OF BLOCKCHAIN
TECHNOLOGY :
CASE STUDY OF ETHEREUM VIRTUAL MACHINE
I.T DEPARTMENT
BANDEKAR ABHISHEK
KAZI LAIBA
SYED HUDAIBIYAH
Abstract
Blockchain is an emerging technology that provides a robust alternative to the

traditional centralized system. It was first put to use by Satoshi Nakamoto who
implemented the Blockchain in Bitcoin. The data in the Blockchain is immutable
due to its features consensus algorithm and unique hash. Smart contracts are
deployed on the system which is autonomous, self-sufficient and automatic. It is
defined and enforced by the code hence it has no discretion in itself. Blockchain
apart from currency(like bitcoin) is useful in many other sectors. In this paper,
we provide some examples of how Blockchain can be implemented in various
sectors to make them more efficient. In this paper, we demonstrate how a smart
contract works and some of its applications in sectors apart from currency.
INTRODUCTION
 A Blockchain is a distributed ledger of transactions that records information in a

way that makes it difficult to hack or alter. The technology allows a secure way for
individuals to deal directly with each other, without a third-party intermediary.
 It was first implemented by Satoshi Nakamoto while deploying the cryptocurrency
Bitcoin.
 Blockchain uses BitTorrent's peer-to-peer file-sharing technology & public-key
cryptography.
 It has 3 layers:
•Blockchain 1.0: Currency, for instance, Bitcoin, Dogecoin, Ethereum.
•Blockchain 2.0: Smart contract, slate of the financial market
•Blockchain 3.0: Applications beyond economy for instance health care, votes ,
cybersecurity
Blockchain 2.0
Smart Property:
• Blockchain can be used for any kind of asset registry, exchange, and inventory in
every sector.
• Any kind of assets whether hard assets( property, vehicle, etc.) or intangible
assets(votes, ideas, data, etc.) could be encoded in the Blockchain blocks which
becomes a smart property traceable via smart contracts.
• Users possess private keys to access their digital assets.
• Smart property equates to the decentralized trust-less asset management
system.
Smart Contracts:
• Smart contracts refer to a piece of code that has more extensive instruction
embedded in them.
• Smart contracts must have three characteristics :
Cont..
 Autonomous:
After it is launched & is in effect, its instantiating agent need not be in contact
further.
 Self Sufficient :
Ability to collect resources-self-sufficient and able to collect the requisite
resources in order to raise funds.
 Decentralized :
Should be available on every node of the network.
• Ethereum, Steller, Hyperledger fabric, NEM are some examples of platforms to

build the smart contracts.
Dapps, DAO’s/DAC’s, DAS’s
Dapps(Decentralized application ):
• Ethereum defines Dapps as a transaction protocol that executes as the terms of the
contract or a group of contracts dictate on a cryptographic Blockchain.
• LaZooZ(decentralized uber) & Edgence are some examples of Dapps
DAOs/DACs(Decentralized autonomous organization/corporation):

• It can be perceived as a complex form of Dapps. In order to become an organization, it
adopts a constitution that provides a mechanism that would be reflected publicly in a
Blockchain.
• The complicated globalized trade networks which are perceived as impossible due to
the local bureaucratic paperwork might be possible as registration, taxation, etc. might
be reinvented in an efficient way or classify as redundant when moved on the
Blockchain.
DASs(Decentralized Autonomous societies):

• Ecosystem of Dapps, DACs/DAO’s make up DASs.
• Smart contracts will be the foundation of such societies.
Ethereum
• Ethereum is a platform and programming language for developing and
distributing Dapps. It is a Turing complete platform.
• It is an infrastructure that runs all the Blockchain and protocols.
• Ethereum ecosystem consist of frontend list mist, Dapps & backend like Swarm,
whisper and Ethereum Virtual Machine.
 Ethereum Virtual Machine:

• Ethereum Virtual Machine is available across all the nodes in the network
• It is a stack-based interpreter which has an array of memory bytes and key-
value storage.
• It works on the principle of stack structure(Last-in-first-out) to perform the
push() and pop() operation.
• Smart contracts which are deployed on the Blockchain are written in high-level
languages like solidity through Ethereum virtual machine.
Blockchain 3.0
 A. Bank and payments :
Blockchain uses cryptocurrency to make transactions across the border with a low
processing fees. This will have a positive impact on our GDP since private
remittances have been increasing more than ever. Investors could directly invest in
the manpower of developing countries without going through bank regulations
 B. Energy management :
The distributed energy management system is a robust alternative to the highly
centralized energy industry. One mode proposes a distributed energy
management system using Blockchain and Alternating direction method of
multiplier(ADMM). Blockchain is compatible with distributed optimization so it is
implemented using Blockchain technology. RWE collaborated with Ethereum based
blockchain startup to decentralize charging ports for electric cars.
 C. Digital art and music :
Artchain, a trading system is based on blockchain technology. It provides a
transaction history by registering and tracing the digital art. It establishes proof
of authority which is well suited to regulate industries where a smart contract
maintains the network -as a trust model of artchain network.
 D. Real Estate:
One system proposes a distributed blockchain nodes which can be used to store and
secure the data. It encompasses all the details of the land but since it is immutable it
executes the dual goal of traceability and immutability. It has a peer-to-peer file
sharing from BitTorrent to transfer the land which is cryptographically secured by a
private key.
 E. Cybersecurity :
Cybersecurity is at the heart of Blockchain since it encompasses features like
smart contracts, unique hash, etc. which works on cryptographic algorithms.
Users have the access to their digital assets if they possess the private key for the
same. It also fulfills the CIA triad where the data is immutable & available on a
distributed database, hence integrity & availability is secured.
Conclusion
Blockchain technology has the potential to disrupt the traditional
ways of doing business .Apart from data security it also removes the
trust factor needed in a traditional business environment. Blockchain
could also be a potential path towards Artificial Intelligence as smart
contracts deploy their work perfectly automatically. It might also
have a large positive impact on the economy since it reduces
corruption, paperwork & manpower. Distributed networks paves a
way for the democratization of information. Entities from two
countries can trade without restrictions using cryptocurrency &
make trade networks truly globalized.

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IDENTIFY THE USE CASE OF BLOCKCHAIN

Blockchain is an emerging technology that provides a robust alternative to the

 A Blockchain is a distributed ledger of transactions that records information in a

• Ethereum, Steller, Hyperledger fabric, NEM are some examples of platforms to

DAOs/DACs(Decentralized autonomous organization/corporation):

DASs(Decentralized Autonomous societies):

 Ethereum Virtual Machine:

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