Blockchain Technology

CHAPTER 1
INTRODUCTION

Blockchain is the backbone Technology of Digital CryptoCurrency BitCoin. The

blockchain is a distributed database of records of all transactions or digital event that have
been executed and shared among participating parties. Each transaction verified by the
majority of participants of the system. It contains every single record of each transaction.
1.1 Blockchain Technology
Blockchain is an emerging technology platform for developing decentralized
applications and data storage, over and beyond its role as the technology underlying the
cryptocurrencies. The basic tenet of this platform is that it allows one to create a distributed
and replicated ledger of events, transactions, and data generated through various IT processes
with strong cryptographic guarantees of tamper resistance, immutability, and verifiability.
Public blockchain platforms allow us to guarantee these properties with overwhelming
probabilities even when untrusted users are participants of distributed applications with ability
to transact on the platform. Even though, blockchain technology has become popularly known
because of its use in the implementation of Cryptocurrencies such as BitCoin, Ethereum, etc.,
the technology itself holds much more promise in various areas such as time stamping,
logging of critical events in a system, recording of transactions, trustworthy e-governance etc.
Many researchers are working on many such use cases such as decentralized public key
infrastructure, self-sovereign identity management, registry maintenance, health record
management, decentralized authentication, decentralized DNS, etc. Also, corporations such as
IBM and Microsoft are developing their own applications in diverse fields such as the Internet
of Things (IoT), etc., even enabling blockchain platforms on the cloud. Considering the need
to disseminate the emerging concepts for students, we decided to prepare a new course on
blockchain technology platforms and applications. A blockchain is spread out across hundreds
or even thousands of computers worldwide, each containing a copy of the blockchain. These
computers are referred to as nodes. Remember that a block contains information, and when
more blocks are joined together, they form a blockchain. This blockchain, containing
hundreds of blocks of data is supported by hundreds of interconnected computers worldwide,
each possessing a copy of the whole blockchain.

Dept. of CSE 1 GSSSIETW, Mysuru

Blockchain Technology

Figure 1.1: Blockchain

1.2 Current Status of Blockchain Technology

Blockchain Applications complete review. You sent or received emails, corresponded on
forums, read and distributed articles. This modern internet deals with assets, your most valuable
immediate items that you can touch and want to protect. These assets are stored in encoded form on
a network-to-network chain called the blockchain or ledger, where each participant sees who you do
business with. This not only protects your business dealings and prevents theft, but, also, simplifies
your affairs, quickens the process, reduces errors, and saves you from hiring a third party.
This decentralized blockchain system is going to change your life from the way you transact
business or manage assets, to the way you use your machines, vote, rent a car, and even prove who
you are. Along the way, it will transform banks and other financial institutions, hospitals,
companies, and governments among others. Blockchain has emerged to become a potentially
transformative force in multiple aspects of government and private sector operations. Its potential
has been recognized globally, with a variety of international organizations and technology
companies highlighting the benefits of its application in reducing costs of operation and compliance,
as well as in improving efficiencies. Ethereum, notably, is working on numerous innovations to
solve these limitations. First of all, it plans to let go of proof of work to move to a proof of stake
consensus mechanism, often referred to as the Casper protocol. It uses economic incentives and
disincentives to get the nodes to secure the network and make cheating (very) costly.

Dept. of CSE 2 GSSSIETW, Mysuru

Blockchain Technology

1.3 Blockchain Technology Innovation

Bitcoin: Bitcoin is a digital currency created in January 2009. It follows the ideas set out in
a whitepaper by the mysterious and pseudonymous developer Satoshi Nakamoto, whose true
identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional
online payment mechanisms and is operated by a decentralized authority, unlike government-issued
currencies.
Blockchain in internet of things: Blockchain technology could provide a simple infrastructure for
two devices to directly transfer a piece of property such as money or data between one another with
a secured and reliable time-stamped contractual handshake. To enable message exchanges, IoT
devices will leverage smart contracts which then model the agreement between the two parties. This
feature enables the autonomous functioning of smart devices without the need for centralized
authority. If you then extend this peer-to-peer transaction to human to human or human to
objects/platforms, you end up with a fully distributed trustworthy digital infrastructure.
Smart contracts : Smart contracts are digital which are embedded with an if-this-then-that (IFTTT)
code, which gives them self-execution. In real life, an intermediary ensures that all parties follow
through on terms. The blockchain not only waives the need for third parties, but also ensures that all
ledger participants know the contract details and that contractual terms implement automatically
once conditions are met.
Supply chain Management : Blockchain also comes in particularly handy when it comes to
monitoring supply chains. By removing paper-based trails, businesses should be able to pinpoint
inefficiencies within their supply chains quickly, as well as locate items in real time. Further,
blockchain would allow businesses, and possibly even consumers, to view how products performed
from a quality-control perspective as they traveled from their place of origin to the retailer.
Health care: The good news is the medical sector has already been moving away from paper for
recordkeeping purposes for years. However, blockchain offers even more safety and convenience.
In addition to storing patient records, the patient, who possesses the key to access these digital
records, would be in control of who gains access to that data. It would be a means of strengthening
the HIPAA laws that are designed to protect patient privacy.

Dept. of CSE 3 GSSSIETW,

Mysuru
Blockchain Technology

CHAPTER 2
EVOLUTION OF BLOCKCHAIN
TECHNOLOGY

Figure 2.1: Evolution of Blockchain

In 1992, they upgraded their system to incorporate Merkle trees that enhanced efficiency
thereby enabling the collection of more documents on a single block. However, it is in 2008 that
Blockchain History starts to relevance, thanks to gain the work one person or group by the name
Satoshi Nakamoto.Satoshi Nakamoto is accredited as the brains behind blockchain technology.
Very little is known about Nakamoto as people believe he could be a person or a group of people
that worked on Bitcoin, the first application of the digital ledger technology.Nakamoto
conceptualized the first blockchain in 2008 from where the technology has evolved and found its
way into many applications beyond cryptocurrencies. Satoshi Nakamoto released the first
whitepaper about the technology in 2009.

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Blockchain Technology

2008-2013: Blockchain 1.0: Bitcoin Emergence

Most people believe that Bitcoin and Blockchain are one and the same thing. However, that is not
the case, as one is the underlying technology that powers most applications of which one of them is
cryptocurrencies.Bitcoin came into being in 2008 as the first application of Blockchain technology.
Satoshi Nakamoto in his whitepaper detailed it as an electronic peer-to-peer system. Nakamoto
formed the genesis block, from which other blocks were mined, interconnected resulting in one of
the largest chains of blocks carrying different pieces of information and transactions.Ever since
Bitcoin, an application of blockchain, hit the airwaves, a number of applications have cropped all of
which seek to leverage the principles and capabilities of the digital ledger technology.
Consequently, blockchain history contains a long list of applications that have come into being with
the evolution of the technology. Ever since Bitcoin, an application of blockchain, hit the airwaves, a
number of applications have cropped all of which seek to leverage the principles and capabilities of
the digital ledger technology. Consequently, blockchain history contains a long list of applications
that have come into being with the evolution of the technology.

2013-2015: Blockchain 2.0: Ethereum Development

In a world where innovation is the order of the day, Vitalik Buterin is among a growing list of
developers who felt Bitcoin had not yet reached there, when it came to leveraging the full
capabilities of blockchain technology, as one of the first contributors to Bitcoin codebase.
Officially launched in 2015, Ethereum blockchain has evolved to become one of the biggest
applications of blockchain technology given its ability to support smart contracts used to perform
various functions. Ethereum blockchain platform has also succeeded in gathering an active
developer community that has seen it establish a true ecosystem.Ethereum blockchain processes the
most number of daily transactions thanks to its ability to support smart contracts and decentralized
applications. Its market cap has also increased significantly in the cryptocurrency space. Buterin
differentiated Ethereum from Bitcoin Blockchain by enabling a function that allows people to
record other assets such as slogans as well as contracts. The new feature expanded Ethereum
functionalities from being a cryptocurrency to being a platform for developing decentralized
applications as well.

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Wearable Computing in Shaping Digital Health

2018: Blockchain 3.0: The Future

Blockchain History and evolution does not stop with Ethereum and Bitcoin. In recent years, a
number of projects have cropped up all leveraging blockchain technology capabilities. New projects
have sought to address some of the deficiencies of Bitcoin and Ethereum in addition to coming up
with new features leveraging blockchain capabilities. Some of the new blockchain applications
include NEO, billed as the first open source, decentralized and blockchain platform launched in
China. Even though the country has banned cryptocurrencies, it remains active when it comes to
blockchain innovations. NEO casts itself as the Chinese Ethereum having already received the
backing of Alibaba CEO Jack Ma as it plots to have the same impact as Baidu in the country.
Especially the most recent technological advances are commonly clustered by the term Blockchain
3.0, which can be regarded as a loosely coupled stack of various developments.

2019: Blockchain 4.0: Industry

Blockchain 4.0 is a new generation of blockchain technology. It promises to deliver blockchain as a
business-usable environment for creating and running applications, bringing the technology fully
mainstream.Previous iterations of blockchain technology have had obvious potential advantages for
businesses: security, automated record-keeping and immutability, plus the potential to pay invoices,
bills and wages inside a totally secure framework.Unfortunately, blockchain had not previously
overcome several major obstacles: speed was far too low, and only a small number of people had the
specialized skills required to develop on the blockchain. Consumers, workers and businesses expect
a user experience equivalent to web 2.0 apps; blockchain was struggling to deliver web 1.0, with
familiar challenges to the first generation of web pioneers. A business with a great idea but without a
lot of blockchain experience can build, implement and operate business Decentralized Applications
(Dapps) on a 4.0 blockchain, without extensive blockchain developer skills. Blockchain 4.0 will
allow businesses to move some or all of their current operations onto secure, self-recording
applications based on decentralized, trustless and encrypted ledgers. Crucially, it brings the basic,
inherent advantages of blockchain within reach of businesses for the first time.

Dept. of CSE 6 GSSSIETW, Mysuru

Blockchain Technology

CHAPTER 3
LITERATURE SURVEY
A lot of IEEE papers and technical Journals were gone through regarding the topic to get
better understand about the issue. An overview is represented in the below with the help of three
main papers.

3.1 Blockchain: Future of financial and cyber security

Blockchain is a decentralized ledger used to securely exchange digital currency, perform deals
and transactions. Each member of the network has access to the latest copy of encrypted ledger
so that they can validate a new transaction. Blockchain ledger is a collection of all Bitcoin
transactions executed in the past. Basically, it's a distributed database which maintains a
continuously growing tamper proof data structure blocks which holds batches of individual
transactions. The completed blocks are added in a linear and chronological order. Each block
contains a timestamp and information link which points to a previous block. Bitcoin is peer-to-
peer permission-less network which allows every user to connect to the network and send new
transaction to verify and create new blocks. Satoshi Nakamoto described design of Bitcoin digital
currency in his research paper posted to cryptography listserv in 2008. Nakamoto's suggestion
has solved long pending problem of cryptographers and laid the foundation stone for digital
currency. This paper explains the concept, characteristics, need of Blockchain and how Bitcoin
works. It attempts to highlights role of Blockchain in shaping the future of banking, financial
institutions and adoption of Internet of Things(IoT).

3.2 Blockchain Technology and Cryptocurrenices

A blockchain is on a really basic level a scattered information of records or open record

everything thought of or modernised occasions that are dead and shared among sharing parties.
Every exchange the excellent network record is genuine by accord of Associate in Nursing an
excellent deal of the individuals within the structure. Likewise, once entered, data will ne’er be
eradicated. The blockchain contains an explicit and clear record of every and each exchange
whenever created. To utilize a foremost equivalence, it’s not at all troublesome to require a treat
from a treat thump, unbroken in an exceedingly confined place than taking the treat from a treat
knock unbroken in an exceedingly business center, being seen by a monster range of people.
Bitcoin is that the most recommended perspective that’s remarkably related to blockchain.

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Blockchain Technology

Bitcoin is that the most recommended perspective that’s remarkably related to blockchain
progression. it’s likewise the foremost off from being clearly true one since it empowers a
multibillion-dollar normally market of unclear exchanges with no body management.

3.3 An Overview of BlockChain Technology:Architecture,Consenses

and Future Trends
Technological advancements and innovation is constantly evolving and growing at such a
fast rate that everyone is required to stay abreast of these advancementsand innovations. The
paradigm change of Blockchain is not left out from this evolution. The technological concept
behind the Blockchain is interestingly closely identical to that of a database. However, it is
clearly one of the key concepts that needs to be understood for the future. There are five key
concepts that not only need to be understood but also explored in a manner that examines how
they interrelate one to another: smart contracts, decentralized consensus, the Blockchain, trusted
computing and proof of work/state.Suggests two approaches to economics of blockchain:
innovation-centred and governance-centred. Argues that the governance approach—based in new
institutional economics and public choice economics—is most promising, because it models
blockchain as a new technology for creating spontaneous organizations, i.e. new types of
economies. The core idea of this technology is that it is a public, shared and tamperproof ledger
that allows people who do not know or even trust in each other to share information in a
trustworthy ledger, where any sorts of immaterial information of value can be stored. The
blockchain is an immutable and transparent distributed database. The supply chains for
commercial markets are opaque and complex, they can span over hundreds of production stages
and several geographical locations so that the provenance and history of a product is usually
unknown to upstream actors.

Dept. of CSE 8 GSSSIETW, Mysuru

Blockchain Technology

Chapter 4
IMPLEMENTATION

4.1 Blockchain Technology Components

Blockchain technology can seem complex; however, it can be simplified by examining each
component individually. At a high level, blockchain technology utilizes well-known computer
science mechanisms and cryptographic primitives (cryptographic hash functions, digital signatures,
asymmetric-key cryptography) mixed with record keeping concepts (such as append only ledgers).
This section discusses each individual main component: cryptographic hash functions, transactions,
asymmetric-key cryptography, addresses, ledgers, blocks, and how blocks are chained together.
Cryptographic hashing: An important component of blockchain technology is the use of
cryptographic hash functions for many operations. Hashing is a method of applying a cryptographic
hash function to data, which calculates a relatively unique output (called a message digest, or just
digest) for an input of nearly any size (e.g., a file, text, or image). It allows individuals to
independently take input data, hash that data, and derive the same result – proving that there was no
change in the data. Even the smallest change to the input (e.g., changing a single bit) will result in a
completely different output digest.
Cryptographic hash functions have important security properties:
1. They are preimage resistant. This means that they are one-way; it is computationally infeasible to
compute the correct input value given some output value (e.g., given a digest, find x such that
hash(x) = digest).
2. They are second preimage resistant. This means one cannot find an input that hashes to a specific
output. More specifically, cryptographic hash functions are designed so that given a specific input, it
is computationally infeasible to find a second input which produces the same output (e.g., given x,
find y such that hash(x) = hash(y)). The only approach available is to exhaustively search the input
space, but this is computationally infeasible to do with any chance of success.
3. They are collision resistant. This means that one cannot find two inputs that hash to the same
output. More specifically, it is computationally infeasible to find any two inputs that produce the
same digest (e.g., find an x and y which hash(x) = hash(y)).

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Blockchain Technology

Within a blockchain network, cryptographic hash functions are used for many tasks, such as: •
Address derivation • Creating unique identifiers. • Securing the block data – a publishing node will
hash the block data, creating a digest that will be stored within the block header. • Securing the
block header – a publishing node will hash the block header. If the blockchain network utilizes a
proof of work consensus model the publishing node will need to hash the block header with
different nonce values until the puzzle requirements have been fulfilled. The current block header’s
hash digest will be included within the next block’s header, where it will secure the current block
header data.recognition research is necessary to yield robust wearable intervention systems.

Cryotographic nonce: A cryptographic nonce is an arbitrary number that is only used once. A
cryptographic nonce can be combined with data to produce different hash digests per nonce: hash
(data + nonce) = digest Only changing the nonce value provides a mechanism for obtaining
different digest values while keeping the same data. This technique is utilized in the proof of work
consensus model.

Transactions: A transaction represents an interaction between parties. With cryptocurrencies, for

example, a transaction represents a transfer of the cryptocurrency between blockchain network
users. For business-to-business scenarios, a transaction could be a way of recording activities
occurring on digital or physical assets.shows a notional example of a cryptocurrency transaction.
Each block in a blockchain can contain zero or more transactions. For some blockchain
implementations, a constant supply of new blocks (even with zero transactions) is critical to
maintain the security of the blockchain network; by having a constant supply of new blocks being
published, it prevents malicious users from ever “catching up” and manufacturing a longer, altered
blockchain.

Mining: The mathematical problem every miner is facing when trying to add a block to the
blockchain is to find a hash output.For the data in its block, that starts with a certain amount of
consecutive zero’s. it is important to know what a hash function is. A hash function is simply put a
mathematical problem that is very hard to solve, but where the answer is very easy to verify.

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Blockchain Technology

4.2 Design Methodology and Phases

Fig 4.1: Working of Blockchain

One of the famous use of Blockchain is Bitcoin. The bitcoin is a cryptocurrency and is used to
exchange digital assets online. Bitcoin uses cryptographic proof instead of third-party trust for two
parties to execute transactions over the internet. Each transaction protects through digital signature..
Cryptography keys consist of two keys – Private key and Public key. These keys help in performing
successful transactions between two parties. Each individual has these two keys, which they use to
produce a secure digital identity reference. This secured identity is the most important aspect of
Blockchain technology. In the world of cryptocurrency, this identity is referred to as ‘digital
signature’ and is used for authorizing and controlling transactions.The digital signature is merged
with the peer-to-peer network; a large number of individuals who act as authorities use the digital
signature in order to reach a consensus on transactions, among other issues. When they authorize a
deal, it is certified by a mathematical verification, which results in a successful secured transaction
between the two network-connected parties.
Blockchain Technology

4.3 System Architecture

The architecture generally describes the how the blocks are connected to each other and
howthe data is stored in each block of the blockchain.

Fig 4.2 : System Architecture of blockchain

The data order themselves in the form of blocks, which link among themselves in a chronological
order to form what is called “Blockchain”. Each block holds transactions at a time. Every block
carries the hash of the previous block.
Chain of Blocks
One way of providing this service is to have the nodes within the blockchain network act as
components of the ledger system itself, maintaining a history of transactions for each coin in that
network by working to solve complicated mathematical problems. These nodes serve to confirm or
reject blocks representing bits of information about transactions. If a majority of node operators
arrive at the same solution to a problem, the block is confirmed and it is added to the chain of
blocks that exist before it. This new block is timestamped and is likely to contain information about
various aspects of past transactions. This is where there is room for variation depending upon the
particular network: some blockchain networks include certain types of information in their blocks,
while others include different sets of information. It is this last aspect of blockchain that some
people believe provides the most potential for future applications in the future. The data making up
blocks in a blockchain such as the one corresponding to the Bitcoin network, for example, is linked
with the past transactions that have taken place between different individuals, acting as a public
record of all past transactions.

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Wearable Computing in Shaping Digital Health

4.4 Transactions In Each Block

Fig 4.3 : Transaction in a each block in Blockchain

Previous Hash: This hash address locates the previous block.

Transaction Details: Details of all the transactions that need to occur.
Nonce: An arbitrary number given in cryptography to differentiate the block’s hash address.
Hash Address of the Block: All of the above (i.e., preceding hash, transaction details, and nonce) are
transmitted through a hashing algorithm. This gives an output containing a 256-bit, 64 character
length value, which is called the unique hash address.  the data inside a block to be the hash input (a
string of data). When this input is hashed, it gives a hash output (32 digit string). A rule of the
Bitcoin blockchain is that a block can only be added to the blockchain if its signature, the hash
output, starts with a certain amount of zeros.Consequently, it is referred to as the hash of the block.
every block needs to add the hash output (signature) of the last block that was added to the
blockchain into  their metadata. This is what makes it a blockchain. If a miner keeps mining the block
they were already working on, other miners will notice that the hash output does not correspond with

that of the latest added block on the blockchain, and will therefore reject the block. Transactions on
the blockchain network are approved by a network of thousands or millions of computers. This
removes almost all human involvement in the verification process, resulting in less human error and
a more accurate record of information.

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Blockchain Technology

Verifiable state: Entities adopt blockchain technology because they want their trust to be rooted in
the system (that the current state of the system accurately reflects the transactions that the consensus
protocol allowed to execute in the past). To enable this trust, miners write all transactions to a
cryptographically verified append-only ledger,providing full system provenance and allowing miners
(or outside parties) to audit the system's current state and past operations.

In many systems, including Bitcoin, this ledger is colloquially referred to as the blockchain (we
avoid using this term for the ledger to avoid confusion with holistic references to blockchain
technology). In the ledger, all transactions are strictly ordered, and after consensus is reached (and as
long as it is maintained) this ordering never changes and transactions are never removed. Thus, all
miners who begin at the first entry (called the genesis block) will process all the transactions in the
same order and reach the same current state for the entire system.

Resilience to data loss: If the ledger were stored in a single location, deletion or modification of data
could be detected by all parties, but there would be no guarantee that the data could be restored. With
blockchain technology, the content of the ledger is replicated among all miners to address this single
point of failure. When data does need to be restored—for example, if an individual miner's ledger is
corrupted or a new miner joins—the replicated data can be verified to ensure it correctly represents
the system state.
Some blockchain systems try to limit the amount of data any given miner needs to replicate by
segmenting the data and assigning miners to handle governance and operations for only a subset of
the system. This is known as sharding, with individual segments of the data called shards. Sharding
can drastically reduce the amount of data that miners need to store, while also increasing the
performance of the consensus protocol, which often scales based on the number of miners. Still,
sharding adds complexity to auditing the system as a whole. Additionally, by reducing the number of
miners responsible for any given transaction, sharding reduces the number of miners an adversary
would need in order to deceive an end client about a transaction's existence
Smart contracts: In a general-purpose blockchain system, a smart contract or decentralized
application can be deployed using a transaction that stores the code for a set of functions and the
initial state of the contract. These functions can then be called in subsequent transactions. The
functions themselves are executed by the miners, and outputs are verified through the consensus
protocol.

Dept. of CSE 14 GSSSIETW, Mysuru

Blockchain Technology

Chapter 5
RESULTS OF BLOCKCHAIN TECHNOLOGY

Bank Use
Perhaps no industry stands to benefit from integrating blockchain into its business operations more
than banking. Financial institutions only operate during business hours, five days a week. That means
if you try to deposit a check on Friday at 6 p.m., you likely will have to wait until Monday morning
to see that money hit your account. Even if you do make your deposit during business hours, the
transaction can still take one to three days to verify due to the sheer volume of transactions.

Use in Cryptocurrency
Blockchain forms the bedrock for cryptocurrencies like Bitcoin. As we explored earlier, currencies
like the U.S. dollar are regulated and verified by a central authority, usually a bank or government.
Under the central authority system, a user’s data and currency are technically at the whim of their
bank or government. If a user’s bank collapses or they live in a country with an unstable government,
the value of their currency may be at risk. These are the worries out of which Bitcoin was borne.

Healthcare Uses
Health care providers can leverage blockchain to securely store their patients’ medical records. When
a medical record is generated and signed, it can be written into the blockchain, which provides
patients with the proof and confidence that the record cannot be changed. These personal health
records could be encoded and stored on the blockchain with a private key, so that they are only
accessible by certain individuals, thereby ensuring privacy.

Property Records Use

If you have ever spent time in your local Recorder’s Office, you will know that the process of
recording property rights is both burdensome and inefficient. Today, a physical deed must be
delivered to a government employee at the local recording office, where is it manually entered into
the county’s central database and public index. In the case of a property dispute, claims to the
property must be reconciled with the public index.

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Blockchain Technology

CONCLUSION

The application of Blockchain technology is not limited only to the finance industry. It

has a fantastic future in different sectors such as supply chain management, digital advertising,
forecasting, cyber security, Internet of things, networking, etc. Blockchain technology also has a
huge prospective to provide the new openings for occupation in the industry. It also enhances the
professional’s capability to upgrade themselves. With the help of Blockchain technology, it is
possible to transform the whole world into a much smaller place. The transactional activities can
be performed much faster and efficiently using Blockchain. Blockchain technology is going to be
used in many more sectors in the future such as in government systems as these systems are
slow, dense, and likely to corruption. Implementing Blockchain technology in government
system can make their operations much more secure and efficient. Blockchains can be set up to
operate in a variety of ways, using different mechanisms to secure a consensus on transactions,
seen only by authorized users, and denied to everyone else. Bitcoin is the most well-known
example that shows how huge Blockchain Technology has become. Blockchain founders are also
trying out numerous other applications to expand Blockchain’s level of technology and influence.
Judging by its success and increased use, it seems that Blockchain is poised to rule the digital
world of the near future.  It is a decentralized environment for transactions, where all the
transactions are recorded to a public ledger, visible to everyone. The goal of Blockchain is to
provide anonymity, security, privacy, and transparency to all its users.

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Blockchain Technology

FUTURE ENHANCEMENTS

As the blockchain ecosystem evolves and different use-cases emerge, organisations in all
industry sectors will face a complex and potentially controversial array of issues, as well as new
dependencies. These will include building awareness and understanding of the blockchain
technology, its cost and efficiency, regulation and governance, security and privacy as well as an
openness to cultural shifts, including cross-industry collaboration. These will include building
awareness and understanding of the blockchain technology, its cost and efficiency, regulation
and governance, security and privacy as well as an openness to cultural shifts, including cross-
industry collaboration. However, we believe that future research will not only focus on Bitcoin
and other cryptocurrencies, but on other possible applications using Blockchain as a solution. We
already found some papers that studied the possibility of using smart contracts, licensing, IoT,
and smart properties in the Blockchain environment. We believe that this type of research will
have a lot of impact in the future, and can possibly be even more interesting than
cryptocurrencies. To use a decentralized environment in e.g. sharing a virtual property could be a
solution that revolutionizes the way companies can sell their products. Taking this in
consideration, we strongly believe that when Blockchain technology gets adopted more by both
industry and academia, it will generate a significant amount of new research.

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Blockchain Technology

REFERENCES

[1] Siddhart Rajput,Archana singh"Blockchain Technology and cryptocurencies."

IEEE, 2019.
[2] Bano, S., Sonnino, A., Al-Bassam, M., Azouvi, S., McCorry, P., Meiklejohn, S., Danezis,
G. SoK: Consensus in the age of blockchains. In Proceedings of ACM Advances in Financial
Technology, 2019.
[3] Avizheh, S., Safavi-Naini, R., Shahandashti, S.F. A new look at the refund mechanism in the Bitcoin
payment protocol. In Proceedings of Financial Cryptography and Data Security, 2018.

Dept. of CSE 18 GSSSIETW, Mysuru