Block chain

Latest Research Areas in Blockchain

Blockchain can be defined as a chain of blocks that contains information. The technique is intended to timestamp digital documents so that it’s not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need for a central server.

Block chain
Block chain

Why do we need Blockchain?

Here are some reasons why Blockchain technology has become so popular.

Resilience: Blockchains is often replicated architecture. The chain is still operated by most nodes in the event of a massive attack against the system.

Time reduction: In the financial industry, blockchain can play a vital role by allowing the quicker settlement of trades as it does not need a lengthy process of verification, settlement, and clearance because a single version of agreed-upon data of the shared ledger is available between all stack holders.

Reliability: Blockchain certifies and verifies the identities of the interested parties. This removes double records, reduces rates, and accelerates transactions.

Unchangeable transactions: By registering transactions in chronological order, Blockchain certifies the unalterability of all operations, which means when any new block has been added to the chain of ledgers, it cannot be removed or modified.

Fraud prevention: The concepts of shared information and consensus prevent possible losses due to fraud or embezzlement. In logistics-based industries, blockchain as a monitoring mechanism act to reduce costs.

Security: Attacking a traditional database is the bringing down of a specific target. With the help of Distributed Ledger Technology, each party holds a copy of the original chain, so the system remains operative, even a large number of other nodes fall.

Transparency: Changes to public blockchains are publicly viewable to everyone. This offers greater transparency, and all transactions are immutable.

Collaboration – Allows parties to transact directly with each other without the need for mediating third parties.

Decentralized: There are standards rules on how every node exchanges the blockchain information. This method ensures that all transactions are validated and all valid transactions are added one by one.

Block chain
Block chain

Blockchain versions

Blockchain 1.0: Currency

The implementation of DLT (distributed ledger technology) led to its first and obvious application: cryptocurrencies. This allows financial transactions based on blockchain technology. It is used in currency and payments. Bitcoin is the most prominent example in this segment.

Blockchain 2.0: Smart Contracts

The new key concepts are Smart Contracts, small computer programs that “live” in the blockchain. They are free computer programs that execute automatically and check conditions defined earlier like facilitation, verification, or enforcement. It is used as a replacement for traditional contracts.

Blockchain 3.0: DApps:

DApps is an abbreviation of decentralized application. It has its backend code running on a decentralized peer-to-peer network. A DApp can have frontend Blockchain example code and user interfaces written in any language that can make a call to its backend, like a traditional App.

Block chain
Block chain

Blockchain Variants

Public:

In this type of blockchain, ledgers are visible to everyone on the internet. It allows anyone to verify and add a block of transactions to the blockchain. Public networks have incentives for people to join and are free for use. Anyone can use a public blockchain network.

Private:

The private blockchain is within a single organization. It allows only specific people of the organization to verify and add transaction blocks. However, everyone on the internet is generally allowed to view it.

Block chain
Block chain

Use Cases

Blockchain Technology is used widely in the different sectors as given in the following table.

Sector

Usage

Markets

Billing, monitoring and Data Transfer

Quota management in the Supply Chain Network

Government Sector

Transnational personalized governance services

Voting, propositions P2P bond,

Digitization of documents/ contracts and proof of ownership for transfers

Registry & Identify

Tele-attorney service

IP registration and exchange

Tax receipts Notary service and document registry

IOT

Agricultural & drone sensor networks

Smart home networks

Integrated smartcity.

Smart home sensors

Self-driving car

Personalized robots, robotic component

Personalized drones

Digital Assistants

Health

Data management

Universal EMR Health databanks

QS Data Commons

Big health data stream analytes

Digital health wallet Smart property

Health Token

Personal development contracts

Science & Art

Supercomputing

Crowd analysis

P2P resources

Digital mind fit services

Finance & Accounting

Digital Currency Payment

Payments & Remittance

Decartelized Capital markets using a network of the computer on the Blockchain

Inter-divisional accounting

Clearing & Trading & Derivatives

Bookkeeping

In Case you want to carry out research you may contact me at [email protected]

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