Paper type: Essay Pages: 8 (1911 words)
A SURVEY ON APPLICATION OF BLOCKCHAIN TECHNOLOGY BEYOND CRYPTOCURRENCY ABSTRACT- Blockchain(BC),The technology behind the Bitcoin Crypto-currency system is considered to be both alluring and critical for ensuring enhanced security and privacy for diverse applications in many other Domians including in the Internet-of-Things eco-system. Crypto-currency applications of Distributed ledger methods such as blockchain are now well established, But their implications for more general topics are just beginning to be appreciated. The Financial Technology (FinTech) sector sees high potential value in cryptocurrency blockchain protocol or Distributed-ledger technology(DLT).
While initially conceived as a system for cryptocurrency transactions validation among untrusted parties, Blockchain technology has gained momentum as a tool that can theoretically be applied to many domains beyond the intended one. Among these domains one of the biggest and most promising in the Internet-of-Things. As an emerging decentralized architecture and distributed computing paradigm underlying Bitcoin and other cryptocurrencies, Blockchain has attracted intensive attention in both research and applications in recent years.
In this paper, We presented a survey of application of blockchain technology beyond the cryptocurrency. INTRODUCTIONThe goal of this research paper is to summarise the literature of the Blockchain techniques in various other domains beyond its application to crypto-currency and to draw appropriate conclusions. Blockchain is the fundamental technology underlying the emerging crypto-currencies including bitcoin. The key advantage of blockchain is widely considered to be decentralization and it can help establish disintermediary peer-to-peer transactions , co-ordination, and co0operation in distributed systems without mutual trust and centralized control among individual nodes , based on such techniques as data encryption , time-stamping ,distributed consensus algorithm, and economic incentive mechanisms.The fast growing trend of Blockchain has attracted a wide spectrum of interest from governments, financial institutions, high-technology enterprise and also the capital markets. Furthermore , each bitcoin is associated with a pair of keys, and if someone wants to deals with transactions on different devices, they have to keep the copies of the private keys for each bitcoin address on each devices overall although bitcoin and other crypto-currencies have attracted significant attention and influenced the whole world, These has not been a secure and efficient key management mechanism to faultlessly bridge the gap between the limited memory of humans and the complex key structures of cryptp-currencies. Therefore proposing an effective and secure blockchain currently is the key aspect in making crypto-currency more applicable to daily payments by individuals. APPLICATION1.Financial Services ApplicationMany of the industry’s processes are overdue for an upgrade or in some cases complete replacement in order to withstand new volumes, hacks and security threats. Blockchain is far more impregnable and recoverable as non centralized version of this information exists. Blockchain can make these transfers visible securely immediately, which other technology cannot. Blockchain will also enable further disruption of the traditional banks by financial technology and non-bank technology players. New entrants, free of legacy problems, could utilize blockchain to create a radically cheaper platform for innovation. Banks need to start work with blockchain technology now in order not to be disintermediated by new entrants. Blockchain is a database, a giant network, known as a distributed ledger, which records ownership and value, and allows anyone with access to view and take part. A network is updated and verified through consensus of all the parties involved. The validated block of transactions is then time stamped and added to a chain in a linear, chronological order. New blocks of validated transactions are linked to older blocks, making a chain of blocks that show every transaction made in the history of that blockchain. The entire chain is continually updated so that every ledger in the network is the same, giving each member the ability to prove who owns what at any given time. It is also important to know that all participants within a network can have their own identical copy of the ledger. Any changes to the ledger are reflected in all copies, similar to a Google doc. It is a very good option to keeps records of digital transactions. Blockchain networks can be private with restricted membership similar to an intranet, or public, like the Internet, accessible to any person in the world.2. Smart Contract (Property) ApplicationsAutonomy ” You’re the one making the agreement; there’s no need to rely on a broker, lawyer or other intermediaries to confirm. Incidentally, this also knocks out the danger of manipulation by a third party, since execution is managed automatically by the network, rather than by one or more, possibly biased, individuals who may error.Trust ” Your documents are encrypted on a shared ledger. There’s no way that someone can say they lost it.Backup ” Imagine if your bank lost your savings account. On the blockchain, each and every one of your friends has your back. Your documents are duplicated many times over.Safety ” Cryptography, the encryption of websites, keeps your documents safe. There is no hacking. In fact, it would take an abnormally smart hacker to crack the code and infiltrate.Speed ” You’d ordinarily have to spend chunks of time and paperwork to manually process documents. Smart contracts use software code to automate tasks, thereby shaving hours off a range of business processes.Savings ” Smart contracts save you money since they knock out the presence of an intermediary. You would, for instance, have to pay a notary to witness your transaction.Accuracy ” Automated contracts are not only faster and cheaper but also avoid the errors that come from manually filling out heaps of forms. 3.Internet-of-things ApplicationsWe consider a typical smart home setting where a user, Alice has equipped her home with a number of IoT devices including a smart thermostat, smart bulbs, an IP camera and several other sensors. The proposed architecture includes three tiers, namely the smart home (or more generally the local network), the overlay network, and the cloud storage. We consider data store and access use cases: Alice should be able to access the data from her smart home, e.g., the current temperature in her bedroom, remotely. Moreover, smart devices should be able to store data on storages to be used by a third party (e.g., the smart thermostat provider) to avail of some services. Prior to discussing the details of the proposed architecture, we briefly introduce the network tiers: Smart Home: The smart home is comprised of the following three parts: Devices: All smart devices located in the home. Local BC: A secure and private BC that is mined and stored by one (or more) resource-capable device(s), which is always online.Overlay Network : The overlay network is akin to the peer-to-peer network in Bitcoin. The constituent nodes could be smart home miners, other high resource devices in the home, or the user’s smartphone or personal computer. Each node uses Tor  to connect to overlay network for additional anonymity at IP-layer. A particular user may have more than one node in the overlay network. To decrease network overhead and delay, nodes in the overlay network are grouped in clusters and each cluster elects a Cluster Head (CH).Cloud Storage : In some cases, devices in the smart home (e.g. a smart thermostat) may wish to store their data in the cloud storage, so that a third party Service Provider (SP) can access the stored data and provide certain smart services (e.g. intelligent temperature adjustment). The cloud storage groups user’s data in identical blocks associated with a unique block-number. Block number and hash of stored data are used by the user for authentication. If the storage can successfully locate data with given block-number and hash, then the user is authenticated. 4. Government ApplicationsThere are very key uses of blockchain in governments and here are some of the situations in which the technology can be applied to make things better. Blockchain can be used to facilitate legal enforcementGovernments can use data from public blockchains to track the financial dealings similar to how fiat money transactions are monitored to make sure that the system does not facilitate illegal dealings. The implementation of blockchain for a government can be a key tool towards making sure that financial transactions in the digital domain remain legal. Fixing the taxation problemTaxation is also one of the major issues that have been heavily talked about when it comes to cryptocurrencies especially due to the use of digital currencies to avoid taxation. While that can be controlled through the use of public blockchains and non-private coins, Blockchain can help governments to take things a notch higher. Blockchain could be the long-awaited solution for fixing double taxation. Governments can use blockchain to protect vital government infrastructureBlockchain applications in the public sector can help governments to ensure better protection over their critical infrastructure, thus keeping cyber attacks at bay. Most of the critical systems used by governments all over the world to facilitate service delivery are connected to the internet. This stresses the importance of security for critical systems and since blockchain cannot be hacked, then it is potentially the best solution. Blockchain technology can be used to boost the efficiency of welfare distributionDecentralized ledger technology can significantly improve the process of registration as well as payment thus allowing governments to handle matters related to welfare with more efficiency. Blockchain can, therefore, be used to deploy faster service delivery allowing citizens to benefit directly. CONCLUSIONThe application of the Blockchain concept and technology has grown beyond its use for Bitcoin generation and transactions. The properties of its security, privacy, traceability, inherent data provenance and time-stamping has seen its adoption beyond its initial application areas. The Blockchain itself and its variants are now used to secure any type of transactions, whether it be human-to-human communications or machine-to-machine. Its adoption appears to be secure especially with the global emergence of the Internet-of-Things. Its decentralized application across the already established global Internet is also very appealing in terms of ensuring data redundancy and hence survivability. The Blockchain has been especially identified to be suitable in developing nations where ensuring trust is of a major concern. Thus the invention of the Blockchain can be seen to be a vital and much needed additional component of the Internet that was lacking in security and trust before. BC technology still has not reached its maturity with a prediction of five years as novel applications continue to be implemented globally.REFERENCES Ashiq Anjum ; Manu Sporny ; Alan Sill Blockchain Standards for Compliance and Trust IEEE Cloud ComputingYear:2017 , Volume:4 , Issue: 4 Page s: 84 ” 90 Cited by: IEEE Journals & Magazines.  Ittay Eyal Blockchain Technology: Transforming Libertarian CryptocurrencyDreams to Finance and Banking Realities Computer Year: 2017 , Volume: 50 , Issue: 9 Page s: 38 ” 49 Cited by: Papers (4)IEEE Journals & Magazines. Alessio Meloni ; Syam Madanapalli ; Sanil Kumar Divakaran ; Steven F. Browdy ; Ambika Paranthaman ; Ajay Jasti ; Nishant Krishna ; Deepak Kumar Exploiting the IoT Potential of Blockchain in the IEEE P1931.1 ROOF Standard IEEE Communications Standards Magazine Year: 2018 , Volume: 2 , Issue: 3 Page s: 38 ” 44 IEEE Journals & Magazines. 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A SURVEY ON APPLICATION OF BLOCKCHAIN TECHNOLOGY BEYOND CRYPTOCURRENCY ABSTRACT BlockchainBCThe technology. (2019, Aug 20). Retrieved from https://studymoose.com/a-survey-on-application-of-blockchain-technology-beyond-cryptocurrency-abstract-blockchainbcthe-technology-essay