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Fundamental Concepts and Applications of Blockchain Technology

Jeyavadhanam, B. Rebecca, Gracy, M., Ramalingam, V. V. and Xavier, Christopher (2021) Fundamental Concepts and Applications of Blockchain Technology. In: Sharma, Rohit, Sharma, Dilip Kumar, Bhatt, Dhowmya and Pham, Binh Thai, (eds.) Big Data Analysis for Green Computing : concepts and applications. CRC Press

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Blockchain is the most influential technology when the Internet was invented. In the due course of time, the researcher’s focus shifted to explore the hallucinations of technology and it has a wide range of impacts on many applications including finance, medicine, logistics, supply chain, currencies, education, music, voting, and identity management. Blockchain, a digital database, is a combination of cryptography and peer-to-peer networking and can be identified as distributive ledger technology. The key concept of blockchain technology is to protect the distributed ledger. The major benefits of this technology are to reduce the complexity of time, space, and cost. Blockchain is the most prominent technology for efficient financial, consistent trading process and it also improves the authorization control, since the transactions are immutable, secured, and updated immediately within the peers in the network. Over a period blockchain is gaining momentum in the Internet systems to address global business challenges and to sustain environmental advances. Privacy and security factors play an important part in the execution of blockchain technology. Privacy Leakage, Scalability, and Selfish Mining are some of the major challenges in blockchain and have been the emphasis of both industry experts and academic researchers. In this chapter, we present a complete perspective about blockchain technology, security risks, and challenges that prevail due to the vulnerability of being a popular technology. We summarize the empowering technologies for being scalable, privacy-free, and honest mining blockchain systems. Finally, we discuss various applications, where blockchain technology is genuinely used.

Item Type: Book Section
Status: Published
DOI: https://doi.org/10.1201/9781003032328
School/Department: London Campus
URI: https://ray.yorksj.ac.uk/id/eprint/8267

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