Blockchain is an evolving technology which stores the transaction history with ensuring security, transparency and integrity. By reading this paper you can further understand more related to this technology.
- Define Blockchain
Blockchain constitute for digital ledger technology which is decentralized and distributed. The role of this is to record transactions (not only financial transactions) in several systems with maintaining transparency, security and integrity. This system is tamper proofed and highly secure for verifying and storing different information’s because it is designed in order to behave resistant for data modification.
- What is Blockchain?
The block chain technology record and store the transaction with ensuring immutability, transparency and security of data. It has many blocks and each block have the transaction list. The transactions are added to those blocks by following a consensus mechanism after completely verifying it, when following this mechanism it becomes difficult to make changes in the previously recorded data. Uses of blockchain have become more important in cryptocurrencies such as Bitcoin and also in the voting systems, supply chain industry where more security, transparency and trust is necessary.
- Where Blockchain is used?
This technology is used widely because of its decentralization feature, security, immutability and transparency of data. Blockchain is used in many industries which involves transaction management. This is an evolving technology which will bring new innovations and applications in various sectors.
- Why Blockchain is proposed? Previous Technology Issues
Blockchain technology is proposed in order to solve the persistent challenges and issues existing in the traditional centralized database and mechanism. The most important problems addressed by blockchain technology are issues related to trust, security, transparency, intermediaries, data integrity and data ownership.
Trust: Users believe the central authority like government or bank for their transactions, so they need to be trust worthy. By using blockchain we can avoid the central authority and generate trust among people by using consensus mechanisms and cryptographic algorithms of blockchain.
Security: Making use of Blockchain can avoid data breaches, unauthorized access and cyber-attacks.
Transparency: Users can view and also verify their transactions in Blockchain, which is not available in traditional methods.
Intermediaries: This method avoids intermediaries like lawyers, notaries or banks by making use of peer-to-peer transactions.
Data Integrity: In traditional methods alteration of data can be done without any audit trail, which is eliminated in Blockchain.
Data Ownership: In blockchain the user can have control to their data and can decide on its access.
- Algorithms / Protocols
The algorithms provided for Blockchain Technology to overcome the previous issues faced by it are: SHA-256 Algorithm, Consensus Algorithm, “Advanced Encryption Standard (AES)”, “Dynamic Adaptive Advanced Encryption Standard” (DA-AES), Proof of Block and Trade Algorithm.
- Comparative study / Analysis
The approaches which were proposed to overcome the issues faced by Blockchain Technology are tested using different methodologies to analyze its performance. The comparison is done by using metrics like Latency (ms), Resource Utilization (%), Computation time (s), Scalability (%) and Overhead.
- Dataset LINKS / Important URL
Here are some of the links provided for you below to gain more knowledge about Blockchain Technology which can be useful for you:
- https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=6G+IoT+Tracking-+and+Machine+Learning-Enhanced+Blockchained+Supply+Chain+Management&btnG=
- https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=Blockchain-Driven+Intelligent+Scheme+for+IoT-Based+Public+Safety+System+beyond+5G+Networks&btnG=
- https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=Authentication+and+Key+Agreement+Algorithm+for+Handover+of+Next-Generation+High-Speed+Railway&btnG=
- Blockchain Applications
The uses of Blockchain Technology have become more popular in several industries, from which some of them are mentioned here such as: Cryptocurrencies, Smart contracts, Healthcare, Identity verification, Energy trading, Food safety, Real estate, Insurance, Education, Voting system, financial services and Supply chain management.
- Topology
The topology for block chain may vary depending on the participants, purpose and consensus mechanism. The main topology used for it is private blockchain and public blockchain sometimes the hybrid model is also used. Some of the topologies used are Hybrid, Public, Consortium, Cross-chain network, Private and Side-chains.
- Environment
The suitable environment for the operation of blockchain technology should have the operational and technical conditions required for it. This includes many considerations and compounds for the functioning of blockchain to ensure sustainability and security. Some of the key elements in it are Nodes, Blockchain software, Data storage, Economic incentives, Smart contracts, Scaling solutions, Consensus Mechanism, Auditing and monitoring tools, User Interface, Governance model, Security measures and Network infrastructure.
- Simulation Tools
Here we provide some simulation software for previous works, which is established with the usage of python software with version 3.11.4
- Results
After going through this paper you can now clearly understand about the blockchain working mechanism, algorithms used in it, applications of it also the topologies used in it.
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