Blockchain is a technology to store information in the form of independent blocks. These blocks are connected in the form of a chain which is called a blockchain. Blockchain is mainly used to store information regarding financial transactions. Because it involves a large number of parties the element of trust becomes a question. In such a case maintaining the information about the transactions intact and secure is a big concern. Here is a complete picture of blockchain technology projects for which people are searching for the best guidance across the world.
Blockchain is a technology that allows for secure storage of information in a decentralized manner where information is available to everyone but cannot be changed by a simple person. So it can be employed even incautious circumstances. Blockchain has the following characteristics which it is readily taken up for use in many of the advanced applications.
- Resistant against tampering
- Data is decentralized
- Security is improved manifold
- Transparency is enhanced
- The flow of information or transactions can be easily tracked.
It is common to say that blockchain makes some compromise in its performance while providing the above features efficiently. Is it true? Let’s find an answer to this question below.
In such a scenario we paint a whole supportive picture of blockchain technology for you so that you can avail world-class guidance facility for your projects on the topic. Let us first start by introducing the blockchain architecture to you
Blockchain technology as you know works primarily to enhance security at the same time to ensure a decentralized and transparent approach. To meet this objective blockchain architecture is built into several layers where different components of it perform various specific functions. Let us have a detailed look at those layers below.
- Application layer
- Sharing of resources
- Verification of owner
- Cloud support for storage
- Enabling communication across chains
- Enhanced security and privacy
- Support internet of things applications
- Plays an important role in supply chain management, healthcare, and fintech
- It also stores and manages details of credit and digital asset
- Service layer
- Cryptocurrency like Ethereum
- IBM Azure Baas
- Contact layer
- Supports coding of a script
- Mining smart contracts
- Incentive mechanism
- Consensus layer
- Network layer
- Mechanism for verification
- Provides broadcast protocol
- P2p network
- Data layer
- Provide the changing structure
- Merkle tree
- Data block
These terms may not be new to you. But still, it is our duty to give you an overall view of blockchain technology projects from the basics to the advanced research level. So here we listed the different components of the layer for your reference.
For in-depth and technical details regarding these layers and their components, you can directly contact our technical team support who are available both day and night to solve all your queries. We need to mention here that our technical experts are highly familiar with resources across the world doing blockchain technology projects mainly because of the experience that we gained.
So you can depend on us for your research project without a doubt. We faced research challenges during our research in blockchain technology. We have also successfully overcome the challenges with new ideas and implementations. Now we will list some of the challenges that we faced in blockchain research.
RESEARCH CHALLENGES IN BLOCKCHAIN TECHNOLOGY PROJECTS
Every field of research has its challenges and blockchain is no exception to it. As we know, blockchain provides for immutable, secure, transparent, and decentralized trusted mechanisms to store information.
In ensuring the above aspects blockchain technology experts have to be prepared to face some research challenges. The following are some of those issues associated with blockchain technology research.
- Consumption of energy is beyond the optimal level (for the execution of the complex algorithms and operations)
- Delay in updating of the blockchain
- Latency is increased during the blockchain update
- There are certain issues when a miner’s block has to reach all miners in a short span of time
- Bandwidth and throughput of the existing systems to cope with updates in real-time
Our research experts have made optimum solutions to the above research issues with novel ideas and their experienced approach. The research challenges that we mentioned above are not actually everlasting but can be easily overcome with our expert advice.
So we insist you reach out to our experts and a talk with them can bring you huge success. Now let us recall some important terminologies in the blockchain which will be useful for us to proceed with further understanding.
WHAT ARE THE IMPORTANT TERMS IN BLOCKCHAIN?
The terminologies that we are about to mention in the following are not actually new to you. Anyways having them recalled in such a crucial time of having an overall picture of research blockchain technology projects becomes important. Now let us see the important terms in blockchain one by one.
- Miners (the one who approves and gives validation for a transaction)
- Digital currencies (money that is based out of internet)
- Distributed ledger (record of the transactions)
- Cryptography (public record containing immutable proofs)
- Hashing (information is converted into code using mathematical operations via hashing)
- Hyperledger (distributed ledger standard that can be used across industries)
The above terms are presented to you in order to show that our technical experts are ready to explain to you anything from the basics if you ask for. So you can depend on us for any kind of research support that you are looking to complete. Having said the important terms in blockchain we now provide you the applications and use cases of it.
BLOCKCHAIN USE CASES AND APPLICATIONS
As you might know, the applications of blockchain technology are very vast. The story of its growth can be attributed to its amazing features. The fields in which blockchain technology is prominently in use are listed below.
- Internet of things
- Smart home
- IoBT or Internet of Battlefield Things
- Physical systems like aviation, vehicles, and energy sector
- Cloud storage
- Management of Identity
- Personal identification
- Smart contracts
- Healthcare applications
- Wireless networking
- Intellectual property regime
- Blockchain government
- Smart system applications for day-to-day activities
- System of reputation
- Transparency in raising funds
Blockchain uses cases widened as per demands like immutable characteristics, decentralization, consensus-based applications, etc. There are many types of research going on in blockchain technology to boost its application in many potential day-to-day activities.
Our technical team is also getting themselves updated at regular intervals so as to support the growing demand of using the technology for the simplest applications too. We have been using authentic sources and are maintaining close contact with blockchain technology researchers across the world so that we always stay updated about the latest research. Now we will share with you some methods and techniques used in blockchain technology.
BLOCKCHAIN METHODS AND TECHNIQUES
There are different features of blockchain technology that require the proper adaptation and implementation of certain protocols and algorithms which come in the form of prescribed methods. Certain standard and common methods used in the technology are listed below.
Blockchain primitives for security are as follows
- Hashing functions
- Double SHA – 256
- Merkle Hash Tree (MHT)
- Keccak – 256 and 384
- Public key features
We have expertise in handling these tools and techniques with greater ease. Since we worked with researchers from different parts of the world, we also got chances to use these tools for many complicated purposes too. So you can approach our technical team at any time regarding your research blockchain technology projects. We are here to support you in this regard. Now let’s see in some detail about the blockchain technology methods.
METHODS UTILIZED IN BLOCKCHAIN TECHNOLOGY PROJECTS
Technically speaking, the methods used in blockchain technology as listed below are of very much importance. You should have used some of these tools in your projects too. We are here to provide you with support regarding the usage of these methods if you find any difficulty in them.
- Binary Dendrimer tree
- Fractal Index Tree
- SHA – 3
- Hash graphs
- XDAG and N
Deep advanced methods are being developed every now and then to reduce the workload and also to improve the efficiency of the blockchain system. There are potential methods under our guidance that can transform blockchain technology applications as a whole.
You can also significantly contribute to creating one of the most significant blockchain methods for future use and we will provide you with all the necessary technical, theoretical, and practical support for you to achieve it. Now let us have some ideas on consensus algorithms in the blockchain.
BLOCKCHAIN CONSENSUS ALGORITHMS
There are various consensus algorithms used in blockchain technology. These algorithms come with their own merits and drawbacks that have to be looked through by the coordinated efforts of researchers in blockchain technology projects. To understand deep about these algorithms let us have some features of them listed below.
- Open node identity
- Less than 25% of computing power can be tolerated
- No energy saving is ensured
- Example – Bitcoin
- Node identity is managed by permission
- Less than 33.3% of faulty replicas are tolerated
- Energy is saved
- Example – Hyperledger fabric
- Open access for management of Identity
- Less than 51% validators tolerance towards the adversary
- Energy is saved partially
- Example – Bitshares
- Node identity is accessed by permission
- Less than 33.3% Byzantine voting power tolerance
- Energy is saved
- Example – Tendermint
- Open access for management of identity
- Less than 51% stake is tolerated at times of adversaries
- Energy is saved partially
- Example – Peercoin
- Management of node identity is open
- Less than 20% of UNL faulty nodes are tolerated
- Energy saving is performed efficiently
- Example – Ripple
These algorithms decide how the information is shared effectively to all parties present in the blockchain. These features at times might limit researchers from exploring more and more. So we insist that you raise questions and concerns over the system and find dedicated advanced solutions.
Our engineers and developers are here to support you towards achieving this objective. Rules related to consensus are designed based on the demands of the users. Such designs have come out as protocols or algorithms. Now let us see about top blockchain platforms.
TOP BLOCKCHAIN PLATFORMS
According to our experts, the beneficial and important provisions of various blockchain platforms are listed below. Look into it and have an idea of which platform to choose for your blockchain technology projects.
- Throughput is about 100 tps
- Scalability degrades linearly
- Security is a bit vulnerable
- Latency is about 100 seconds
- Highly tolerant towards fault
- Throughout is between 10 and 80 tps
- Scalability is maintained constant
- Vulnerable security systems
- Several seconds of delay is registered
- Tolerance is not affected
- Throughout is around 127 tps (250 node network)
- Scalability features are proportional to users
- The security system is vulnerable
- Latency attains zero as the size of the network reduces
- Faults more than ⅔ honest nodes can be tolerated (asynchronous BFT)
- Throughout is around 1000 tps
- Scalability is up to a maximum of 16 nodes
- Safety is highly guaranteed
- Latency is about tens of seconds
- Fault up to ⅓ node failure is tolerated (stops working above the value)
It is important to note that the platform that you choose to operate on should comply with the data protection rules and laws of different countries. In all cases, susceptibility to data breaches and violations of privacy should never be entertained.
To rectify the flaws in security, our experts have come up with many innovative methods. Connect with us and find out how we operate to achieve successful blockchain technology proposal. Now we will provide you with some project ideas in blockchain technology that can be useful for you to choose your topic.
BLOCKCHAIN TECHNOLOGY PROJECTS – RESEARCH IDEAS
The following are the most recent and popular blockchain technology projects according to experts from across the world.
- System security (and privacy)
- Privacy and security in Big data systems (and also trust)
- Issues of reliability in IoT systems (authentication and authorization)
- Cloud computing security (and privacy)
- Blockchain system security
- Smart City applications of blockchain (smart home and smart grid applications)
- Internet of things applications using blockchain
- Blockchain-based digital currencies
- Safety in Storage applications (using blockchain)
- Computation in multi-party applications
- Cryptography applications (post-quantum)
- Digital signatures
- Cryptography (symmetric)
- Security in machine learning applications
- Big data-based models and theory for security policies
- Evaluating security and cloud benchmarks
- Security methods in cloud computing
- Blockchain machine learning applications
- Industrial applications of blockchain
- Issues of forensics in blockchain
- Applications of game theory (using blockchain)
- Protocols for security (authentication and key agreements)
- Cryptography (public key)
We currently provide research support on all these blockchain topics and we also take all efforts needed to support you on any topic that you come up with. There are issues related to permissions on devices like smartphones which have always raised concerns regarding privacy.
So it becomes the duty of researchers like you to ensure safety and security to the users. This can be one of the important objectives for which you research blockchain technology. Our experts have huge experience in carving out efficient methods for this purpose. Now let us summarize the important concepts that are required to be known by everyone intending to develop applications and systems using blockchain. The following are some of the important concepts that are prerequisites for the blockchain development,
- Concepts involved in networking
- Socket programming
- Data structures
- Hash table
- Linked list
- Acyclic graph
- Associative array
- Programming languages
- Encryption (and security functions)
- Pair of keys (private and public)
- Secure Hashing algorithm
The rise of blockchain technology cannot be studied in isolation. That is, the field is more inter-sectored and requires it to be probed into by experts from various fields. Blockchain technology with its promise of ensuring privacy and keeping stringent records of the transactions and other related data provides an innovative platform to showcase your creativity.
You can directly adopt the useful features in the existing systems to improve your project. For this purpose, you need to have an idea of the best practices used by developers and researchers across various fields of blockchain application.
To fulfill this we provide you with a massive amount of reliable data for research reference. Also, we have a dedicated team of writers and content developers who will support you in extracting the important and relevant details for your blockchain technology projects topic. Now let us have some idea of the metrics used for evaluating the performance of blockchain technology systems.
PERFORMANCE METRICS OF BLOCKCHAIN TECHNOLOGY
The following are the common performance metrics used for analyzing the applications of blockchain. Your project must be developed to show the maximum possible results in all these metrics. Our researchers are with you to attain the desired results in all use cases that you prefer. Refer to the following metrics to come up with a successful project.
- Metrics for security
- Confirmed blocks to total blocks ratio
- The higher the value higher is the vulnerability
- Scalability(during when nodes and workloads increase)
- Throughput changes are evaluated
- Latency variations evaluation is also made
- Transactions that happen successfully in a second
- Tolerance towards faults(node failure situations)
- Latency (network delays) and throughput changes are evaluated
- Crashes in the system along with interruptions due to random messages
- Time of response for a transaction based on blockchain
We hope now you are convinced enough to take up blockchain technology projects. You can approach us ready for any kind of research assistance. We will help you in such a way that you get all sorts of supportive mechanisms from our technical team. Get connected with us to avail of our services.