Abstract
The use of modern cryptotechnology “Blockchain” for acceleration, transparency and decentralization of financial transactions and as a promising digital payment instruments and cryptocurrencies (e.g. Bitcoin, Monero, and Ethereum) has become an important trend since approximately 2000.
This article focuses the problem of using blockchain technologies and their networked cryptographic applications and apps.
The influencing factors and sources of Blockchain cryptotechnology were discussed, the comparison of centralized bank systems vs. decentralized systems was carried out, the mining process for cryptographic currencies, the concept of a public ledger, the validation principles PoW and PoS are represented, and profitability of cryptographic currencies was analyzed. Furthermore, important applications of Blockchain cryptotechnology were shown (such as Smart Contracting, Bletchley) as well as the accompanying risks, their advantages and disadvantages were discussed. In addition, the malicious applications were discussed such as the ransomware (extortion Trojans).
Finally, the potential and future perspectives of Blockchain cryptotechnology for real business applications were assessed.
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Acknowledgment
Authors’ acknowledgements to the BA Dresden students and scientific fellows (M. Stoll, E. Zumpe, F. Franke, Prof. Dr. L. Zipfel, Prof. Dr. E. Jahn), the colleagues and friends (Prof. Dr. L. Globa from NTUU “Igor Sikorsky KPI” Kyiv, Dr. habil. J. Spillner from ZHAW Zurich) for technical support, inspiration and challenges by fulfilling of this work.
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Luntovskyy, A., Guetter, D. (2019). Cryptographic Technology Blockchain and Its Applications. In: Ilchenko, M., Uryvsky, L., Globa, L. (eds) Advances in Information and Communication Technologies. UKRMICO 2018. Lecture Notes in Electrical Engineering, vol 560. Springer, Cham. https://doi.org/10.1007/978-3-030-16770-7_2
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