Advertisement

Rise of Blockchain Technology: Beyond Cryptocurrency

  • Hasil-E-Hayaat
  • Anu Priya
  • Aanchal KhatriEmail author
  • Prashant Dixit
Conference paper
Part of the Communications in Computer and Information Science book series (CCIS, volume 899)

Abstract

This paper highlights how block chain technology will help in innovation and transformation of business and service sector. To solve the issue, the paper presents the architecture and benefits of blockchain technology. Further it discusses the implication of using blockchain technology in banking, transport sector, Internet of things (IoT), and in enterprises consisting of global commodity chains. The technology helps to bring a shift from technology driven to need driven approach. With all the advancement and benefits, there is further research to be done to fit the model in other areas like e governance which will benefit the society and public values.

Keywords

Blockchain Finance IoT Architecture 

Notes

Acknowledgement

We would like to express our sincere gratitude to Accendere Knowledge Management Pvt. Ltd. for providing us the platform and opportunity to pursue the research.

References

  1. 1.
    Bonneau, J., Narayanan, A., Miller, A., Clark, J., Kroll, J.A., Felten, E.W.: Mixcoin: anonymity for Bitcoin with accountable mixes. In: Christin, N., Safavi-Naini, R. (eds.) FC 2014. LNCS, vol. 8437, pp. 486–504. Springer, Heidelberg (2014).  https://doi.org/10.1007/978-3-662-45472-5_31CrossRefGoogle Scholar
  2. 2.
    Zheng, Z., Xie, S., Dai, H., Chen, X., Wang, H.: An overview of blockchain technology: architecture, consensus, and future trends. In: 6th International Congress on Big Data. IEEE (2017)Google Scholar
  3. 3.
    State of blockchain q1 2016: Blockchain funding overtakes bitcoin (2016)Google Scholar
  4. 4.
    Peters, W., Panayi, E., Chapelle, A.: Trends in crypto-currencies and blockchain technologies: a monetary theory and regulation perspective (2015)Google Scholar
  5. 5.
    Akins, B.W., Chapman, J.L., Gordon, J.M.: A whole new world: income tax considerations of the bitcoin economy (2013)Google Scholar
  6. 6.
    Antshares: Antshares digital assets for everyone (2016). https://www.antshares.org
  7. 7.
    Bentov, I., Lee, C., Mizrahi, A., Rosenfeld, M.: Proof of activity: extending bitcoin’s proof of work via proof of stake. ACM SIGMETRICS Perform. Eval. Rev. 42(3), 34–37 (2014)CrossRefGoogle Scholar
  8. 8.
    Biryukov, A., Khovratovich, D., Pustogarov, I.: Deanonymisation of clients in bitcoin p2p network. In: Proceedings of the 2014 ACM SIGSAC Conference on Computer and Communications Security, pp. 15–29 (2014)Google Scholar
  9. 9.
    Bruce, J.D.: The mini-blockchain scheme, July 2014. http://cryptonite.info/files/mbc-scheme-rev3.pdf
  10. 10.
    Buterin, V.: A next-generation smart contract and decentralized application platform. White paper (2014)Google Scholar
  11. 11.
    Chepurnoy, A., Larangeira, M., Ojiganov, A.: A prunable blockchain consensus protocol based on non-interactive proofs of past states retrievability. arXiv preprint arXiv (2016)Google Scholar
  12. 12.
    Christidis, A., Devetsikiotis, M.: Blockchains and smart contracts for the internet of things. IEEE Access 4, 2292–2303 (2016)CrossRefGoogle Scholar
  13. 13.
    Decker, C., Seidel, J., Wattenhofer, R.: Bitcoin meets strong consistency. In: Proceedings of the 17th International Conference on Distributed Computing and Networking (ICDCN), Singapore, p. 13. ACM, Singapore (2016)Google Scholar
  14. 14.
    Dennis, R., Owen, G.: Rep on the block: a next generation reputation system based on the blockchain. In: 2015 10th International Conference for Internet Technology and Secured Transactions (ICITST), pp. 131–138. IEEE (2015)Google Scholar
  15. 15.
    Devine, P.: Blockchain learning: can crypto-currency methods be appropriated to enhance online learning?. In: ALT Online Winter Conference (2015)Google Scholar
  16. 16.
    Eyal, I., Gencer, A.E., Sirer, E.G., Renesse, R.V.: Bitcoin-NG: a scalable blockchain protocol. In: Proceedings of 13th USENIX Symposium on Networked Systems Design and Implementation (NSDI 16), pp. 45–59 (2016)Google Scholar
  17. 17.
    Habib, K., Torjusen, A., Leister, L.: Security analysis of a patient monitoring system for the Internet of Things in eHealth. In: The Seventh International Conference on eHealth, Telemedicine, and Social Medicine (eTELEMED) (2015)Google Scholar
  18. 18.
    Hardjono, T., Smith, N.: Cloud-based commissioning of constrained devices using permissioned blockchains. In: Proceedings of the 2nd ACM International Workshop on IoT Privacy, Trust, and Security, pp. 29–36. ACM (2016)Google Scholar
  19. 19.
    Jaag, C., Bach, C., et al.: Blockchain technology and cryptocurrencies: opportunities for postal financial services. Technical report (2016)Google Scholar
  20. 20.
    Kraft, D.: Difficulty control for blockchain-based consensus systems. Peer-to-Peer Netw. Appl. 9(2), 397–413 (2016)CrossRefGoogle Scholar
  21. 21.
    Mazieres, D.: The stellar consensus protocol: a federated model for internet-level consensus. Stellar Development Foundation (2015)Google Scholar
  22. 22.
    Meiklejohn, S., Pomarole, M., Jordan, G., Levchenko, K.: A fistful of bitcoins: characterizing payments among men with no names. In: Proceedings of the 2013 Conference on Internet Measurement Conference (IMC 2013) (2013)Google Scholar
  23. 23.
    Aliyu, A., Abdullah, A.H., Kaiwartya, O., Khatri A.: Mobile cloud computing energy-aware task offloading (MCC: ETO). In: Proceedings of ICCCS, Taylor & Francis, 10 September 2016Google Scholar
  24. 24.
    Miau, S., Yang, J.M.: Bibliometrics-based evaluation of the Blockchain research trend: 2008–March 2017. Technol. Anal. Strateg. Manag. 30(9), 1–17 (2018)CrossRefGoogle Scholar
  25. 25.
    Islam, A., Chae, S., Shin, S.Y.: Social Internet of Things (SIoT) and Blockchain: research opportunities and challenges. Open image in new window 326–327 (2018)Google Scholar
  26. 26.
    Berg, C., Davidson, S., Potts, J.: Some Public Economics of Blockchain Technology (2018)Google Scholar
  27. 27.
    Lewison, K., Corella, F.: Backing rich credentials with a blockchain PKI. Technical report, Pomcor 2016 (2018). https://pomcor.com/techreports/BlockchainPKI.pdf

Copyright information

© Springer Nature Singapore Pte Ltd. 2018

Authors and Affiliations

  • Hasil-E-Hayaat
    • 1
  • Anu Priya
    • 1
  • Aanchal Khatri
    • 2
    • 3
    Email author
  • Prashant Dixit
    • 1
  1. 1.CSE DepartmentManav Rachna International UniversityFaridabadIndia
  2. 2.Jawaharlal Nehru UniversityNew DelhiIndia
  3. 3.Accendere KMS Pvt. Ltd.New DelhiIndia

Personalised recommendations