BLOCKCHAIN TECHNOLOGY A NEW

ERA OF TRANSACTION

A Project Submitted in
University of Mumbai for partial completion of the degree
of Bachelor in Commerce (Accounting and Finance)
Under the Faculty of Commerce

By
Mr. Hemant Manjit Jangir
Roll no.: 2105027

Under the Guidance of

Asst. Prof. Darshan Kantelia

Thakur Ramnarayan College of Arts and Commerce, Thakur

Ramnarayan Educational Campus, S.V. Road, Dahisar (East),
Mumbai-400068.

March 2024
 BLOCKCHAIN TECHNOLOGY A NEW
ERA OF TRANSACTION

A Project Submitted in
University of Mumbai for partial completion of the degree
of Bachelor in Commerce (Accounting and Finance)
Under the Faculty of Commerce

By
Mr. Hemant Manjit Jangir
Roll no.: 2105027

Under the Guidance of

Asst. Prof. Darshan Kantelia

Thakur Ramnarayan College of Arts and Commerce, Thakur

Ramnarayan Educational Campus, S.V. Road, Dahisar (East),
Mumbai-400068.

March 2024
 CERTIFICATE

This is to certify that Mr. Hemant Manjit Jangir has worked and duly completed his

Project Work for the degree of Bachelor in Commerce (Accounting & Finance) under the

Faculty of Commerce in the subject of Commerce and his project is entitled,

“BLOCKCHAIN TECHNOLOGY A NEW ERA OF TRANSACTION’’ under my

supervision.

I further certify that the entire work has been done by the learner under my guidance and

that no part of it has been submitted previously for any Degree or Diploma of any

University.

It is his own work and facts reported by his personal findings and investigations.

Internal Examiner External Examiner

Asst. Prof. Daksha Choudhary Dr. Ravish R. Singh

Programme Co-ordinator Principal

Date of Submission: 30th March, 2024

i
 DECLARATION BY LEARNER

I the undersigned Mr. Hemant Manjit Jangir hereby, declare that the work embodied
in this project work titled “BLOCKCHAIN TECHNOLOGY A NEW ERA OF
TRANSACTION”, forms my contribution to the research work carried out under the
guidance of Asst. Prof. Darshan Kantelia Result of own research work and has not
been previously submitted to any other University for any other Degree/Diploma to this
or any other University.

Wherever reference has been made to previous works of others, it has been indicated as
such and included in the bibliography.

I, here further declare that all information in this document has been obtained and
presented by academic rules and ethical conduct.

Mr. Hemant Manjit Jangir

Name and signature of the learner

CERTIFIED BY

Asst. Prof. Darshan Kantelia

Research Guide

ii
 ACKNOWLEDGMENT

To list who all have helped me is difficult because they are so numerous and the depth
is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me a chance to
do this project.

I would like to thank my principal Dr. Ravish. R. Singh for providing the necessary
facilities required for the completion of this project.

I take this opportunity to thank our coordinator Asst. Prof. Daksha Choudhary, for
her moral support and guidance.

I would also like to express my sincere gratitude towards my project guide

Asst. Prof. Darshan Kantelia, whose guidance and care made the project successful.

I would like to thank my college library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thank every person who directly or indirectly helped me in
the completion of the project especially my parents and peers who supported me
throughout my project.

iii
 LIST OF TABLES

Table No. Title Page no.

2.1 Tabulation of Blockchain Technology 40
4.1 Heard of Blockchain Technology 82
4.2 Understanding of Blockchain Technology 83
4.3 Transaction using Blockchain Technology or 84
Cryptocurrencies
4.4 Using Blockchain Technology for transactions 85
4.5 Benefits Blockchain Technology offers for 86
Transactions
4.6 Using Blockchain Technology for transactions in the 87
Future
4.7 Blockchain technology will become more widely 88
adopted for transactions in the future
4.8 Types of Transactions Blockchain technology is most 89
suitable
4.9 Blockchain Technology can help reduce fraud in 90
transactions
4.10 Blockchain Technology compares to traditional 91
transaction methods
4.11 Sources to rely on for information about Blockchain 92
Technology

iv
 LIST OF GRAPHS

Graph No. Title Page no.

4.1 Heard of Blockchain Technology 82
4.2 Understanding of Blockchain Technology 83
4.3 Transaction using Blockchain Technology or 84
Cryptocurrencies
4.4 Using Blockchain Technology for transactions 85
4.5 Benefits Blockchain Technology offers for 86
Transactions
4.6 Using Blockchain Technology for transactions in the 87
Future
4.7 Blockchain technology will become more widely 88
adopted for transactions in the future
4.8 Types of Transactions Blockchain technology is most 89
suitable
4.9 Blockchain Technology can help reduce fraud in 90
transactions
4.10 Blockchain Technology compares to traditional 91
transaction methods
4.11 Sources to rely on for information about Blockchain 92
Technology

v
 INDEX

Chapter Title Page no.

no.
Certificate i
Declaration ii
Acknowledgement iii
List of Tables iv
List of Graphs v
1 Introduction 1
1.1 Meaning 1-4
1.2 Selection and Relevance 4-5
1.3 History 5-8
1.4 Basics of Blockchain Technology 8-9
1.5 Types of Blockchain Technology 9-10
1.6 Key Characteristics 10-11
1.7 Definitions related 11-16
2. Research Methodology 17
2.1 Objectives 17-21
2.2 Scope of Blockchain Technology 28-33
2.3 Limitations 34-36
2.4 Techniques and Tools to be Used 36-39
2.5 Tabulation 40-42
2.6 Hypothesis 42-53
3. Literature Review 54-81
4. Data Analysis, Interpretation and presentation 82-92

5. Findings, Suggestions, andConclusion 93

5.1 Findings 93-94
5.2 Suggestions 94-95
5.3 Conclusion 95-97
Bibliography 98-99
Annexure 100-102

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 Chapter 1
Introduction

 1.1 Meaning

The decentralized digital ledger system known as blockchain technology is a

revolutionary development in the recording, sharing, and validation of
transactions via a network of linked computers. Blockchain offers a distributed
ledger system in which every member of the network keeps a copy of the
complete blockchain, in contrast to typically centralized databases that store data in
a single location under the control of a single institution. Because each transaction is
cryptographically protected and independently confirmed by many nodes in the
network, its distributed design guarantees hitherto unheard-of levels of security,
immutability, and transparency.

The fundamental building block of blockchain technology is a series of blocks,

each of which contains a collection of transactions. Together, these chronologically
ordered blocks create an impenetrable, unchangeable ledger of transactions.
Importantly, every block includes a distinct cryptographic hash of the one before it,
forming a chain that keeps data changes practically unfeasible in the past without
affecting later blocks. The blockchain's intrinsic structure protects it from
unauthorized changes and manipulation by guaranteeing its integrity and
immutability.

Proof of work (PoW) and proof of stake (PoS), two consensus techniques that
support blockchain technology, are essential for verifying and appending new
transactions to the network. Network users decide on the legitimacy of
transactions collectively through a decentralized method, doing away with the
requirement for a central authority to supervise or validate transactions. Thanks to
the decentralized validation system, which verifies all transactions by consensus
and records them publicly, the network is not only more secure but also more
transparent and trustworthy.

1
Two of the main tenets of blockchain technology are security and transparency.
Since every member of the network has an identical, complete copy of the
blockchain, it is simple to verify and track transactions back to their source. Due
to the immutability and public accessibility of the complete transaction history,
this openness lowers the possibility of fraud and manipulation.
To further improve the overall security of the blockchain, cryptographic
techniques like hashing algorithms and digital signatures guarantee that
transactions are safely stored and unchangeable.

Blockchain technology has several potential uses in a variety of sectors and

businesses. Blockchain technology makes it easier to create and transmit digital
currencies in the financial sector, allowing for quick, safe peer-to-peer
transactions without the need for middlemen.
Blockchain can monitor the origin of commodities in supply chain management,
guaranteeing authenticity and transparency throughout the chain. Blockchain
improves data protection and accessibility in the healthcare industry by enabling
the safe and interoperable storage of patient records.

The autonomy of smart contracts is one of its main characteristics. Once implemented
on the blockchain, smart contracts operate automatically without the need for human
involvement, carrying out preset activities when certain criteria are satisfied. By
streamlining contract execution processes, this automation lowers the possibility of
mistakes, hold-ups, and disagreements. Furthermore, smart contracts are immune to
fraud and manipulation since they are immutable and tamper-proof.

Smart contracts have applications in many different industries, all of which profit
from their special qualities. Smart contracts provide content producers with a way to
safeguard their intellectual property and guarantee just remuneration in the context of
digital rights management. Creators may reduce the danger of piracy and unlawful
distribution by embedding ownership rights and use permits into immutable contracts,
which promotes a more egalitarian digital economy.

2
In a similar vein, the insurance sector stands to gain a great deal from smart contract
adoption. Smart contracts may automate risk assessment, policy administration, and
claims processing, which lowers administrative costs and boosts productivity.
Insurance companies may use blockchain technology to increase policyholder
competitiveness, improve transparency, and expedite procedures.

Another industry that is prime for disruption by smart contracts is real estate, which is
often defined by intricate transactions and a large number of middlemen. Blockchain-
based smart contracts can manage title documents, escrow services, and property
transfers while lowering transaction costs and decreasing friction. Smart contracts
provide a more transparent, effective, and safe way to execute real estate transactions
by digitizing and automating these procedures.

Adoption of smart contracts is not without difficulties, though. The implementation of

scalability, interoperability, and regulatory considerations presents considerable
challenges. Blockchain networks have to deal with problems like network congestion
and scalability bottlenecks as transaction volumes rise. The lack of interoperability
between various blockchain platforms and traditional systems continues to be a
barrier to adoption and smooth integration.

In addition, different countries have different regulatory frameworks for smart

contracts, which leads to ambiguity and complexity in the law. Encouraging trust and
confidence in smart contract technology requires addressing issues with contract
enforcement, dispute resolution, and responsibility in the event of errors or breaches.

The idea of smart contracts is among blockchain technology's most inventive features.
Smart contracts are decentralized contracts that run automatically on the
blockchain- based on pre-established parameters. These contracts streamline
contract execution procedures by doing away with the need for middlemen and
automatically executing and enforcing agreement provisions when certain
conditions are satisfied. Smart contracts are widely applicable in a wide range of
sectors, including digital rights management, insurance, and real estate.

In conclusion, blockchain technology offers a safe, open, and effective substitute

3
 for conventional centralized systems. It signifies a paradigm shift in the recording,
verification, and execution of transactions. Blockchain has the power to change
many sectors and the way people interact, communicate, and cooperate in the
digital age by utilizing its decentralized architecture, cryptographic security, and
consensus processes.

 1.2 Selection and Relevance

The selection and relevance of blockchain technology depend on various factors

including the specific use case, the problem being addressed, and the existing
infrastructure. Here are some considerations for selecting and assessing the
relevance of blockchain technology:

1. Decentralisation requirement
Blockchain technology is most relevant when there's a need for decentralized
control and trust among participants. If the application requires a distributed
network without a central authority, blockchain can be a suitable solution. For
example, in financial transactions where intermediaries are traditionally involved,
blockchain can enable peer-to-peer transactions without the need for
intermediaries.

2. Data Immutability and Transparency

If the use case demands a tamper-proof and transparent record of transactions or
data, blockchain's immutable ledger can be valuable. This is particularly relevant in
supply chain management, where stakeholders require visibility into the
provenance and authenticity of goods, or in voting systems where transparency
and auditability are crucial.

3. Interoperability and integration

Assess whether the blockchain solution can integrate with existing systems and
standards. Interoperability between different blockchain platforms and legacy systems
is crucial for seamless data exchange and adoption. Projects focusing on
interoperability protocols such as Polkadot, Cosmos, and interoperability

4
 standards like Hyperledger Cactus aim to address this challenge.

4. Scalability and performance

Evaluate the scalability and performance characteristics of the blockchain
platform relative to the requirements of the application. While public blockchains
like Bitcoin and Ethereum have limitations in terms of transaction throughput and
latency, permissioned blockchains or layer 2 scaling solutions may offer better
scalability for enterprise applications

5. Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement directly
written into code. They automatically enforce and execute the terms of the contract,
eliminating the need for intermediaries and reducing the risk of fraud. Smart contracts
find applications in various fields, including real estate, insurance, and supply chain
management, streamlining processes and reducing transaction costs.

6. Supply Chain Management

Blockchain enables end-to-end traceability and transparency in supply chains by
recording every transaction and movement of goods on a decentralized ledger. This
transparency helps to prevent counterfeit goods, track the origin of products, and
streamline logistics processes.

 1.3 History

1. Predecessors to Blockchain:
Before blockchain technology, various thoughts, and technologies provided the
foundations for its birth. Cryptographic breakthroughs in the early 1990s resulted in
the invention of cryptographic hashing algorithms and digital timestamps. These
cryptographic approaches permitted the production of secure and immutable digital
records, paving the way for the advancement of blockchain technology.

2. Origins of Blockchain:
The concept of blockchain, as we know it today, emerged in a whitepaper published

5
 in 2008 by an individual or group using the pseudonym Satoshi Nakamoto. Titled
"Bitcoin: A Peer-to-Peer Electronic Cash System," the whitepaper proposed a
decentralized digital currency system built on a novel data structure known as the
blockchain. Bitcoin, the first cryptocurrency, was designed to address the limitations
of traditional financial systems, including centralization, censorship, and reliance on
intermediaries.

3. Birth of Bitcoin:
On January 3, 2009, Satoshi Nakamoto mined the genesis block of the Bitcoin
blockchain, officially launching the network. The genesis block, also known as Block
0, had a headline from The Times that read: "Chancellor on brink of second bailout
for banks," emphasizing the distrust in established financial institutions that Bitcoin
wanted to overcome. Each following block in the Bitcoin blockchain contains a
cryptographic hash of the preceding block, resulting in a series of blocks that is
tamper-evident.

4. Early Developments and Adoption:

Bitcoin's early community consisted mostly of cypherpunks, cryptography
aficionados, and libertarians. However, Bitcoin gained popularity as more people and
organizations saw its potential as a decentralized digital money. Early adopters
experimented with Bitcoin mining, transactions, and the creation of related services
and apps.

5. Expansion of Blockchain Applications:

Blockchain technology has expanded beyond its initial use with Bitcoin. In 2013,
Vitalik Buterin created Ethereum, a decentralized platform that allowed for the
construction of smart contracts and decentralized applications (DApps). Ethereum
provides a Turing-complete programming language, allowing developers to create a
broad range of blockchain-based applications, such as decentralized finance (DeFi),
non-fungible tokens (NFTs), and decentralized autonomous organizations.

6. Rise of Altcoins and Diversification:

The success of Bitcoin and Ethereum paved the way for the proliferation of alternative
cryptocurrencies, often referred to as altcoins. These altcoins sought to address

6
 perceived shortcomings or introduce novel features not present in Bitcoin or
Ethereum. Litecoin, launched in 2011, introduced faster transaction times and a
different hashing algorithm, while Ripple focused on facilitating fast and low-cost
cross-border payments. The diversity of blockchain platforms and cryptocurrencies
contributed to the growing ecosystem and expanded the scope of blockchain
applications.

7. Enterprise Adoption and Consortiums:

As blockchain technology matured, enterprises began exploring its potential to
streamline business processes, enhance transparency, and reduce costs. Consortiums
such as the Hyperledger Project, initiated by the Linux Foundation, and R3's Corda
platform emerged to facilitate collaboration and standardization in enterprise
blockchain development. These initiatives brought together industry stakeholders to
explore blockchain use cases, develop interoperable standards, and build enterprise-
grade blockchain solutions tailored to specific industries and applications.

8. Regulatory and Legal Developments:

Regulatory and legal frameworks have emerged to handle the difficulties and potential of
cryptocurrency and blockchain technologies. Governments and regulatory agencies
throughout the world have been grappling with concerns like consumer protection,
money laundering, tax compliance, and cryptocurrency categorization. While some
countries have welcomed blockchain innovation and created supporting rules, others
have taken a more cautious approach, putting limits or outright prohibitions on
specific blockchain activities

9. Maturation and Mainstream Adoption:

In recent years, blockchain technology has entered a phase of maturation and
mainstream adoption, with governments, corporations, and startups exploring its
potential across a wide range of industries and use cases. Major tech companies,
financial institutions, and governments are investing in blockchain research,
development, and implementation, recognizing its potential to drive innovation,
improve efficiency, and foster trust in digital transactions. From supply chain
management and healthcare to finance and digital identity, blockchain is being
leveraged to address complex challenges and reimagine traditional business models.

7
10. Future Prospects and Challenges:
Blockchain technology can alter companies, economies, and societies. Several
problems and impediments must be overcome before this potential may be completely
realized. Scalability, interoperability, legal ambiguity, privacy issues, and
environmental sustainability are some of the major barriers to blockchain adoption.
To address these difficulties, industry stakeholders, policymakers, researchers, and
engineers must work together to create scalable, secure, and long-term blockchain
solutions that unleash value and empower individuals and organizations throughout
the world.

 1.4 Basics of Blockchain Technology

How Blockchain Works

Step 1: Record the transaction

A blockchain transaction represents the transfer of physical or digital assets from one
party to another inside the blockchain network. It is recorded as a data block and can
include the following details:
Who participated in the transaction? Recorded are the identities of the participants
of the transaction, which are frequently indicated via their public keys or blockchain
addresses. They function as distinct IDs inside the blockchain network.
What happened throughout the transaction? The details of the transaction are
recorded, including the kind of asset being transferred (such as real commodities,
digital tokens, or cryptocurrencies), its quantity or value, and any further terms or
conditions that the parties have decided upon.
When did the transaction occur? The transaction is documented with a timestamp
that shows the precise day and hour the assets were transferred. This timestamp allows
users to follow the chronology of transactions within the blockchain and guarantees
chronological order.
Where did the transaction happen? Although blockchain transactions take place on a
decentralized network, it usually doesn't matter where the transaction originated or
where it is located. Nonetheless, for audit or compliance purposes, metadata like IP
addresses or geolocation information may be kept.
Why did the transaction happen? The transaction record may include the reasoning or

8
 intent behind the transaction, such as a buy, sell, ownership transfer, or contract
execution. This data offers clarification and background on the purpose of the asset
transfer.
How much of the asset was exchanged? Documented is the quantity or amount of
the asset involved in the transaction, stated in the appropriate units (such as physical
units, token amounts, or cryptocurrency units). This data guarantees that the asset
transfer is recorded precisely and accurately.
How many preconditions were satisfied throughout the transaction? Noted are
any predetermined criteria or conditions, such as minimum balance thresholds,
cryptographic signatures, or smart contract constraints, that must be fulfilled for the
transaction to be considered legitimate. Ensuring the fulfillment of these prerequisites
contributes to preserving the transaction process's security and integrity.
Step 2: Reach a consensus
The majority of participants on the distributed blockchain network must agree that the
recorded transaction is genuine. Rules of agreement might differ depending on the
type of network, but they are normally negotiated at the network's inception.
Step 3: Link the blocks
Once the participants have achieved an agreement, transactions on the blockchain are
recorded in blocks similar to the pages of a ledger book. Along with the transactions, a
cryptographic hash is added to the new block. The hash serves as a chain, connecting the
blocks. If the block's contents are updated, either purposefully or inadvertently, the
hash value changes, allowing data tampering to be detected.
Thus, the blocks and chains are securely linked, and they cannot be edited. Each new
block improves the verification of the prior block, and hence the whole blockchain.
This is similar to stacking wooden blocks to construct a tower. You can only build
blocks on top of each other, and removing a block from the tower's center causes the
entire structure to collapse.
Step 4: Share the ledger
The system delivers the most recent copy of the central ledger to all participants.

 1.5 Types of Blockchain Technology

There are four main types of decentralized or distributed networks in the blockchain:

1. Public blockchain networks

Public blockchains are permissionless, allowing anybody to join them. Everyone on

9
 the blockchain has equal access to read, modify, and validate the blockchain. People
typically utilize public blockchains to exchange and mine cryptocurrency such as
Bitcoin, Ethereum, and Litecoin
.
2. Private Blockchain Networks
Private blockchains, or managed blockchains, are controlled by a single entity. The
authority determines who may become a member and what privileges they have
within the network. Private blockchains are only partially decentralized due to access
limitations. Ripple, a business-focused digital currency exchange network, is one
example of a private blockchain.

3. Hybrid blockchain networks.

Hybrid blockchains mix aspects of private and public networks. Companies can run
private, permission-based systems alongside public ones. In this way, businesses may
regulate access to select data recorded on the blockchain while leaving the rest of the
data public. They employ smart contracts to enable public members to determine
whether private transactions have been completed. For example, hybrid blockchains
can provide public access to digital cash while keeping bank-owned currency private.

4. Consortium blockchain networks

A set of organizations oversees consortium blockchain networks. Preselected entities
are responsible for maintaining the blockchain and setting data access permissions.
Industries with several companies that share aims and profit from shared
responsibilities frequently prefer consortium blockchain networks. For example, the
Global Shipping Business Network Consortium is a non-profit blockchain consortium
dedicated to digitizing the shipping sector and increasing collaboration among marine
industry players.

 1.6 Key Characteristics of Blockchain

Blockchain architecture contains the following essential components:

1. A Distributed Ledger
A distributed ledger is a shared database on the blockchain network that keeps
transactions, similar to a shared file that anybody on the team may modify. In most
shared text editors, anybody with editing permissions can erase an entire file.

10
 However, distributed ledger solutions have rigorous restrictions governing who and
how may be edited. You cannot remove entries once they have been recorded.

2. Smart contracts
Companies utilize smart contracts to manage commercial contracts without the
assistance of a third party. They are blockchain-based applications that execute
automatically when preset criteria are satisfied. They perform if-then tests to ensure
that transactions may be executed reliably. A logistics business, for example, may
create a smart contract that pays off immediately whenever items arrive at the port.

3. Public Key Cryptography

Public key cryptography is a security mechanism that uniquely identifies blockchain
network participants. This approach creates two sets of keys for network members.
One key is a public key that is shared by everyone in the network. The other is a
private key, which is unique to each member. The private and public keys collaborate
to unlock the data in the ledger.
For example, John and Jill are both members of the network. John creates a transaction
that is encrypted using his private key. Jill may decode it using her public key. In this
manner, Jill is certain that John completed the deal. Jill's public key would not have
functioned if John's private key had been compromised.

4. Cryptocurrency
A lot of blockchain networks come with built-in cryptocurrency (like Ethereum and
Bitcoin). Within the blockchain ecosystem, these cryptocurrencies are used for several
functions, including transaction facilitation, network member incentives (such as
validators or miners), and decentralized application power.

 1.7 Definitions Related to Blockchain Technology

1. Cryptography
Hashing is a cryptographic technique that turns input data (such as transactions or
files) into a fixed-length string of characters called a hash value or hash digest. It is a
one-way function, which means it is computationally impractical to deduce the
original input from the hash value. Hashing is important in blockchain technology

11
 because it allows for the creation of secure and tamper-proof data structures, such as
blocks.

Digital signatures are cryptographic procedures that verify the authenticity, integrity,
and non-repudiation of digital communications or documents. They are formed
bycombining a private key (known only by the signer) with a public key (shared
publicly). Digital signatures verify that a communication was signed by a certain
entity and has not been changed since the signature was applied. In blockchain
technology, transactions are signed using digital signatures, allowing parties to
establish ownership of cryptocurrency assets and approve transfers.
Encryption is the process of transforming plaintext data into ciphertext via
cryptographic methods and keys. It guarantees that data stays secret and unreadable
by unauthorized parties. Encryption is used in blockchain technology to safeguard
sensitive information such as private keys, transaction details, and personal data that
is stored or transported over the network. It helps to avoid unwanted access,
eavesdropping, and data breaches.

2. Consensus Mechanisms
Proof of Work (PoW) is a consensus technique used in blockchain networks to agree
on transaction legitimacy and block order. In PoW, players (known as miners)
compete to solve complicated mathematical problems, with the first to do so obtaining the
privilege of adding a new block to the blockchain and receiving a reward. PoW
maintains the network's security and resistance to manipulation by requiring
computational labor to validate transactions and generate new blocks.
Proof of Stake (PoS) is a consensus process in which individuals (known as validators)
are selected to validate transactions and produce new blocks based on the number of
cryptocurrency tokens they own and are prepared to "stake" as collateral. In PoS,
validators are chosen to propose and validate blocks in proportion to their stake,
motivating them to act honestly and protect the network. PoS is typically seen as a
more energy-efficient alternative to PoW since it requires fewer computer resources.
Practical Byzantine Fault Tolerance (PBFT) is a consensus technique that aims to
reach agreement across dispersed nodes in a network even in the face of malevolent
actors or network faults. PBFT needs a two-thirds majority of nodes to agree on
transaction legitimacy and block order. It guarantees that the network continues to
function properly and consistently, even if some nodes get hacked or fail to react.

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3. Smart Contracts
Smart contracts are self-executing agreements with the terms encoded straight into
code. They automatically execute and enforce the terms of an agreement when
predetermined criteria are satisfied, eliminating the need for intermediaries or third-
party enforcement. Smart contracts run on decentralized blockchain systems like
Ethereum, allowing for a variety of applications such as decentralized finance (DeFi),
supply chain management, digital identification, and decentralized autonomous
organizations (DAOs). They increase transparency, security, and efficiency by
automating trustless transactions and removing the need for traditional legal contracts.

4. Decentralized Storage
Decentralized storage is storing data over a distributed network of nodes rather than
on centralized servers or data centers. It uses peer-to-peer (P2P) networks and
cryptographic techniques to provide redundancy, security, and censorship resistance.
Decentralized storage technologies, such as InterPlanetary File System (IPFS) and
Filecoin, enable users to store and retrieve data in a decentralized way, eliminating
the need for a single point of failure or control. Blockchain applications frequently
employ decentralized storage to store transaction data, digital assets, and other
decentralized apps (dApps).

5. Wallets
Blockchain wallets are software apps or hardware devices that enable users to securely
store, manage, and exchange cryptocurrency and other digital assets. They are made
up of public and private keys that are used to send and receive blockchain transactions.
Wallets are available in a variety of formats, including desktop wallets (installed on a
computer), mobile wallets (loaded on a smartphone), online wallets (accessed through a
web browser), and hardware wallets. Blockchain wallets provide users control over
their cash, privacy, and security, allowing them to communicate with the blockchain
and manage their digital assets more efficiently.

6. Development Frameworks
Development frameworks offer tools, libraries, and environments for creating
blockchain apps, smart contracts, and decentralized protocols. They abstract away the

13
 intricacies of blockchain development and give developers the tools they need to
build, deploy, and manage blockchain-based applications. Truffle for Ethereum,
Hyperledger Fabric for commercial blockchain solutions, and EOSIO for EOS-based
decentralized applications (dApps) are among the most popular blockchain
development frameworks. These frameworks provide capabilities like contract
compilation, testing, deployment, and debugging, which make it easier for developers
to create and deploy blockchain applications.

7. Blockchain Explorer
A blockchain explorer is a web-based tool or application that lets you see and interact
with blockchain data such as transactions, blocks, addresses, and smart contracts. It
gives real-time access to the blockchain's status, allowing users to trace transactions,
monitor network activity, and study past data. Blockchain explorers are vital for
auditing, analysis, and research because they provide transparency and accountability
in decentralized networks. Examples of blockchain explorers are Etherscan (for
Ethereum) and Blockchain (many blockchains).

8. Interoperability Protocols
Interoperability protocols allow blockchain networks to connect and share data, hence
promoting interoperability and cross-chain transactions. They define standards and
protocols for linking diverse blockchain systems and enable smooth data flow across
them. Polkadot, Cosmos, and Interledger Protocol (ILP) are examples of
interoperability protocols, with each taking a distinct approach to establishing
interoperability and facilitating cross-chain compatibility. These protocols enable
blockchain networks to communicate and share data, assets, and functionality, hence
expanding the capabilities and reach of blockchain technology.

9. Scalability Solutions
Scalability solutions address the difficulty of boosting transaction throughput while
decreasing latency on blockchain networks, allowing them to manage a higher amount of
transactions and users. They include strategies like sharding, layer 2 scaling
solutions, and sidechains that strive to increase scalability while preserving security
and decentralization. Sharding is the practice of separating the blockchain into

14
 smaller, more manageable portions known as shards, which allows for parallel
transaction processing and increases network throughput. Layer 2 scaling solutions,
such as Lightning Network for Bitcoin and Optimistic Rollups for Ethereum, allow
for off-chain transaction processing and micropayments, lowering congestion on the
main blockchain. Sidechains are separate blockchains that are linked to the main
blockchain by two-way pegs, allowing for quicker and more scalable transactions
while being interoperable with the main chain. These scaling solutions solve
blockchain networks' scalability limits, allowing them to scale to meet the rising
demands of users and applications.

10. Identity Management

Identity management systems on the blockchain offer safe and verified digital
identities, allowing users to govern their data and connect with services without
depending on centralized identity providers. These solutions use blockchain
technology to generate self-sovereign identities (SSIs) and decentralized identifiers
(DIDs) that are unique, secure, and tamper-resistant.

Self-sovereign identification (SSI) allows people to create and manage their digital
identities using blockchain credentials and cryptographic keys, giving them complete
control over their identity and personal information.

Decentralized identifiers (DIDs) are unique identifiers based on the blockchain that
allows for safe and interoperable identity management across many platforms and
apps. Identity management systems on the blockchain provide privacy, security, and
transparency while giving consumers more control over their identity and data. They
find applications in a variety of domains, including digital identity verification, access
control, and decentralized authentication, allowing for safe and smooth digital
interactions.

11. Node
A blockchain network's nodes, which house the ledger, approve transactions, and
promote consensus, are crucial parts. Lightweight nodes rely on full nodes for
transaction verification, whereas full nodes keep an entire copy of the ledger,

15
providing redundancy and security. Nodes broadcast transactions and synchronize
blockchain data through peer-to-peer communication, enabling network connection.

Ensuring that all nodes are in agreement with the ledger's current state, they are
essential to reaching consensus. Nodes participate in consensus processes and validate
transactions to maintain the trustworthiness and integrity of the blockchain network.
The distributed nature of these systems improves decentralization and resilience while
lowering the possibility of single points of failure. Nodes are essential to the overall
security and functionality of blockchain ecosystems, adding to their dependability and
transparency.

16
 Chapter 2
Research Methodology

2.1 Objectives

1. Enhancing Security

Enhancing the security of blockchain technology is critical to its functioning and

broad adoption. Here is a quick rundown of the most important blockchain security
features:
Cryptography
Blockchain technology significantly depends on cryptographic methods to safeguard
data and transactions. Only the intended receiver may decode and access sensitive
data thanks to public-key cryptography. To guarantee data integrity and prohibit
manipulation, hash functions are utilized to generate distinct digital fingerprints for
every block.
Consensus techniques
To validate transactions and protect the network from bad actors, consensus
techniques like Proof of Work (PoW) and Proof of Stake (PoS) are used. By ensuring
that nodes concur on a transaction's authenticity, these measures make it more difficult
for one party to tamper with the blockchain.
Immutable Ledger
Because of cryptographic hashing and the decentralized structure of the network, data
stored on the blockchain is essentially unchangeable once it is in place. Because every
block has a reference to the one before it, a chain of blocks is formed that cannot be
broken without also breaking the blocks that come after it. This data's immutability
improves security by avoiding unwanted changes.
Decentralization:
Blockchain is based on a decentralized network of nodes, reducing the danger of
single points of failure and increasing attack resilience. Decentralization guarantees
that no single party has complete control over the network, making it more difficult
for hostile actors to exploit the system.

17
Network Security
Blockchain networks use a variety of security techniques to guard against external
threats such as Distributed Denial of Service (DDoS) and Sybil attacks. Firewalls,
encryption, and network segmentation are widely used to protect network
infrastructure and data transfer.

Smart Contract Auditing

In platforms that allow smart contracts, auditing and testing the smart contract code is
critical for identifying flaws and ensuring secure execution. Formal verification
approaches and code audits serve to reduce the possibility of smart contract defects
and vulnerabilities being exploited by attackers.

Permissioned Blockchains
In certain applications, permission or private blockchains are used to limit access to
only authorized participants. This method improves security by minimizing the attack
surface and giving administrators more control over network governance and access
restrictions.

Continuous Monitoring and Updates

Blockchain protocols are constantly monitored and updated to fix vulnerabilities and
enhance security. Regular audits, bug bounties, and community-driven efforts all
assist to detect and solve any security problems.

Attack Resistance
Blockchain networks are built to withstand a variety of assaults, including Sybil
attacks, 51% attacks, double-spending attacks, and more. Consensus procedures and
cryptographic approaches are used to reduce the dangers of these assaults.

Network Governance
Governance models in blockchain networks guarantee that choices on protocol
changes, security measures, and network operations are transparent and in the
community's best interests. This contributes to the network's long-term resiliency.

Community Engagement
Active engagement from the community, including developers, miners, and users, is

18
 critical to the security and durability of blockchain networks. Collaboration and
information exchange assist in detecting and minimizing new dangers.

Redundancy and Scalability

Blockchain networks are meant to be redundant and scalable, so they can survive
abrupt spikes in transaction volume or unforeseen occurrences. Redundant nodes and
failover methods guarantee that activities continue even under bad situations.
Blockchain technology may provide strong protection against numerous threats and
vulnerabilities by installing and constantly enhancing these security measures,
promoting trust and confidence among Blockchain technology may provide strong
protection against numerous threats and vulnerabilities by installing and continually
improving on these security measures, creating trust and confidence among users and
stakeholders alike.

Token Locking and Vesting Schedules

The use of token locking and vesting schedules in blockchain securities tokens is
crucial in mitigating quick sell-offs and potential manipulation of the market. The
implementation of time-bound limitations on token transferability serves as an
incentive for token holders to maintain their commitment to the long-term success of
the project. This reduces abrupt swings brought on by massive token dumps, which
promotes stability in secondary markets. Furthermore, by progressively releasing
tokens over time, vesting schedules guarantee that stakeholders—including founders
and team members—align their interests with investors, improving accountability and
transparency. All things considered, these actions support a safer and healthier
environment for token investments and trading inside the blockchain ecosystem.

2. Driving Innovations and Disruption Across Industries

Blockchain technology has emerged as a revolutionary force, propelling innovation and

disruption across several industries.

Finance & Banking

Cryptocurrencies and digital assets have transformed the financial landscape by
providing alternatives to established banking institutions. Decentralized finance

19
(DeFi) systems offer open-access financial services, such as lending, borrowing, and
trading, with no middlemen. Blockchain-based payment systems allow for quicker,
cheaper, and more secure cross-border transactions, challenging existing remittance
providers.

Supply Chain Management

Blockchain technology provides end-to-end transparency and traceability in supply
chains, decreasing counterfeiting, fraud, and inefficiencies. Smart contracts automate
and enforce contractual agreements, allowing for trustless interactions between supply
chain parties. Track-and-trace systems that use blockchain technology improve
product provenance, assuring authenticity and quality across the supply chain.

Healthcare
Blockchain technology protects patient data and medical records, assuring privacy,
integrity, and interoperability across healthcare providers. Blockchain-powered health
information exchanges enable safe medical data sharing, hence enhancing care
coordination and patient outcomes. Pharmaceutical supply chain management
systems based on blockchain technology prevent counterfeit pharmaceuticals and
assure medication validity.

Real Estate
Blockchain allows for fractional ownership and tokenization of real estate assets,
resulting in fractional investments and liquidity. Smart contracts automate property
transactions including purchasing, selling, and leasing, decreasing the need for
middlemen and lowering transaction costs. Blockchain-based title deed management
solutions increase transparency and speed property transfer processes, hence
minimizing fraud and disputes. Energy and utilities
Blockchain enables peer-to-peer energy trading, which allows customers to purchase
and sell renewable energy directly to one another, upending established utility
practices. Decentralized blockchain-powered energy networks improve grid
resilience, optimize energy distribution, and encourage renewable energy generation.
Blockchain-based carbon credit systems encourage sustainability by recording and
validating carbon emission reductions, hence increasing environmental
accountability.

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Governance and voting
Blockchain improves openness and integrity in elections and voting procedures,
lowering the likelihood of fraud and manipulation. Decentralized autonomous
organizations (DAOs) use blockchain technology to make transparent and democratic
decisions without centralized control. Identity management systems built on
blockchain technology enable safe and verified digital IDs, empowering individuals
and increasing access to services.

Identity Management
Blockchain technology is changing identity management by enabling safe,
decentralized identity verification and authentication. Blockchain-based digital
identity services allow users to securely own and manage their data, lowering the risk
of identity theft and fraud. Furthermore, blockchain enables safe and seamless identity
verification processes, resulting in speedier and more efficient access to financial
services, healthcare, and government benefits.

Smart Contracts and Automation

Blockchain-based smart contracts automate contract execution while enforcing
established rules and conditions openly and securely. Smart contracts enable self-
executing agreements in a variety of industries, including insurance, real estate, and
legal services, minimizing the need for middlemen and expediting transaction
processes.

Tokenization and Digital Assets

Blockchain enables the tokenization of real-world assets like real estate, artwork, and
intellectual property, revolutionizing asset ownership, trading, and management.
Tokenization democratizes investment possibilities, increases liquidity, and allows for
fractional ownership of high-value assets, challenging existing asset management
structures.These examples demonstrate how blockchain technologies have disrupted
established sectors by bringing transparent, safe, and decentralized solutions that
address long- standing issues while opening up new avenues for efficiency, trust, and
cooperation. As blockchain technology advances, its influence on numerous sectors is
projected to rise, resulting in further innovation and disruption across businesses.

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3. Financial Inclusion and Empowerment

Blockchain technology has the potential to greatly improve financial inclusion and
empowerment by making financial services more safe, transparent, and accessible to
underprivileged groups throughout the world. This is how blockchain technology
promotes financial inclusion and empowerment.

Access to Banking Services

Blockchain technology allows people who do not have access to traditional financial
services to participate in the global economy. People may safely store, transfer, and
manage their assets using decentralized financial applications and digital wallets,
without the need for traditional banking infrastructure.
Reduced Transaction Costs
Blockchain-powered financial services have lower transaction costs than traditional
banking systems. Blockchain transactions are more efficient and cost-effective than
traditional ones because they eliminate intermediaries and streamline processes,
making financial services more accessible to underprivileged communities.

Cross-Border Payments
Blockchain technology makes cross-border payments faster and cheaper, which
benefits migrant workers and their families who rely on remittances for a living.
Cryptocurrencies and stablecoins offer rapid peer-to-peer transfers without the use of
expensive intermediaries, lowering costs and transaction delays.

Microfinance and Lending

Blockchain-based microfinance and lending systems give financing to people and
small enterprises, particularly in areas with limited access to traditional banking
services. Smart contracts make financing procedures more transparent and automated,
lowering borrowing obstacles and encouraging entrepreneurship and economic
growth.

Financial Education and Literacy

Blockchain technology improves financial education and literacy by offering open
and instructive materials. Users of blockchain-based applications and platforms may
learn about cryptocurrencies, financial planning, investing techniques, and risk

22
management, allowing them to make more educated financial decisions.

Ownership of Digital Assets

Blockchain enables individuals to own and control their digital assets, such as coins,
tokens, and digital collectibles. This enables people to safely store, transfer, and
exchange assets without relying on centralized authority, promoting financial liberty
and empowerment.

Identity Management
Blockchain-based identity management systems provide people with safe and
autonomous control over their digital identities. Individuals can have easier access to
financial institutions, government benefits, and internet services by securely storing
and authenticating their personal information on the blockchain, minimizing identity
theft and fraud.

Access to Investment Opportunities

Blockchain technology democratizes investment opportunities by allowing for
fractional ownership and tokenization of assets including real estate, artwork, and
intellectual property. This enables people to invest in previously unavailable assets,
diversify their portfolios, and contribute to wealth creation.

Enhanced Financial Inclusion Policies

Governments and organizations are using blockchain technology to establish more
inclusive financial policies and programs. Blockchain supports financial inclusion and
empowers underprivileged populations by digitizing financial services and lowering
obstacles to access, while also contributing to economic development and social
equality.

Community Empowerment and Development

Blockchain technology promotes community empowerment and development by
allowing for peer-to-peer cooperation, crowdfunding, and decentralized government.
Communities may use blockchain-based platforms to handle local concerns, distribute
resources more effectively, and support sustainable development projects, resulting in
good social impact and empowerment.
To summarize, blockchain technology has the potential to significantly enhance

23
 financial inclusion and empowerment by providing access to banking services,
reducing transaction costs, facilitating cross-border payments, enabling microfinance
and lending, promoting financial education and literacy, empowering individuals with
ownership of digital assets, improving identity management, expanding access to
investment opportunities, fostering inclusive financial policies, and As blockchain use
grows, its influence on financial inclusion and empowerment is projected to expand,
opening up new avenues for economic empowerment and social advancement.

4. Interoperability and Collaboration

Interconnected Networks: Interoperability in blockchain technology enables multiple

blockchain networks to communicate and share data easily. By allowing
interoperability, blockchain networks may collaborate and exchange information,
broadening their functionality and value across a wide range of applications and
sectors.

Cross-Chain Communication
Interoperability solutions enable the transmission of digital assets and data between
blockchain networks. This interoperability improves liquidity, accessibility, and
efficiency in the decentralized finance (DeFi) ecosystem, giving consumers access to a
broader choice of assets and services.

Standardization of Protocols
Collaboration among blockchain developers and stakeholders fosters protocol and
interoperability standards. Interoperability improves when standard frameworks and
protocols are established, lowering integration barriers and encouraging compatibility
between various blockchain platforms and applications.

Increased Scalability
Interoperability solutions can boost blockchain scalability by allowing transactions to
be handled across numerous linked networks. Interoperable blockchains can manage
increased transaction volumes and respond more efficiently to rising user demand by
sharing transaction processing and network resources.

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Cross-Industry Collaboration
Blockchain technology enables cross-industry collaboration by offering a secure and
transparent platform for data sharing and transaction processing. Supply chain
management, healthcare, finance, and logistics industries may all work together more
successfully, increasing openness, efficiency, and confidence in cross-sector
relationships.

Improved Data Integrity

Interoperability solutions enhance data integrity by allowing for smooth data
transmission and synchronization across several blockchain networks. This
interoperability lowers data silos and inconsistencies, guaranteeing that information is
accurate, current, and tamper-proof across networked systems.

Interoperable Smart Contracts

Collaboration between blockchain platforms allows for the creation of interoperable
smart contracts that can perform transactions and trigger events on different
blockchain networks. This compatibility broadens the possibilities of smart contracts,
allowing for more complicated and flexible applications in fields like decentralized
finance, supply chain management, and identity verification.

Regulatory Compliance
Blockchain technology's collaboration and interoperability make regulatory
compliance easier by allowing for transparent and auditable transactions across linked
networks. Blockchain platforms that adhere to common standards and protocols can
assure regulatory compliance while also promoting confidence and legitimacy in
decentralized ecosystems.

Cross-Platform Integration
Interoperability solutions offer smooth integration of blockchain networks with
current systems, applications, and infrastructure. This connection enables enterprises
to use blockchain technology alongside older systems, improving interoperability and
compatibility across technology stacks.

Global Collaboration Networks

Blockchain technology encourages the formation of global collaboration networks, in
which varied stakeholders may interact, develop, and co-create solutions to shared

25
 problems. These collaborative networks use interoperability to enable cross-border
collaborations, information sharing, and resource pooling, therefore fostering global
innovation and collective impact.

5. Efficiency and Automation

Efficiency and automation are key features of blockchain technology, which

streamlines operations, reduces costs, improves transparency, and drives innovation
across sectors. Blockchain technology, by automating transactions, supply chain
procedures, compliance activities, and governance choices, allows enterprises to
operate more effectively, securely, and competitively in the digital economy. As
blockchain usage grows, the disruptive influence on efficiency and automation is
projected to intensify, opening up new options for businesses, governments, and
communities throughout the world.

Streamlined Transactions
Blockchain technology improves transaction efficiency by removing middlemen and
automating routine procedures. When certain circumstances are satisfied, smart
contracts perform specified activities automatically, decreasing the need for human
intervention and speeding up transaction times.

Cost Reduction
Blockchain technology decreases the expenses of middlemen, paperwork, and manual
reconciliation processes. By automating transaction settlements and eliminating the
need for third-party verification, blockchain reduces transaction fees, operating
expenditures, and administrative overheads, resulting in considerable cost savings for
enterprises and organizations.

Supply Chain Optimization

Blockchain improves supply chain efficiency by automating and digitizing activities
including inventory management, procurement, and logistics monitoring. Blockchain,
which records every stage of the supply chain on an immutable ledger, allows for real-
time visibility, transparency, and traceability, minimizing delays, mistakes, and

26
inefficiencies.

Data Management and Integrity

By encrypting data and retaining immutable records, blockchain assures its
correctness and integrity. Blockchain avoids tampering, fraud, and unauthorized
access by securely storing and timestamping data on a decentralized ledger, hence
guaranteeing data integrity and increasing confidence in digital transactions.

Automated Compliance and Auditing

Blockchain technology streamlines compliance and auditing operations by storing
transparent and verifiable transaction records. Smart contracts automatically enforce
preset norms and regulations, assuring regulatory compliance while lowering the risk
of noncompliance penalties and fines.

Faster Settlements and Clearing

Blockchain allows for faster and more efficient settlement and clearing processes for
financial transactions. Blockchain cuts settlement times from days to minutes by
automating transaction validation and reconciliation, allowing for real-time payments and
enhancing financial market liquidity.

Decentralized Governance
Blockchain enables decentralized governance models that automate decision-making
and foster consensus among network participants. Decentralized autonomous
organizations (DAOs) employ smart contracts to automate voting, funding, and
governance choices, resulting in more transparent, inclusive, and efficient
organizational structures.

Increased Productivity and Innovation

By automating mundane operations and decreasing manual interventions, blockchain
technology frees up time and resources for creative and value-added activities. The
automation of administrative operations, data reconciliation, and compliance chores
allow staff to concentrate on strategic initiatives, innovation, and problem-solving,
resulting in increased productivity and competitive advantage.

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2.2 Scope of Blockchain Technology

1. Government and Public Services

Governments worldwide are increasingly realizing blockchain technology's immense
potential in improving public services and enhancing governance. Blockchain offers a
unique set of capabilities that can streamline bureaucratic processes, reduce
corruption, and enhance transparency in public administration. From revolutionizing
voting systems to secure identity verification and efficient land registries to digital
currencies, blockchain-based solutions empower governments to provide efficient,
secure, citizen-centric services.

Traditional bureaucratic methods in government services can take more time and
effort. Paper-based paperwork and manual record-keeping can result in delays,
inaccuracies, and inefficiencies. However, blockchain technology provides a
decentralized and transparent ledger for streamlining administrative operations.
Governments may use blockchain to automate and digitize their procedures, lowering
paperwork and decreasing the need for manual involvement. This automation
improves efficiency and accelerates the delivery of governmental services to citizens.

Transparency and accountability are critical components of effective government.

Blockchain technology offers a powerful alternative for increasing openness in public
administration. Governments may use blockchain's distributed ledger technology to
ensure that all transactions and activities are recorded and visible to the appropriate
parties. This openness reduces the opacity that is typically associated with
bureaucratic institutions, hence reducing corruption and unethical behavior. Citizens
can have more faith in the government's activities and choices now that they are
recorded and auditable on the blockchain.

2. Supply Chain Management

The potential for blockchain in supply chain management is enormous and
transformational. By leveraging blockchain's distributed ledger technology, supply
chain stakeholders may greatly increase transparency, traceability, and accountability
across the whole value chain. Blockchain allows for real-time tracking, verification,
and authentication from the initial source of raw materials to the final delivery of

28
 completed products, reducing the danger of counterfeiting and fraud. This
groundbreaking technology promotes participant confidence, optimizes inventory
management, and ensures the seamless flow of commodities.

The conventional supply chain is frequently characterized by opacity and inefficiency.

When there are several middlemen and fragmented record-keeping systems, tracking
the flow of things from their sources to the hands of customers becomes challenging.
However, blockchain technology provides a game-changing answer by creating a
decentralized and transparent ledger that records every transaction and movement
across the supply chain.

Using the blockchain's distributed ledger, each player in the supply chain has access
to an identical and synchronized record of all transactions. This shared ledger
promotes transparency and eliminates the need for parties to trust one another because the
information on the blockchain is irreversible and cannot be changed. As a
consequence, supply chain stakeholders may have an accurate and real-time
perspective of product flow, allowing for more efficient decision-making and
problem-solving.

3. Media & Entertainment

Blockchain technology has the potential to change the media and entertainment
industries by addressing the difficulties of digital rights management. Blockchain
allows artists, content providers, and distributors to create transparent and immutable
ownership records, facilitating fair payment and protecting intellectual property
rights. Intelligent contracts built in the blockchain can automate royalty payments,
increasing transparency and fairness in the digital content economy.

The media and entertainment industries want assistance in regulating and preserving
digital material in the digital era. Given how easy it is to replicate and distribute
material, special ownership rights must be established to ensure that writers are
appropriately compensated for their labor. Blockchain technology solves these
challenges by creating an immutable record that maintains and certifies ownership of
digital assets.

Artists and content providers may use blockchain to permanently register their

29
 ownership rights. Each digital item, like as music, movie, or artwork, may be
registered on the blockchain to generate a tamper-proof and verifiable digital
certificate of ownership. This creates a clear and auditable chain of custody for the
material, enabling artists to demonstrate ownership and protect their intellectual
property rights.

4. Banking & Finance

Blockchain technology has transformed traditional banking and finance by providing a
transparent, immutable, and secure transaction platform. Blockchain technology can help
financial institutions speed cross-border payments, enhance remittance efficiency,
and lower transaction costs. One of the primary benefits of blockchain in finance is
the incorporation of smart contracts, which enable the automation of complicated
financial transactions. This automation decreases dependency on intermediaries while
increasing trust and efficiency in the financial ecosystem.

Blockchain technology provides transparency, ensuring that all transactions recorded

on the blockchain are accessible to all parties. This openness helps to avoid fraudulent
actions and adds another degree of protection to the financial system. As a
consequence, financial institutions may improve their compliance and auditing
procedures by storing the whole transaction history on the blockchain, which is easily
auditable.

Another important advantage of blockchain technology in banking and finance is the

possibility of faster and more efficient cross-border payments. Traditional cross-
border transactions sometimes entail many middlemen, resulting in delays, increased
costs, and a greater chance of mistakes or fraud. Trades may be completed directly
between parties using blockchain, removing the need for middlemen and saving time
and money on cross-border payments.

5. Energy & Entertainment

The incorporation of blockchain technology is causing a huge upheaval in the energy
and utilities sector. The sector is embracing blockchain to create a more decentralized
and efficient electricity infrastructure. Blockchain-enabled smart grids allow for
decentralized energy trade, peer-to-peer transactions, and improved energy delivery.

30
 Furthermore, blockchain-based solutions improve the tracking and verification of
renewable energy credits, boosting sustainability and speeding up the transition to a
cleaner, greener energy future.

Traditional energy networks are centralized, with electricity generation and delivery
controlled by a few major players. However, with blockchain technology, the energy
business is transitioning to a decentralized paradigm. Blockchain-enabled smart grids
enable energy users to become prosumers, which means they may both consume and
generate energy. This decentralized technique allows for peer-to-peer energy trading,
in which individuals or companies sell extra energy directly to other users. This peer-
to-peer energy trading reduces the need for intermediaries, increasing market
efficiency.

Blockchain technology is critical to ensure the integrity and transparency of energy

transactions on the smart grid. The blockchain records each energy transaction, such
as the purchase or sale of power.

6. Healthcare
Blockchain technology has enormous potential to transform the healthcare business,
particularly patient data management. Patient records may be securely kept and
exchanged between healthcare practitioners via blockchain, assuring data integrity,
privacy, and interoperability. Furthermore, blockchain-based solutions can simplify
several parts of healthcare, such as clinical trials, pharmaceutical supply chain
management, and the safe sharing of medical knowledge. This disruptive technology
promotes innovation and collaboration among healthcare stakeholders, resulting in
better patient outcomes.

Traditionally, patient data management in healthcare has been disjointed and error-
prone. Patient data are dispersed throughout several healthcare organizations, making
accessing and exchanging critical medical information difficult.

However, using blockchain technology, patient records may be preserved decentrally,

guaranteeing that all essential healthcare practitioners have access to an accurate and
comprehensive medical history. Blockchain's immutability ensures the integrity and
security of patient data, lowering the danger of unwanted access or modification.

31
 Blockchain provides healthcare professionals with authorized and auditable access to
patient data, therefore safeguarding patient privacy and increasing interoperability.
This interoperability is critical for providing complete and coordinated care because it
allows healthcare practitioners to quickly access important information and make
educated decisions regarding diagnostic and treatment options. Furthermore,
blockchain-based solutions can allow for the safe transmission of patient consent
choices, ensuring that data is only accessed or shared with the patient's explicit
approval.

Blockchain technology can improve clinical trials, which are a vital component of
healthcare research and development. Clinical trials may include several stakeholders,
such as researchers, pharmaceutical firms, healthcare providers, and regulatory
agencies. Blockchain systems can keep a transparent and auditable record of the whole
trial process, from participant recruiting to data collection and analysis. This
transparency improves the quality of trial data, prevents fraud, and allows
stakeholders to collaborate more efficiently.

7. Real Estate
Blockchain technology has the potential to change the real estate sector by allowing
for safe and transparent property transactions. Using blockchain, properties may be
tokenized into marketable digital assets, allowing for fractional ownership and
expediting property transfers. Smart contracts built-in blockchain enable automatic
escrow, which reduces the need for middlemen and builds confidence in real estate
transactions.

Blockchain-based smart contracts are critical for automating and safeguarding real
estate transactions. Smart contracts are self-executing contracts that contain
predetermined conditions encoded in code. Smart contracts can help automate several
elements in the real estate transaction process, such as ownership transfer, cash
distribution, and property detail verification. This automation decreases the need for
middlemen and lowers the danger of mistakes or fraud. Smart contracts also enable
transparency since all contract terms and conditions are available to all parties
involved and cannot be changed without consensus.

32
 Moreover, blockchain technology can improve the efficiency and security of escrow
services in real estate transactions. Escrow is the procedure of storing monies or assets in
a neutral account until all contract terms are satisfied.

8. Education
Bloblockchain technology has the potential to improve the area of education by
automating credential verification and increasing confidence in academic records.
Educational qualifications, licenses, and degrees may be securely kept and validated
using blockchain-based systems, reducing the danger of fraudulent credentials. This
novel solution provides companies, educational institutions, and students with a
tamper-proof and widely accessible mechanism for authenticating educational
achievements.

In today's educational scene, confirming credentials can require time and effort. To
authenticate academic records, educational institutions, and companies frequently use
traditional techniques such as manual document verification or direct communication
with the institutions. However, these approaches can result in mistakes, delays, and
fraudulent actions. Blockchain technology offers a solution by creating a
decentralized and transparent ledger for storing and validating educational
certificates.

Educational institutions may use blockchain-based solutions to securely capture and

maintain academic records. Each educational achievement, such as a degree or
certification, is documented as a transaction on the blockchain, resulting in an
immutable and tamper-proof record. This guarantees that the credentials' validity and
integrity remain intact during their tenure. When companies or other educational
institutions need to validate an individual's qualifications, they may use the blockchain to
acquire verified and current information, reducing the need for time-consuming
human verification methods.

Furthermore, blockchain technology allows learners greater control over their

educational data. Learners may safely save their academic achievements on the
blockchain and share them with companies or educational institutions when
necessary.

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 2.3 Limitations of Blockchain Technology

1. Private keys
Private keys help to preserve the blockchain network's high level of security. It comes
in helpful when verifying a blockchain address. Furthermore, when you open a
cryptocurrency wallet, you receive a private key. It's a password that lets you
withdraw money from your wallet.
If you lose this key, you will be unable to withdraw cash from your account. So you
should keep numerous copies of it so that if you lose the original, you can still rely on
one of the duplicates.
The disadvantage is that if someone gains access to one of these copies, your
cryptocurrency wallet is compromised. Furthermore, unlike your social network or
email account password, altering a private key once produced is difficult.

2. Possible interruption of network security

Blockchain technology is well-known for its high level of security. However, there is a
weakness in its armor that you should be aware of. Miners with a lot of computer
power perform the validation process in a blockchain. If you have enough
computational power to control more than half of a blockchain's mining hash rate, you
can conduct a 51% assault.

You may block transactions from receiving confirmations and even delay payments
between users. Additionally, you may reverse completed transactions, resulting in
double spending on the coin.

An attack of this nature is improbable on larger blockchains such as Bitcoin or

Ethereum. However, this action has the potential to do significant damage to new
blockchains or forked cryptocurrencies. Furthermore, there have been incidents of
fraud in several cryptocurrencies.

3. High expenses of implementation

It is expensive to install a blockchain in a corporation. Most businesses are hesitant to
employ this technology since it requires a significant investment.
If you are a business owner intending to deploy blockchain, you must engage both

34
 core blockchain engineers and blockchain software developers. This demands
significant funding. After that, you must construct blockchain-based apps.
Additionally, there are hardware requirements.

4. Inefficient mining method

Each block in a blockchain is mined via a process known as Proof-of-Work. Each
miner needs a powerful computer to participate in the mining process. Many miners
may compete to mine a block; only one will receive the block rewards. There is a
significant waste of energy and materials.

5. Environmental impacts
Mining, minting, and verifying transactions necessitate the use of powerful systems
that operate around the clock. Aside from significant investments, these procedures
demand a lot of electricity. This can have major environmental implications.
Because of the disproportionate environmental repercussions, China has outlawed
blockchain mining in Inner Mongolia.

6. Storage issues
On a blockchain, all information is distributed throughout the network's nodes. In this
regard, the hard disk of a miner's system contains all of the data on a certain
blockchain.

As the number of users grows, so will the amount of data, necessitating an update to
the hard drive capacity. The overall volume of data on a blockchain may eventually
surpass the available hard drive space.

7. Anonymity
Anonymity is the primary selling point for blockchain technology. People may be
unable to track your true identity, but consider this from a money laundering
standpoint. A person with an anonymous identity can send money to anyone on the
globe, and no one will be able to trace the transactions save for the wallet addresses.
Investigations have frequently shown that hackers were employing blockchains as
money laundering platforms.

35
8. Immutability
When you enter information onto a blockchain, it becomes immutable. It is simply
difficult to correct any errors or update information. On the other hand, this
characteristic is a benefit of blockchain since the data cannot be compromised in any
manner. However, every coin has two sides, and you must be aware of both.

9. Scalability
Each block has a particular data storage capacity. This makes transaction validation
extremely sluggish and cumbersome. There is no way to expand the size of a block
on a blockchain. Polygon and other networks include characteristics that can improve
the transaction performance of Ethereum, which is well-known for its poor network
speeds. This may be a temporary remedy, but the primary issue remains unresolved.

10. Hard forks

Hard forks occur when the majority of blockchain participants agree to apply new
rules. It may also occur when a large group on the blockchain wishes to launch a new
coin. In this instance, the old and new cryptocurrencies function as distinct entities.
Many consumers have issues since the new coin is not immediately available on
exchange platforms after its debut.

11. Legal procedures and requirements

Blockchain continues to encounter regulatory obstacles across the world.
Furthermore, regulatory requirements in some nations and areas prevent the usage and
deployment of blockchain technology.

Blockchain technology is unquestionably the future. However, if you wish to invest

in or apply it, you must understand its drawbacks. Technology is still in the
development stage and is continually changing.

 2.4 Techniques and Tools to be Used

1. Cryptography:
Cryptography is the backbone of blockchain technology, offering security measures

36
 that assure data integrity, secrecy, and validity. Hashing algorithms, like as SHA-256,
provide unique, fixed-length data representations, which are essential for producing
digital signatures, confirming data integrity, and connecting blocks in the blockchain.
Digital signatures are cryptographic algorithms that give proof of ownership and
authenticity, allowing parties to sign transactions and verify their legitimacy without
the use of trusted intermediaries. Encryption protects sensitive data, such as private
keys and transaction information, from unwanted access.

2. Consensus Mechanisms:
Consensus mechanisms are protocols that allow dispersed nodes in a blockchain
network to reach an agreement on the legitimacy of transactions and the state of the
ledger. Proof of Work (PoW) consensus involves people competing to solve
complicated mathematical problems, with the first to find a solution receiving the right to
add a new block to the blockchain. Proof of Stake (PoS) consensus, on the other
hand, grants participants the power to validate transactions and produce new blocks
based on their stake or ownership of cryptocurrency tokens. Other consensus
algorithms, such as Delegated Proof of Stake (DPoS) and Practical Byzantine Fault
Tolerance (PBFT), provide alternatives for reaching consensus while addressing
scalability and security issues.

3. Smart Contracts:
Smart contracts are self-executing contracts that have the agreement's provisions put
directly into code. They run on decentralized blockchain systems like Ethereum and
automatically carry out predetermined activities when certain circumstances are
satisfied. Smart contracts enable trustless and transparent transactions by eliminating
the need for intermediaries or third-party enforcement. They have applications in a
variety of industries, including banking, supply chain management, decentralized
finance (DeFi), and decentralized autonomous organizations (DAOs).

4. Decentralized Storage:
These solutions use blockchain technology to store data over a distributed network of
nodes, removing the need for centralized servers and intermediaries. The
InterPlanetary File System (IPFS) is a peer-to-peer protocol that allows for
decentralized file storage and retrieval by addressing content by its hash. Filecoin,

37
 based on IPFS, incentivizes users to give storage space and bandwidth in return for
bitcoin incentives, resulting in a decentralized marketplace for storage services.

5. Wallets:
Blockchain wallets are software apps or hardware devices that allow users to securely
store, manage, and transfer cryptocurrency and digital assets. They comprise public
and private keys that let users send and receive funds on the blockchain. Wallets are
available in a variety of formats, including desktop wallets (installed on a computer),
mobile wallets (loaded on a smartphone), online wallets (accessed through a web
browser), and hardware wallets.

6. Development Frameworks:
Development frameworks include tools, libraries, and environments for developing
blockchain apps, smart contracts, and decentralized protocols. They abstract the
complexity of blockchain development by providing capabilities like contract
compilation, testing, deployment, and debugging. Truffle is a popular development
framework for Ethereum smart contracts that includes a set of tools for creation,
testing, and deployment. Hyperledger Fabric is an enterprise-grade blockchain
platform for developing permission, flexible, and scalable blockchain applications for
organizations.

7. Blockchain Explorer:
A blockchain explorer is a web-based tool or application that lets users see and interact
with blockchain data such as transactions, blocks, addresses, and smart contracts. It
gives users real-time access to the status of the blockchain, allowing them to follow
transactions, monitor network activity, and investigate past data. Blockchain explorers are
vital for auditing, analysis, and research because they provide transparency and
accountability in decentralized networks.

8. Interoperability Protocols:
Interoperability protocols enable communication and data sharing between multiple
blockchain networks, resulting in smooth interoperability and cross-chain
transactions. Polkadot is a multi-chain framework that allows separate blockchains to
communicate with one another via a heterogeneous multi-chain architecture. Cosmos

38
 is another interoperability platform that connects and transacts between sovereign
blockchains using the Inter-Blockchain Communication (IBC) protocol. The
Interledger Protocol (ILP) is a protocol stack that allows payments to be sent across
several ledgers and payment networks, facilitating interoperability between traditional
finance and blockchain-based systems.

9. Scalability Solutions:
Scalability solutions address the difficulty of boosting transaction throughput and
lowering latency on blockchain networks, allowing them to accommodate more
transactions and users. Sharding is a strategy for partitioning the blockchain into
smaller, more manageable parts known as shards, which allows for parallel transaction
processing and improves network scalability. Layer 2 scaling solutions, such as the
Lightning Network for Bitcoin and state channels for Ethereum, allow for off-chain
transaction processing and micropayments, which reduces congestion on the main
blockchain. Sidechains are separate blockchains that are linked to the main blockchain by
two-way pegs, allowing for quicker and more scalable transactions while being
interoperable with the main chain.

10. Identity Management:

Blockchain-based identity management systems offer safe and verifiable digital
identities, allowing users to govern their data and connect with services without
depending on centralized identity providers. Self-sovereign identity (SSI) is a
decentralized identity architecture that allows users to construct and manage digital
identities using blockchain credentials and cryptographic keys. Decentralized
identifiers (DIDs) are unique identifiers based on the blockchain that allows for safe
and interoperable identity management across many platforms and apps. Identity
management systems on the blockchain provide privacy, security, and transparency
while giving consumers more control over their identity and data.

39
 2.5 Tabulation of Blockchain Technology

Aspect Description Examples & Use Cases

Cryptography Transactions and data are safe - Hashing algorithms include
using techniques like hashing, SHA-256, SHA-3, and
digital signatures, and Keccak. - Digital signatures
encryption, which ensure include ECDSA (Elliptic Curve
integrity, secrecy, and Digital Signature Algorithm) and
authenticity. RSA (Rivest- Shamir-Adleman).
- Encryption: AES (Advanced
Encryption Standard) and RSA.
Consensus Nodes can agree on the - PoW: Bitcoin and Ethereum

Mechanisms legitimacy of transactions using (before switching to PoS). -

protocols like as Proof of Work PoS: Cardano, Polkadot, and
(PoW), Proof of Stake (PoS), and Tezos. - PBFT: Hyperledger
Practical Byzantine Fault Fabric with Ripple.
Tolerance (PBFT).

Smart Contracts Self-executing contracts with - Ethereum supports

code-written terms allow for Decentralized Finance (DeFi),
automatic agreement Non-Fungible Tokens (NFTs),
execution and enforcement and Decentralized Autonomous
without the need for Organizations. - Binance Smart
intermediaries. Chain features automated
market makers (AMMs) and
yield farming.
Decentralized Uses peer-to-peer networks such -IPFS (Interplanetary File
Storage as IPFS and Filecoin to store data System): Decentralized web
among several nodes, guaranteeing hosting and content delivery.
redundancy, security, and -Filecoin provides decentralized
censorship resistance. cloud storage and data
preservation.

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 Wallets Users may securely store, -Software wallets include
manage, and transact with MetaMask and Trust Wallet.
cryptocurrencies and digital -Hardware wallets: Ledger
assets via software programs or Nano S and Trezor.
hardware devices.
Development Truffle for Ethereum and -Truffle: Smart contract

Frameworks Hyperledger Fabric for business creation, testing, and

blockchain solutions are deployment.
examples of tools and libraries -Hyperledger Fabric provides
that make it easier to construct enterprise blockchain solutions,
blockchain supply chain management, and
applications and smart contracts. identity verification.
Blockchain Web-based tools let users -EtherScan (for Ethereum):

Explorer examine and interact with Transaction tracking and address

blockchain data, including search.
transactions, blocks, -Blockchair (for many
addresses, and smart contracts. blockchains): Blockchain
analytics and block explorer.
Interoperability Protocols like as Polkadot, -Polkadot supports interchain
Cosmos, and Interledger allow communications and cross-
blockchain networks to connect chain transfers.
and share data, improving -Cosmos: interoperable
interoperability and cross-chain blockchains and inter-
transactions. blockchain communication
(IBC).

Scalability Sharding, layer 2 scaling - Sharding: Ethereum 2.0 and

Solutions solutions, and sidechains all Zilliqa.

address the difficulty of boosting - Layer 2: Lightning Network
transaction (Bitcoin); Optimistic Rollups
throughput while decreasing (Ethereum).
latency on blockchain networks. - Sidechains include Polygon
(previously Matic) and Binance
Smart Chain.

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 Identity Solutions such as self- sovereign - Sovrin provides digital

Management identification (SSI) and identity management and

decentralized identifiers (DIDs) verification.
enable safe and verifiable digital - uPort provides self-
identities, allowing individuals to sovereign identification
govern their data. solutions and decentralized
identity for blockchain
applications.

 2.6 Hypothesis

1. Blockchain Technology as a Disruptive Force in Supply Chain

Management

According to this theory, blockchain technology has the potential to drastically

alter supply chain management procedures by enhancing efficiency, traceability,
and transparency throughout the whole supply chain ecosystem. Supply chain
management has historically involved several middlemen, manual record-
keeping, and disjointed data systems, which have resulted in inefficiencies,
delays, and vulnerability to fraud or mistakes

Blockchain technology allows for the safe recording and sharing of data and
transactions among participants in a decentralized, tamper-proof ledger. The
blockchain records every transaction as a block, including the movement of
commodities between manufacturers, distributors, retailers, and suppliers. By
establishing an immutable chain through cryptographic linking, these blocks offer
an auditable and visible history of every transaction.

Supply chain participants may have real-time visibility into the movement and
status of commodities, from the procurement of raw materials to the point of final
delivery, by utilizing blockchain technology. This openness makes it possible to
manage inventories more effectively, lowers the possibility of fake goods, and

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 enhances adherence to legal requirements like fair trade or sustainability
certifications.

Moreover, smart contracts enabled by blockchain technology can automate

payments and contracts according to predetermined criteria, optimizing
workflows and cutting down on administrative burdens. Furthermore, blockchain
can save costs, increase
overall supply chain resilience, and improve response to market fluctuations by
digitizing and automating supply chain procedures.

All things considered, this theory indicates that blockchain technology can completely
transform supply chain management procedures by encouraging more openness,
confidence, and cooperation among supply chain participants, which will
eventually result in supply networks that are more robust and efficient.

2. Blockchain Technology as a Catalyst for Financial Inclusion in

Developing Countries:
According to this theory, blockchain technology has the potential to be extremely
important in advancing financial inclusion, especially in developing nations
where traditional banking infrastructure is few and a sizable segment of the
population is either underbanked or unbanked.

For underprivileged populations, formal financial services might be difficult to

acquire due to high transaction fees, geographical distance, and strict paperwork
requirements imposed by traditional banking institutions. With just a smartphone
and an internet connection, anyone may safely store, transfer, and manage their
financial assets thanks to blockchain technology, which provides a decentralized and
accessible alternative.

Without depending on conventional financial intermediaries, anyone may access a

variety of financial services, such as loans, investments, savings accounts, and
payments, using blockchain-based digital currencies and decentralized finance (DeFi)
platforms. Furthermore, people may more readily access financial services and

43
 take part in the formal economy by using blockchain-based identification
solutions to provide them with a valid digital identity.

Blockchain technology can empower disadvantaged people, spur economic

growth, and lessen poverty by lowering dependency on existing banking
infrastructure and offering greater financial autonomy. Further boosting financial
inclusion and economic prospects for people in poor nations, blockchain-based
financial services can ease cross-border transactions, remittances, and access to
international markets.

In summary, this hypothesis posits that blockchain technology has the potential to
act as a driving force behind financial inclusion by democratizing access to
financial services and enabling people to engage more fully in the global
economy. This, in turn, could promote social development and economic
empowerment in developing nations.

3. Blockchain Technology and Financial Inclusion

Digital currencies based on blockchain also provide benefits not seen in conventional
financial services. Cryptocurrencies provide a decentralized alternative in areas where
governments enforce stringent capital controls or where people have little faith in
centralized financial institutions. Digital assets provide a safe haven for wealth
storage that is unaffected by bank failure or government intervention.

Additionally, blockchain technology improves the security and transparency of

finance. Blockchain ledgers' immutability guarantees that transactions are correctly
recorded and cannot be changed after the fact. Because of this transparency, there is
less chance of fraud and corruption, which increases user trust.

Further cutting expenses and boosting efficiency, blockchain-based smart contracts

also automate and enforce the terms of financial agreements without the need for
middlemen. These smart contracts can make crowdfunding possible for small
enterprises, support microfinance projects, and expedite procedures like real estate
transfers and insurance claims.

44
 All things considered, blockchain technology has the ability to completely transform
financial inclusion by giving underprivileged people all over the world easy access to
transparent financial services. The technology has the potential to enable millions of
people to take part more actively in the global economy as it develops and becomes
more widely used.

4. Blockchain and Healthcare Data Security

Additionally, people may be able to exert more control over their own healthcare data
thanks to blockchain technology. Patients may give or withdraw access to their
medical records using secure cryptography keys, guaranteeing that only persons or
organizations with the proper authorization can read confidential data. By giving
people the ability to actively engage in their treatment decisions and share pertinent
health data with healthcare professionals as appropriate, this not only improves patient
privacy but also advances patient-centered care.

Blockchain-based healthcare data systems can also expedite administrative tasks like
claims processing and billing. Healthcare firms may lower their risk of billing
mistakes, fraud, and administrative overhead by using blockchain technology to
securely and transparently record transactions. By automating payment procedures in
accordance with preset criteria, smart contracts can increase productivity and shorten
reimbursement delays.

Furthermore, blockchain technology might make it easier for healthcare systems to

include cutting-edge technologies like artificial intelligence (AI) and Internet of
Things (IoT) gadgets. Blockchain facilitates the smooth integration and
interoperability of heterogeneous technologies, improving the precision and efficacy
of diagnostic instruments, remote monitoring devices, and predictive analytics
applications by offering a dependable and secure platform for data transmission.
All things considered, blockchain's capacity to guarantee security, interoperability,
and patient empowerment might completely transform the administration of
healthcare data. We may anticipate more innovation and acceptance in the fight to
enhance patient outcomes and expedite healthcare delivery as healthcare firms learn
to understand the advantages of blockchain technology.

45
5. Blockchain-Based Voting Systems
Furthermore, voting systems built on blockchain technology provide strong answers
to issues with voter identification verification and authentication. Voters can safely
demonstrate their eligibility to cast a ballot without disclosing sensitive personal
information by using cryptographic techniques. By guaranteeing that only those with
permission may cast ballots, this safeguards voter privacy and lowers the possibility
of voter fraud and impersonation.

Furthermore, voter registration databases may be kept intact thanks to built-in

methods provided by blockchain technology. Updates to the voter rolls can be
publicly and securely recorded by keeping voter registration data on a decentralized
ledger. This guarantees that only qualified people may take part in the election
process and helps prevent illegal changes to voter registers.

Moreover, by implementing transparent and verifiable voting protocols, blockchain-

based voting systems can improve the auditability of election outcomes. Stakeholders
can independently confirm that every vote was correctly recorded and counted using
consensus procedures and cryptographic proofs. In addition to increasing confidence
in the voting process, this degree of openness offers a way to identify and resolve any
potential inconsistencies or disparities.

Furthermore, the use of blockchain technology can help introduce novel voting
methods like liquid democracy and ranked-choice voting, which let voters express
complex preferences and take a more active role in the decision-making process. In
democratic institutions, these substitute voting techniques can foster more
representation and consensus-building, resulting in more responsive and inclusive
governance.

Ultimately, the implementation of blockchain-based voting systems has the ability to

completely change the electoral process, bringing about more security, transparency,
and inclusivity. In an increasingly digital world, electoral authorities may reinforce
the tenets of election integrity and fortify the foundations of democracy by using the
inherent capabilities of blockchain technology.

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6. Blockchain Technology and Renewable Energy trading
The process of collecting and coordinating the operation of distributed energy
resources (DERs) within a certain geographic region is required to create localized
microgrids and virtual power plants using blockchain-based energy trading platforms.
These distributed energy resources (DERs) can include solar panels, wind turbines,
battery storage units, or other renewable energy assets that belong to specific homes,
companies, or communities.

Blockchain technology provides the fundamental framework for controlling and

coordinating energy-related transactions in these virtual power plants and microgrids.
Smart contracts are self-executing contracts that are programmed into the blockchain.
They automate a number of tasks related to energy trade and management, including
as grid balancing, payment settlement, and the buying and selling of power.

The community may effectively share and use excess renewable energy produced by
nearby producers by means of peer-to-peer energy exchange facilitated by blockchain
technology. Producers can reduce dependency on fossil fuel-based power generation
by selling extra energy directly to customers in the vicinity, circumventing centralized
utility providers.

Moreover, microgrids and virtual power plants may have their energy flows
monitored and optimized in real time thanks to blockchain-based energy trading
systems. These systems can forecast patterns in energy use, optimize DER dispatch
schedules, and achieve decentralized supply and demand balance by utilizing data
analytics and machine learning algorithms.

By decreasing reliance on centralized infrastructure and lessening the effects of

disturbances or outages, the decentralized structure of blockchain-based energy
trading platforms improves grid resilience. Microgrids using blockchain technology
are able to function independently in the case of natural catastrophes or grid outages,
giving vital electrical services to nearby populations.

All things considered, blockchain-based energy trading platforms provide a

revolutionary way to maximize the assimilation of renewable energy sources into

47
 current energy networks. These platforms accelerate the shift to a more resilient and
sustainable energy future by fostering peer-to-peer transactions, decentralization, and
grid autonomy.

7. Blockchain and Intellectual Property Rights Management

Intellectual property rights (IPR) management systems built on blockchain technology
enable the development of decentralized marketplaces in which producers and
consumers may communicate directly without the need for middlemen. These markets
use smart contracts to automate different parts of license and use agreements, and they
run on blockchain networks.

For example, by encoding their digital works of art, software, or music recordings as
distinct digital tokens on the blockchain, producers may tokenize their creations.
Customers may then use decentralized exchanges or marketplaces to purchase, sell, or
license these tokens. Ensuring that creators receive just pay for the use of their
intellectual property, smart contracts built in these transactions automatically enforce
the terms of the license agreement.

Furthermore, blockchain technology gives digital assets' ownership and usage rights
an open, unchangeable record. The blockchain records all transactions pertaining to
the acquisition, trade, or licensing of intellectual property, generating an impenetrable
audit trail of ownership changes and usage authorizations. By increasing confidence
between producers, buyers, and other stakeholders, this transparency lowers the
possibility of disagreements and infringements.
Additionally, while still making money off of their creations, authors may maintain
more control over their intellectual property thanks to blockchain-based IPR
management solutions. Through the use of decentralized markets, authors are able to
forego conventional gatekeepers and middlemen and establish their own terms of
license, prices, and distribution methods. This gives artists the ability to maximize the
value of their creative work and reach a worldwide audience.

All things considered, blockchain technology transforms the administration of

intellectual property rights by giving authors a decentralized, open, and effective

48
 platform to safeguard, monetize, and share their creations. Blockchain-based IPR
management solutions encourage innovation and creativity while guaranteeing just
pay for artists by removing obstacles to entry, cutting transaction costs, and improving
confidence in the digital marketplace.

8. Blockchain-Based Identity Management

Digital IDs based on blockchain technology serve as safe, unchangeable records kept
on a decentralized ledger. Every digital identity has a distinct cryptographic key that
unlocks the user's personal data that is kept on the blockchain. This data may consist
of personal information like name, birthdate, address, and other pertinent identifiers.

Individuals may access and securely share their digital ID by using their
cryptographic key whenever they need to authenticate or verify their identity for
different purposes. Traditional authentication techniques, which are vulnerable to
fraud, theft, and unauthorized access, are no longer necessary thanks to this approach,
which replaces usernames, passwords, and actual identity cards.

Furthermore, by reducing the quantity of personal data disclosed during identity

verification procedures, blockchain-based identity management solutions improve
security and privacy. Individuals can opt to expose specified traits or credentials held
inside their digital ID, so limiting the amount of sensitive information they divulge to
third parties and ensuring that only information required for verification is given.

Furthermore, blockchain technology makes it possible for diverse identity

management services and systems to communicate with one another, enabling users to
utilize their digital IDs on a variety of platforms and apps. This portability lessens the
growth of siloed identification data stored by many service providers while improving
customer ease and flexibility.

All things considered, identity management systems built on blockchain provide a

self-sovereign approach to digital identification, granting people more control over
their personal information and lowering the possibility of identity theft, data breaches,
and spying. We may anticipate the broad use of decentralized digital ID solutions

49
 across sectors as blockchain technology usage increases, which will enhance digital
security, privacy, and user experience.

9. Blockchain Technology and Cross-Border Payments

Blockchain-driven cross-border payment systems transform international money
transfers by taking use of the decentralized and unchangeable characteristics of
blockchain technology. In contrast to conventional payment methods, which depend
on a network of middlemen like banks, clearinghouses, and correspondent
institutions, blockchain-powered platforms enable cross-border, direct peer-to-peer
transactions.

On a blockchain platform, when a cross-border payment is made, the transaction

details are broadcast to the distributed network of nodes for validation and verification
after being cryptographically encrypted. These nodes collaboratively verify the
transaction's legitimacy through a procedure called as consensus, adding it to the
blockchain ledger—a visible, unchangeable record of every transaction.

Blockchain-based cross-border payment systems drastically cut down on the fees,

delays, and complications that come with using traditional remittance services by
doing away with the need for middlemen. Transaction fees are reduced when there
aren't as many middlemen involved, allowing customers to transfer money at a
fraction of what they would pay via traditional methods. This cost effectiveness
translates to reduced transaction costs and larger total savings, which is especially
advantageous for people and enterprises involved in cross-border trade.

Furthermore, cross-border payments may now be settled instantly thanks to

blockchain technology, doing away with the delays that come with using traditional
banking systems, which can cause transactions to take days or even weeks to finish.
Users get instant access to transferred funds and improved liquidity and cash flow
management thanks to blockchain-based systems, which process and settle
transactions in a matter of minutes.

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 Another important component of blockchain-based international payment systems is
transparency. Users have real-time access to the public ledger, which allows them to
monitor many aspects of their transactions, including processing times, exchange
rates, and transaction fees. Users are more confident and trusting as a result of this
openness, especially in areas where traditional banking services are scarce or where
worries about hidden costs and convoluted procedures are common.

All things considered, blockchain-based cross-border payment systems provide a

revolutionary way for people and companies looking for an easy, quick, and
transparent way to send money across borders. These platforms provide customers
more control over their cross-border transactions, financial inclusion, and efficiency
by utilizing the inherent benefits of blockchain technology. Global finance is about to
undergo a major revolution and upheaval as the use of blockchain-based payment
systems grows.

10. Blockchain-Based Decentralized Autonomous Organizations (DOA)

Blockchain-based DAOs make sure that all decisions, transactions, and governance
procedures are documented and available to all parties involved by operating on
transparent, immutable ledgers. Because members may check the honesty of the
DAO's operations and hold decision-makers responsible for their actions,
transparency improves accountability within the organization.
Additionally, the decentralized structure of DAOs based on blockchain lowers the
possibility of fraud, corruption, or other forms of manipulation that are frequently
connected to centralized organizations. Consensus techniques incorporated in smart
contracts allow the DAO's members to collaboratively make choices without a single
point of control or authority. Every stakeholder will have a say in determining the
organization's course and set of policies thanks to this democratic approach to
governance.

Furthermore, by enabling people from many backgrounds and places to join and
contribute to the organization, blockchain-based DAOs encourage inclusion and
engagement. Members may elect representatives, propose and vote on ideas, and
distribute resources all without the need for middlemen or gatekeepers thanks to

51
 transparent voting procedures. Within the DAO, this open and welcoming structure
promotes cooperation, creativity, and community involvement.

All things considered, DAOs built on blockchain technology provide a fresh take on
corporate governance that prioritizes openness, decentralization, and democratic
decision-making. Through the use of blockchain technology, these DAOs enable
people to work together and manage shared resources in a fair and decentralized way,
promoting an environment of openness, responsibility, and group ownership inside
the company. With the increasing popularity of blockchain technology, DAOs have
the potential to upend established organizational structures and enable communities to
exercise collective self-governance and self-organization.

11. Blockchain and Land Registry Systems

By formalizing their land rights and giving them legal status and protection,
blockchain-based land registry systems have the potential to benefit disadvantaged
groups, indigenous peoples, and small-scale landholders. These communities
frequently encounter difficulties establishing and defending their land tenure in
developing nations as a result of past injustices, a dearth of paperwork, and shoddy
legal systems.

Governments may create transparent and unchangeable records of property ownership

by digitizing land records on a blockchain, which will make it simpler for people and
communities to demonstrate their land rights. On the blockchain, every land title is
represented by a distinct token, and smart contracts are used to carry out ownership
transfers and encumbrances. This digitalization procedure lowers the possibility of
fraudulent transactions by offering a safe and unchangeable way to record land
ownership.

Furthermore, by allowing individuals to safely access property information and

confirm ownership rights, blockchain-based land registry systems improve
accountability and transparency in land governance. Transparency reduces corruption
chances and ensures just and equitable land management practices by building
confidence between the public and government agencies.

52
Furthermore, underprivileged groups and indigenous peoples obtain legal legitimacy
and protection for their ancestral lands by formalizing land rights using blockchain
technology. This supports sustainable land management techniques and
environmental protection in addition to improving their socioeconomic standing.
These communities may invest in infrastructure, get finance, and take part in
economic development projects more actively if they have solid land tenure.

All things considered, land registration systems based on blockchain technology have
the potential to spur social and economic growth by giving underprivileged
populations the instruments and resources they require to protect their land rights and
engage fully in society. We anticipate favorable effects on land tenure security,
economic empowerment, and environmental sustainability in locations all over the
world as governments and groups investigate the application of blockchain
technology in land governance.

53
 Chapter 3
Literature Review

1. ( K . , 2 0 2 3 )
Digital changes should align with the tools used to control information flow in
logistics and supply chain management. In the context of globalization,
developing countries that aspire to attain sustainable development goals will find
this problem especially pertinent. Modern technologies are necessary to provide a
traceable, transparent, and safe flow of information in international supply chains;
nevertheless, implementing new digital technologies while maintaining efficiency
is not always easy for companies in underdeveloped nations.

Blockchain is a fundamental technology that has the potential to influence

industrial supply chains in developing nations and provide the groundwork for
social and economic systems. In this work, we employ the neutrosophic analytic
hierarchy process (N-AHP) to examine the obstacles to the adoption of
blockchain technology in manufacturing supply chains.

We provide a framework for an action plan for verifying blockchain technology

in underdeveloped nations. Results show that the most important obstacle is
"transaction-level uncertainties," which also carry the largest weight in the final
ranking. Other barriers include "privacy issues," "managerial commitment," "use
in the underground economy," and "challenges in scalability." This article can
help supply chain managers and specialists in developing economies better
understand the obstacles to blockchain adoption and demonstrate how to integrate
blockchain technology into their operations.

2. (P., 2023)
Smart contracts and blockchain technology are driving forces behind
disintermediation and decentralization. These new technologies provide a
foundation for trustless social and economic interactions while lowering

54
 transaction and agency costs. They have transformed crowdfunding and are
generating new economic models for decentralized platforms. Decentralized
Autonomous Organizations (DAOs), a new trend, have the potential to drastically
change governance and organization. Through smart contracts, DAOs' members
jointly control and administer these decentralized, blockchain-native
organizations.

With an emphasis on decentralized governance and disintermediation, we evaluate

the benefits and drawbacks of DAOs in this essay and provide a first empirical
look at their emergence and operation. When it comes to
organizational economics, DAOs have the potential to usher in a new age in
which dispersed and democratic organizations, driven by organizational
entrepreneurship and innovations, replace hierarchical organizations as the norm in
the global business landscape.

3. (Y., 2023)
The newest kind of digital money payment, known as cryptocurrency, first appeared
in the industrial age of 4.0. By managing and recording transactions using blockchain
technology, cryptocurrency reduces the need for a middleman in the financial
transaction system and increases transaction transparency. Blockchain affects the
auditor's auditing procedure. Examining the effects of using blockchain technology to
digitize accounting records is the aim of this study.

The descriptive qualitative research approach is employed, and data sources are
located through searches of books, papers, and respectable international publications.
This study demonstrates the potential applications of blockchain technology in the
finance, auditing, and accounting domains.

According to the study's findings, there are several benefits to using blockchain
technology to digitize accounting records, including the ability for auditors to freely
view important records, the simplicity of validating transactions, the assurance of data
integrity and reliability, the automatic verification process, the ability to obtain data
directly without the involvement of third parties, the ease of providing assessments for
financial reports, the availability of guaranteed-accurate big data analytical features, and

55
 the ability to expand and expedite the accounting process.

4. (Y. L. A., 2023)

Blockchain technology is considered a promising revolutionary information
technology since it provides data integrity protection and builds trust mechanisms in
transactions for dispersed networks. Simultaneously, the continuous advancement in
quantum processing technology leads to the development of large-scale quantum
computers that might potentially breach traditional encryption, posing a significant
risk to the blockchain's current use of conventional cryptographic protection.

A quantum blockchain, as a superior substitute, is highly anticipated to be impervious

to quantum adversaries' quantum computing attacks. The issues of impracticality and
inefficiency in quantum blockchain systems are still significant and require attention.
Despite the presentation of several papers. Firstly, this work builds a quantum-secure
blockchain (QSB) scheme by introducing two consensus mechanisms: identity-based
quantum signature (IQS) and quantum proof of authority (QPoA). IQS is used for
transaction signing and verification while QPoA is used for new block creation.

Second, a quantum random number generator (QRNG) is used for randomized leader
node election to safeguard the blockchain system against centralized attacks such as
distributed denial of service (DDoS). QPoA is developed by adopting a quantum
voting protocol to achieve safe and effective decentralization for the blockchain
system. Our strategy is more practical and efficient without compromising security
compared to earlier work, which makes a significant contribution to better handling
the difficulties of the quantum age. A thorough security study shows that our method
outperforms traditional blockchains in terms of protection against quantum computing
assaults. All in all, our plan contributes to the development of quantum-secured
blockchain systems in the quantum age by offering a workable defense against
quantum computing assaults via a quantum method.

5. (A., 2023)
The widespread acceptance and spread of blockchain technology and cryptocurrencies
has led to the emergence of a novel organizational structure known as decentralized
autonomous organizations (DAOs). Decentralized finance (DeFi), or decentralized
blockchain technology, and DAOs are closely related fields. One of the most well-

56
 known and well-established DeFi DAOs is the subject of this teaching case:
MakerDAO. This community-driven project uses blockchain technology to produce a
stablecoin that is based on the US dollar and serves as the foundation for
decentralized financial services like lending and yield production. The instance
explains the careful balancing act that MakerDAO's progress required between
centralization and decentralization.

Graduate business programs can use it to accomplish the following learning goals: (1)
Gain an understanding of decentralized autonomous organization (DAO), a novel
form of organizing where communities use blockchain technology and community-
based principles to collaborate on shared objectives, (2) Possess the ability to weigh
the advantages and disadvantages of cutting-edge decentralized finance (DeFi)
models, like MakerDAO, which provide substitute financial resources and tools
beyond the purview of established financial institutions. In the era of blockchain,
cryptocurrencies, and Web3, where decentralized applications (apps) on blockchain
networks enable decentralized and trustless transactions and interactions, assess the
potential for disruptive innovation and the route forward
.
6. (Minwoo Lee, 2022)
When examining the market trend for Non-Profit Organizations (NGOs), it is evident
that the number of non-profit private organizations is rising gradually because of the
fast expansion of civil society and the emphasis placed on the value of private
organizations' public interest initiatives. However, after reaching its highest point in
2013, the amount of domestic donations has been declining.

Reliability and openness are key selection factors for contribution organizations, and
enhancing fundraising organizations' transparency is the most critical step in
promoting donation culture. Although blockchain technology is often associated with
Bitcoin, its real value lies in its potential to provide low-cost transparency and
stability. Furthermore, it's a technique that has gained popularity lately and has the
advantage of enhancing security.

In the modern day, blockchain technology is a crucial tool that may drastically lower
transaction costs, guarantee transparency in institutions, and facilitate the donations
of non-profit organizations that sponsors or those wishing to sponsor need. This

57
 technology is tailored for non-governmental organizations that must manage IT
expenses and security at a minimal cost.

Due to the increased transparency and security of blockchain technology, businesses

are beginning to methodically study and implement it. Nevertheless, there are
currently few study examples and limited applications for non-profit organizations.
This study explored the limits of this research and future research objectives, as well
as the implications of data for introducing and applying blockchain technology to
non-profit organizations (NGOs) in the future.

7. (R., 2023)
Blockchain technology has surfaced as a cutting-edge method for sustaining
healthcare management system operations in the modern day. The COVID-19
pandemic has increased the use of technology in patient data management, healthcare
supply chains, and claims settlement processes. In the healthcare business, data
management is a complicated process whereby several firms provide suitable supply
chain facilities daily. Inadequate data management causes supply chain disruption,
which has a lasting effect on the healthcare industry. Blockchain-based solutions are
well known for their capacity to generate outcomes that are safe, traceable, and
efficient in the health sector. This is because they enable secure data retrieval and
storage, which leads to more efficient product development and tracking.

These systems certify the immutability of multidirectional transactions, sponsor

candid expectations from the healthcare industry and offer data provenance. The
choice of a successful blockchain platform-based healthcare supply chain may be
viewed as a decision support system (DSS) challenge due to the inclusion of several
aspects and criteria. Therefore, this research aims to introduce a new interval-valued
Pythagorean fuzzy DSS for assessing blockchain platforms for the healthcare supply
chain and choosing an appropriate one based on several factors and uncertainty.

Three phases comprise the proposed DSS structure. To integrate the individual's
information, a few reasonable aggregation operators are first described. Their desired
properties on interval-valued Pythagorean fuzzy sets (IVPFSs) are then explored.
Second, an integrated weighing tool is created with the pivot pairwise relative criteria
importance assessment (PIPRECIA) model for the subjective weight of criteria with

58
 IVPFSs and an entropy-based tool for the objective weight of criteria. We offer novel
entropy on IVPFSs for this purpose. Thirdly, the development of the multi-attribute
ideal-real comparative analysis (MAIRCA) model involves the integration of
reasonable aggregation operations, an entropy-based weighting tool, and the
PIPRECIA model with interval-valued Pythagorean fuzzy information. Additionally,
the suggested DSS is used in a case study of blockchain platforms for the assessment
of the healthcare supply chain, demonstrating its applicability and utility. The
approach described is evaluated for consistency, robustness, and efficiency using
comparative and sensitivity analyses.

8. (Saxena, 2023)
The insurance sector is on the verge of a new age thanks to the application of cutting-
edge technologies like blockchain, the Internet of Things, and artificial intelligence.
Financial advances will impact economic activity in a variety of ways. The insurance
sector which is built on blockchain and AI seems to have a promising future.
Blockchain and artificial intelligence will play a major role in the insurance industry's
growth. Some of the inefficiencies of the traditional system have recently come to
light as a result of the Corona issue.

These inefficiencies include a lack of IT assistance, a lack of transparency, sparse

management, difficulty working from home, and less capacity for client-insurer
connection. This article explores the effects of blockchain and artificial intelligence
(AI) on the insurance sector and provides many perspectives on the phenomenon.
ICT-based insurance is perceptive and scientific; it uses a lot of electrical and IT
equipment for technological resolution without requiring any natural resources from the
policyholder.

Although it appears that digital insurance is becoming more and more popular at present,
it's important to comprehend the issues and difficulties that lead to low penetration.
Internet insurance companies face operational, regulatory, and reputational risks
despite the many benefits they offer to both insurers and the insured. Additionally,
clients of these providers are concerned about identity theft and transaction security.
This article looks at the advantages that accrue to both the provider and the client to
demonstrate the principles and importance of blockchain technology and artificial
intelligence in the insurance industry.

59
 Despite the large number of previously published studies, the insurance business is the
subject of this investigation. This paper helps managers gain a deeper knowledge of
competitive advantage by combining traditional corporate strengths with state-of-the- art
technology needs.

9. (Samuel, Lakhanpal, & Kumar, 2023)

With the introduction of artificial engineering intelligence, cognitive computing,
machine learning, the internet of things, and robots, the oil and gas sector is evolving
into one that is data-intensive. Numerous exponential technologies, as they develop
and expand, have the potential to propel the energy industry's transformation into the
new era of cyber-automation, and more specifically, cyber-physical automation.
Blockchain technology has the potential to significantly simplify the present intricate
web of operations, which includes production, abonnement, seismic, and more.

The current method of integrating and managing different disciplines is highly costly,
necessitates several disciplines that are occasionally fragmented and isolated, and
becomes increasingly difficult as we process more and more data for the digital well
program. With blockchain as a common technology, businesses can manage the
numerous digital processes, operational duties, varied suppliers, production
schedules, and supply chains that influence the creation of the digital well program
and timetables with more ease.

This article discusses the whole lifecycle system, which may be used as a template for
the lifecycle. A permission blockchain may hold it. Blockchain's intrinsic attributes
of transparency and reliability in the execution of multi-party transactions have been
shown to simplify and promote open cooperation. The use of edge devices and cloud
computing makes it easier to connect the physical and digital worlds by facilitating
data exchange among many enterprises, suppliers, and partners by ensuring asset
transactions are transparent and adaptable.

Not only does this solution restrict the size of the ledger, but it also offers important
features like efficiency privacy, and auditability. Peer identities remain hidden from
each other as they reach a consensus on transaction outcomes, balancing the
conflicting goals of openness and privacy. Furthermore, information will never be

60
 shared between blockchain peers without the owners' explicit consent. Blockchain is a
peer-to-peer, decentralized digital ledger technology that holds great potential for the
digital well initiative. Built for both intra - and inter-organizational transactions, the
system allows a local peer to connect with an associated anchor peer inside the global
network and a shared database similar to the Open Subsurface Data Universe
(OSDU).

10. (Parab, Nitnaware, & Patil, 2023)

A novel and safe method of storing data is blockchain. A sequence of blocks made up
of many linked computers contains transaction data as well as the details from the
preceding block. It's the same technology that helped create Bitcoin, the first
cryptocurrency. Along with the banking sector, blockchain technology is creating new
potential in other business fields. Consequently, Blockchain is the internet's future in
this technological era. The increasing acceptance of cryptocurrencies as investment
vehicles is a sign of a shift in the financial industry. It resulted in a thorough grasp of
blockchain technology that was necessary for cryptocurrency investments. We'll talk
about developing blockchain technology for cryptocurrencies in this post.

We will discuss the overall idea of cryptocurrencies using blockchain technology, as

well as its advantages and disadvantages, practical applications, potential future
trends, and more. Since cryptocurrencies now have a large commercial value in the
financial industry, firms and investors will be able to foresee financial market
developments more readily if they understand the technology underlying their
implementation. Through a review of several research papers, publications, news
items, and other sources, this article will present a broad overview of blockchain
technology and its characteristics.

11.(Akhtar, 2023)
The research has examined the literature on blockchain technology (BCT) and
corporate governance (CG). We establish the connection between CG mechanisms
and BCT through theoretical and conceptual reasons. According to the author, BCT
assists businesses in lessening the detrimental and immoral impacts of ingrained
managers as well as the knowledge imbalance that exists between management and
shareholders. BCT does this by offering an enhanced degree of security, accuracy,

61
 transparency, and accountability in record-keeping. BCT is a distributed and
decentralized ledger for documenting transactions. As a result, BCT may reduce
agency expenses as well as the purposes and functions of conventional CG procedures
within businesses.

Nevertheless, there aren't many empirical investigations in this specific field. As a

result, this study offered a model that creates an empirical testing framework between
CG practices and BCT for use by future studies. For companies to survive and remain
competitive, this study will increase awareness among shareholders, practitioners,
and politicians about the necessity and significance of introducing BCT and altering
CG procedures.

12. (Subash Chandra Bose Jaganathan, 2023)

Using websites like GoFundMe, Kickstarter, or Indiegogo is one of the most effective
ways to use crowdfunding in the modern world. These are websites where people may
create projects, submit them with whitepapers, and find supporters of the concept. As
an example, there are also people wanting to raise funds for medical expenses and to
fulfill wishes or dreams.

The drawback of this is that those who are coming up with the concepts or "projects"
have to pay these platforms commissions of at least 20%. The decentralized nature of
cryptocurrencies is the driving force behind the advent of this new era. People may
use this technology to transfer peer-to-peer transactions to each other without being
recorded by a third party or being paid for a service in any manner by eliminating the
middleman, such as the banks, on these kinds of websites.

The Ethereum cryptocurrency and its coding platform are products of the
technological advancements achieved by Vitalik Buterin and his colleagues.
Ethereum network code is written in the Solidity programming language. Anyone
with any level of coding knowledge may create their own "token," which is a form of
expressed money that can be any business or platform that accepts tokens from users,
depending on the demands of the creator. The driving force behind this trend is the
ease with which anybody may launch a project, such as a crowdfunding campaign,
and express it using tokens, which the creator (the person with the idea) would provide
together with information on the product's pricing. As a result, a creator is creating

62
 the token and selling it in line with the Ethereum (ETH) price. By purchasing this
token, users are essentially helping the creator, who gets the ETH from the backers in
exchange for a token that, should the project succeed in the future, they can use to
access platform services or sell on an online cryptocurrency exchange. The artwork
on display demonstrates the creation process. In this scenario, the product would be a
token called ServiceCoin (SRV), which the developers would have to purchase with
Ethereum cryptocurrency to obtain the tokens. The idea is to provide a strong,
anonymous means of funding projects and obtaining a product from the creators. We
will install a cryptocurrency wallet using MetaMask (a Google Chrome extension
wallet), and then organize our code using the Brackets text editor. After compiling
that code using Remix IDE, we will publish our initial coin offering (ICO) using
MyEtherWallet.com so that everyone can confirm and view the real coins.

13. (Sharma, 2023)

A developing trend in the IT sector is the use of blockchain in enterprises. Blockchain
is the era of safe, environmentally friendly information storage and transport. A
distributed ledger is employed for transaction creation and confirmation. Using e-
commerce websites exposes users to a variety of challenging circumstances, such as
malware, phony reviews, and information breaches, among many more. Blockchain
is used to securely store and validate data because of this. This leads to the acquisition
of accurate statistics. Selecting the right blockchain—one that is available, flexible,
and affordable—is essential to the expansion of any business model. The company
will use the generator to develop a new method of selling goods and services in the
future by using an e-commerce website that is entirely based on blockchain
technology. An additional way to define the term "period" is as the advancement of
modern goods and services. As a result, it is an effective and user-friendly tool.

14. (Roman Beck, 2018)

Many people refer to blockchain technology as a revolutionary invention and the start
of a new era in the economy. The potential for blockchains to create a blockchain
economy is significant. Smart contracts describe the rules that govern the autonomous
enforcement of agreed-upon transactions in the blockchain economy. Decentralized
autonomous organizations (DAOs), or organizations with governance rules stated in
the blockchain, are a new kind of organizational architecture that would emerge from

63
 the blockchain economy. We analyze the blockchain economy from the perspectives
of decision rights, accountability, and incentives as they are characterized in the
literature on IT governance. Our DAO case study demonstrates how governance in
the blockchain economy might diverge significantly from conventional ideas of
governance. We suggest a new IT governance paradigm and a research agenda for
governance in the blockchain economy using the three governance dimensions. We
refute prevalent beliefs in the debate around blockchain technology and suggest
intriguing information systems research about these beliefs.

15.(Emre Yavuz, 2018)

Undoubtedly, the groundbreaking idea of the blockchain—the underlying technology of
the well-known cryptocurrency Bitcoin and its offspring—is ushering in a new age for
the Internet and online businesses. While the majority of people only pay attention to
cryptocurrencies, many everyday activities, administrative tasks, and financial
processes that can only be completed offline or in person may now be securely
relocated online as online services. The incorporation of smart contracts, as in the
Ethereum platform, is what makes it a potent instrument for digitalizing commonplace
services. Embedded inside the blockchain and set to run at specific times during each
round of blockchain upgrades, smart contracts are significant bits of code. On the
other hand, e-voting is a crucial but also popular issue about internet services. Smart
contract-enabled blockchains show promise for usage in the creation of more
affordable, safe, transparent, and user-friendly electronic voting systems. Because of
its stability, popularity, and availability of smart contract logic, Ethereum and its
network are among the best. An electronic voting system needs to be safe completely
visible, and safeguard participants' privacy. In this work, we have used the Ethereum
wallets and the Solidity programming language to create and test an example e-voting
application as a smart contract for the Ethereum network. Voting is reportedly
possible on the Android platform for those without an Ethereum wallet. The votes and
ballots will eventually be recorded on the Ethereum blockchain following an election.
Voters can use an Android smartphone or directly send transactions from their
Ethereum wallets; all Ethereum nodes must agree on these transaction requests. This
agreement makes the e-voting environment transparent. This article presents our
program and its test findings, together with a general discussion regarding the
efficiency and dependability of blockchain-based electronic voting systems.

64
16. (Ying Ma, 2019)
Blockchain is a novel decentralized distributed technology that creates a value transfer
network to ensure trustworthy transactions in untrustworthy surroundings.
Researchers in crowdsourcing services have been interested in it because of its critical
importance and value in guiding human civilization from the information transmission
internet age to the value transmission internet era. This study initially examines the
trend of blockchain technology development from the standpoint of international
governments and businesses. Next, we quickly go over the fundamental blockchain
model and associated ideas. This foundation has led to the creation of an extensive
synopsis of the current status of blockchain research in relevant, recently published
papers. More research has been done on the primary technologies about security,
privacy, and trust in crowdsourcing services and application scenarios associated with
this field to demonstrate its functional worth. We conclude by talking about the
benefits and difficulties associated with blockchains. The intended outcome is to offer
valuable insights and support for further studies on blockchain technology as it relates to
crowdsourcing services.

17. (J., 2020)

Even with much research in the field, cloud computing resource allocation, and job
scheduling continue to be difficult issues for both business and academics. In the age
of customized cloud services, scheduling security in widely dispersed computing
systems is one of the most crucial factors. Recently, blockchain has emerged as a
potential solution for cloud cluster integration, enhancing cloud transaction security,
and facilitating access to data and application codes. We created a novel cloud
scheduler model based on blockchain technology in this article. Unlike other
comparable architectures, we attempted to delegate the blockchain module
implementation. Instead of using a "proof-of-work" consensus approach, we created a
unique "proof-of-schedule" algorithm and applied Stackelberg games to enhance the
acceptance of the generated schedules. Using the new original cloud simulator, the
generated model has been empirically simulated and validated. We also conducted a
comparison between the proposed Blockchain Scheduler and a few other chosen cloud
schedulers. According to the experiment, the applied strategy greatly increased the
efficiency of the created schedules; in most circumstances, the simulator produces a

65
 schedule with a shorter makespan than the scheduling modules that are now in use
separately.

18. (G., 2017)

Cryptocurrencies and blockchain technology have the potential to completely change
how the world finances healthcare and to usher in a period of universal health
coverage and equity. We list and illustrate at least four significant ways in which this
possible upheaval of established global health finance structures may take place: new
and innovative international funding methods; universal access to financing through
direct transactions without third parties; improved security, a decrease in fraud and
corruption, and the potential for open marketplaces for medical data that spur
innovation and discovery. We believe that these issues are critical to the provision of
healthcare globally and that they affect governments, non-governmental
organizations, payers, and healthcare providers at the state, national, and international
levels as well as international aid organizations like the World Bank Group,
International Monetary Fund, and WHO.

19. (B, 2018)

The client-server communication paradigm has drawbacks. Every network node has
high accessibility thanks to a distributed architecture. The distributed model is what
blockchain technology uses. The term "ledger" refers to the digital form in which all
transactions are accessible in the modern day. Everyone on the network shares this
ledger, which is the property of every user. Every user on the network keeps an eye
on and verifies every transaction. An array of blocks comprising a sequence of
transactions is known as the blockchain. Blockchain technology powers Bitcoin, a
cryptocurrency. The process of mining a block yields Bitcoins for the miner. Every
user on the blockchain network is aware of every single Bitcoin transaction. Each
consumer in the blockchain network verifies a block, which makes it immutable. This
marks the beginning of a new global trend for the security of digital transactions. This
essay uses blockchain technology to explain the reasoning behind the blockchain and
the process of creating Bitcoin.

20.(Korneychuk B. V., 2018)

This article looks at the idea of distributed capitalism that is emerging as a result of
blockchain technology, as described in the book by D. and A. Tapscott. The

66
 blockchain era's economy is defined by the way new technologies are transforming
the institution of trust, the decline of financial intermediation, the influx of hundreds
of millions of people from developing nations into the labor force, heightened
competition, and declining inequality. Since intellectual property producers are now
required to surrender intermediaries the majority of their generated value, the authors
see the blockchain revolution as a solution to the issue of discrimination against them.
Distributed capitalism's primary adversary is the "feudal" finance system, which is
losing its privileged position in the new conditions when economic entities can use
alternative currencies and directly interact with each other without risk and high
transaction costs.

21.(R, 2018)
According to Nakamoto (2008), Bitcoin was the first money not under the authority
of a single institution. Blockchain technology underpins the cryptocurrency known as
Bitcoin. It had hundreds of thousands of daily transactions at first and was only known to
a small group of hackers and nerds. As of the end of 2017, the value of a single
Bitcoin currency has surpassed $15,000. Growing value draws interest. Bitcoin is
considered digital fool's gold by some. Some believe that the blockchain technology
represents the start of a new digital era. Both may be accurate. Blockchain is not
defined by the success or failure of cryptocurrencies. Blockchain may have far-
reaching implications that go beyond Bitcoin, cryptocurrencies, and even the
economy. Not every technical query about blockchain has a response. Concerns
concerning high processing intensity and energy consumption still exist. These issues
will certainly come up in the future. Blockchain technology will have a different
future if the technology fails. While certain technological difficulties are addressed,
they are not the primary emphasis of this work, which is predicated on the assumption
that technical obstacles will be resolved. In "The Trust Machine," The Economist
argues that trust is where blockchain technology would have the greatest impact
(Economist, 2015). The public's confidence in the expected behavior of economic
institutions, including organizations and intermediaries, was the focus of the essay.
When they don't, confidence declines. Since the 2008 recession, public confidence in
economic institutions has not increased (Edelman, 2016). Technology can increase
mistrust since it makes it more difficult to resolve conflicts in person when trading
online with distant counterparties. Locating reliable middlemen might be challenging.
This is the role of blockchain technology. Every action taken on the chain is accessible

67
 thanks to permanent record-keeping that is updated progressively yet cannot be
deleted. This builds the "trust machine" that The Economist talks about by lowering
the uncertainty of competing information or truths. Governance varies together with
trust (Mougayar 2016). Blockchain is "a magic computer," according to Ethereum
platform creator Vitalik Buterin (2013), on which anybody may upload self-executing
programs. Every program's state is available to the public, and the blockchain
protocol's cryptographic guarantees ensure that programs will run as intended.
(Buterin eventually drops the word "magic" and uses the phrase "Turing-complete.")
According to this article's subtitle, blockchain may bring in a completely new era.
According to some, blockchain technology is the most promising innovation since the
Internet (Mougayar 2016). Blockchain threatens the gods of strong institutions (like
central banks). It's unknown if blockchain will drive these gods into obscurity, but it's
significant enough and strong enough to make a large impact.

22. (Nguyen B. Truong, 2018)

A strong and reliable third party is not required for the safe exchange of various kinds
of assets, including cryptocurrencies, thanks to the anticipated development of
Blockchain technology in recent years. This has the potential to usher in a new era of
Internet usage known as the Internet of Value (IoV), where all kinds of assets,
including money, equity, and intellectual and digital properties, may be conveniently,
safely, and automatically digitalized and shared. Retraction of a verified transaction is
not feasible on the Internet of Vehicles (IoV), as Blockchain ensures transaction
security by making it almost difficult to change. Therefore, it is essential to assess
participant trust before completing any transactions to enhance the Internet of Value.
In this paper, we define the term "IoV" and put forth a model of IoV based on trust
that includes system architecture, features, and components. Next, to assess trust
between any two peers on the Internet of Vehicles, we provide a trusted platform that
takes into account two concepts—experience and reputation—that originated in social
networks. Using mathematical models with analysis and simulation in an Internet of
vehicle environments, Experience and Reputation are defined and computed. This
research, in our opinion, unifies knowledge regarding IoV technology and illustrates
how trust is assessed and applied to fortify the IoV. Additionally, it offers significant
potential research avenues on trust and IoV.

68
23.(L, 2018)
Since its introduction in 2009, blockchain has been a potentially revolutionary record
technology, with the potential to be just as revolutionary as the Internet. Blockchain's
functionality was first designed as a tool for recording Bitcoin transactions, but it has
now expanded to include a wide range of applications in industries like banking,
finance, accounting, supply chains, voting, and government services. In addition to
explaining blockchain technology, this paper offers a preliminary analysis of how this
invention may facilitate a transparent, verifiable, and real-time business environment.
Furthermore, intelligent contracts that enable automation and democratization of
decision-making using blockchain technology have the potential to establish digital
enterprises.

24.(Korneychuk, 2018)
The review talks about how blockchain technology enables the idea of distributed
capitalism from a political and economic perspective. The blockchain era is
distinguished by the emergence of a new institution of trust, the disruption of financial
intermediation, the economic inclusion of hundreds of millions of citizens in
developing nations, a rise in competition, and a fall in inequality, in contrast to the
first Internet era, when the industry of financial and information services was
dominated by intermediaries.

The main topic of the study is how important political- economic categories are
changing in the blockchain age. The creative value that emerges in cryptocurrencies
first replaces the labor value. Second, digital discrimination takes the role of labor
exploitation. Because intellectual property producers must give up a significant
portion of their creations to middlemen, the blockchain revolution offers a solution to
the issue of discrimination against them. Third, monopolistic capitalism gives way to
rivalry amongst cryptocurrencies as a basis for free competition. Fourth, the conflict
between the agents of the information monopoly system and the dispersed economy
takes the place of class struggle. According to the author, the feudal banking system,
which is losing ground in the new environment where economic actors may
communicate directly with one another without risk or expensive transaction charges,
is the primary source of resistance to dispersed capitalism.

69
25.(S, 2018)
The integration of diverse actors throughout the manufacturing ecosystem becomes
more important as firms begin to adopt manufacturing 4.0 to allow responsive and
fine-grained networks of distributed manufacturing operations. To create harmonized
apps at the ecosystem level, businesses of all sizes need to be able to interact with one
another on a shared, reliable platform. Blockchain makes it easier to transfer data
across organizational borders in a transparent, safe, and regulated manner by
shattering informational silos. Thus, it might function as a reliable platform for value-
creation collaboration throughout the sector to plan and oversee regionally or
geographically distributed manufacturing operations.

This whitepaper explores four use scenarios that have drawn interest from the
manufacturing sector to show the possible effects of blockchain technology on
manufacturing: › Linking dispersed manufacturing assets: Using tokens as incentives
for participants and smart contracts to expedite manufacturing processes, a
blockchain-based platform makes it easier for buyers and producers to communicate.

Ensuring the complete safety of the additive manufacturing (AM) procedure: Smart
contracts and blockchain underlie all of AM's transactions by acting as a middleman
and security layer to merge the digital thread. Facilitating the lifecycle of assets:
Blockchain makes it possible for many parties to share an immutable product memory
and to have a trail of useful data throughout the asset life cycle. Increasing supply-
chain visibility: By registering all participants and their transactions in a supply chain
on a single shared ledger, blockchain offers near real-time deep-tier supply-chain
visibility. With real-time access to actionable data and control unleashing a new age
of decentralized and software-defined manufacturing, these use cases merely hint at the
revolutionary changes that will occur to long-standing business models in the
manufacturing ecosystem. The use of blockchain technology in the industrial sector is
still in its early stages, despite its enormous promise. This study examines the main
implementation issues associated with selecting an appropriate blockchain protocol,
protecting the analog-digital interface, ensuring network and user interface security,
and assessing the smart contact application space. Go-forward suggestions give
businesses guidance on where to begin implementing blockchain technology.

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26. (S.V.O, 2019)
With a few exceptions, the retailers and providers of electricity promote business
models that prioritize services for their customers. The reader could even question
their motivation to provide the best possible tariffs because lower tariffs equate to
reduced revenue and, thus, lower profit. There isn't a single service that works for
everyone to actively involve power users. Because they lack actual access to
consumption statistics, the majority of power users are unaware of their use patterns.
There are no market solutions since the existing online portals do not disclose
consumption data to outside parties. In this work, we propose a distributed database
architecture based on blockchain technology for power transactions that, in the age of
digitalization, enhance customer awareness while innovating and increasing market
competitiveness.

27. (Gareth Peters, 2015)

As a result of the internet era, low-cost, anonymous, and quickly verifiable
transactions are now necessary for online barter, and fast-settling money has evolved.
E-money has mostly served this purpose, but two new forms of money have emerged
in recent years. Cryptocurrencies, which provide peer-to-peer online payments
directly, are an alternative to traditional virtual currencies that are centralized and
typically used for transactions in social and gaming economies.

We discuss the historical background that gave rise to these currencies as well as
certain contemporary and emerging patterns in their adoption, and their application in
the actual economy as well as investment vehicles. We then examine these currencies
in the framework of monetary theory to ascertain how they may have value under
each, as they are entirely digital constructions with no support from local or national
governments. In conclusion, we offer a summary of the current regulatory
preparedness for handling transactions using digital currencies throughout different
global locations.

28. (Gifford K, 2016)

Financial technology is undergoing a surge of innovation that is impacting not just the
architecture of the financial markets, such as payment and settlement systems, but also
the goods and services provided to businesses and consumers. When combined, these

71
 developments might significantly reduce the cost of financial transactions, bringing
about a qualitative change comparable to the introduction of the Internet in the 1990s.
This would promote global systemic stability and worldwide financial inclusion. The
authors refer to the forthcoming innovations built upon these new technologies as well as
the existing collection of breakthroughs causing the transition they characterize as the
Internet of Value (IoV). The potential promise of the Internet of Vehicles (IoV)
includes increased prosperity, financial access, stability, and further innovation, just
as the Internet ushered in an era of rapid innovation, economic growth, and
productivity gains. To realize this promise, however, appropriate industry, regulatory, and
policy support will be required. Examining a recent financial breakthrough,
decentralized ledger, or blockchain technology, this article explores the legislative and
legal implications of one of its most talked-about use cases: real-time settlement in
bank-to-bank payments. The two components of trust and coordination—both
essential to the laws and regulations governing payments today—are the focus of the
authors' examination. Though trust and coordination remain important factors,
decentralized ledger technology eliminates some of the operational and even legal
components of the present payment system. Optimizing the potential benefits of this
technology requires the development and implementation of suitable legislative and
regulatory frameworks.

29. (Z., 2020)

The creation of a distributed resilient economy system has grown in significance in
the age of the digital economy. It is possible to create such a system using blockchain
technology, however, er blockchain systems are unsustainable since popular
consensus mechanisms are currently open to assault. In this research, we present a
novel Robust Proof of Stake (RPoS) consensus protocol that successfully prevents
coin age accumulation assault and Nothing-at-Stake (N@S) attack by limiting the
maximum value of the coinage.

Using a framework for comparison, we demonstrate that in three areas—energy

consumption, resilience, and transaction processing speed—RPoS performs on par
with or better than Proof of Work (PoW) and Proof of Stake (PoS) protocols. We
developed an agent-based model to assess the trade efficiency of the three consensus
protocols, and we discovered that the RPoS protocol has a higher or comparable trade
request-satisfied ratio to PoW and PoS. Therefore, we propose that RPoS is an

72
 excellent choice for creating a resilient distributed digital economy.

30. (M., 2020)

By permitting interactions and data sharing across the cellular network between cars,
sensors, and numerous other devices, 5G promises to broaden the scope of mobile
communication beyond LTE. There is an expectation that mobile data will exceed
wired data in the 5G future. To fully utilize 5G, it is essential to tackle the inadequacies of
LTE, including the security flaw in handover. Because LTE's key derivation
technique for handover does not provide full forward key separation, the network is
more susceptible to latency issues and assaults. As a result, a unique strategy utilizing
blockchain is presented to address the problems.

The initial purpose of blockchain technology was to enable safe financial

transactions using Bitcoin without the need for a middleman like a bank. To provide a
structurally safe key derivation strategy for handover in 5G with full forward key
separation, several of the intrinsic security properties of blockchain have evolved. The
study provides a thorough analysis of the new key derivation scheme's security
benefits utilizing blockchain technology. It also shows the simulation results using a
specially created JavaScript application to confirm the performance improvement.

31. (Amrita Jyoti, 2020)

Using blockchain technology as an infrastructure enables a new transparent and
decentralized transaction method for a variety of enterprises and sectors, providing an
innovative platform. The traceability and transparency of commodities, data, and
financial resources inside each transaction are among the several aspects of
blockchain technology that contribute to an increase in trust.

Notwithstanding the initial skepticism surrounding this technology, the government,

along with numerous prominent corporations and firms, have recently investigated
the adoption and advancement of this technology in a variety of application areas,
ranging from supply- chain networks and manufacturing to the social, legal, and
finance industries. Determining provenance is an intriguing scientific question in this
new era.

The current state of production and transportation commodities involves complex

73
 medium-sized supply chains, making it hard to assess the source of physical items.
We are interested in blockchain technology because it has many desirable
applications, particularly in provenance tracking. This article examines the
fundamental characteristics of blockchain technology, including permissioned and
permissionless blockchain types. Next, it was addressed how important asset
provenance is to the supply chain since it boosts consumer confidence. A procedure
and architecture for supplying data provenance in the supply chain utilizing
blockchain and smart contracts were then offered.

32. (Shahriare Arnob M, 2020)

Elections are a key component of democratic activity, thus it is pitiful that so many
people worldwide do not trust their electoral system. A centralized election system is
still in use in many nations, which may lead to certain disparities. Modern technology,
which is becoming more and more digital, has assisted in resolving the perplexing
problem among individuals. The global election using the traditional method poses a
danger to the security and transparency aspects of the matter.

One of the answers is blockchain technology, which puts pressure on a decentralized

system since several users control the entire database system. Due to its recent
infancy, blockchain technology has mostly addressed legal and technical concerns
rather than capitalizing on this innovative idea to provide cutting-edge digital
services.

Blockchain adoption can reduce the deceit of database tampering by enabling

decentralized databases on a voting system. Since the majority of individuals in
developing nations are impoverished, few of them use bitcoin wallets.By using open-
source blockchain technology, we will be able to overcome this issue via our work
and provide an architecture for a new electronic voting system that may be utilized in
municipal or national elections to guarantee the highest level of voter participation.

33. (Hongwei Zhao, 2020)

The growing significance of blockchain technology across many industries is causing
the technical constraints of its smart contract, private key management, and consensus
mechanism to progressively surface. On the other hand, a series of security events,

74
 including blockchain platform apps, are appearing. It creates new models and forms
by fusing the blockchain with current technology, representing a fresh wave of
revolutionary power in the network era.

The use of technology and current cybersecurity laws have created new difficulties.
This study examines the standard blockchain application architecture as well as the
security vulnerabilities associated with it at many critical layers, including the
application, storage, protocol, and extension layers. This article proposes a
blockchain-based confidential IOT service model (Beekeeper 1.0) that supports first-
order homomorphic multiplication and a blockchain-based confidential IOT service
model (Beekeeper 2.0) that supports high- order homomorphic multiplication.
Beekeeper 2.0 significantly outperforms Beekeeper 1.0 in terms of server capabilities,
verification efficiency, verification key length, and device work diversity. According
to this article, there is a general rise in the chain code call latency as the transaction
sending rate increases.

The success rate of the transaction on the chain rises when the transaction sending
rate hits 300TPS, and the chain code calling latency only slightly increases at that
point. In conclusion, as the pace of transaction sending increases, so does the average
blockchain access time. Less throughput has an impact on the blockchain access
delay, and the 98% transaction success rate remains constant.

34. (Faturahman A, 2021)

Frequently utilized as digital money, cryptocurrency is a blockchain-based
technology. In contrast to traditional money, digital money is just a block of data
validated by a hash rather than having a physical form. Every Bitcoin user within the
vicinity receives the info. to do data mining during a user transaction. When used as
money, cryptocurrencies provide several benefits as well as drawbacks. First, there is
currently no legislation controlling the exchange of money in digital form, or
cryptocurrency.

For the general population to accept digital money as a form of payment, the
government must acknowledge it. As of right moment, the government does not
accept cryptocurrencies as legal tender since several Indonesians believe it to be a
relatively new phenomenon. Given the numerous benefits that digital money offers

75
 over physical money, the fast advancement of technology in the 4.0 revolution age
will likely result in the replacement of physical money over the next few years
.
35.(Shada A. Alsalamah, 2021)
Clinical care based on informed decision-making procedures is entering a new age
thanks to a developing healthcare delivery paradigm. The information security
requirements required to deploy the new model and those currently in place locally to
support traditional care models prevent current healthcare information systems (HISs)
from adopting it. In the meanwhile, the healthcare industry has recently demonstrated a
strong interest in the possibilities of utilizing blockchain technology to give patients
high-quality treatment. Up until now, no blockchain solution has completely met the
demands for cross-organization information exchange in the healthcare industry. In
this paper, we propose HealthyBlockchain, a granular patient-centered ledger that
digitally tracks a patient's medical transactions all along the treatment pathway to
support the care teams, in studying the use of blockchain in enabling struggling HISs
to meet the demands of the current healthcare delivery model. Controlling dispersed
patient data among the decentralized discrete HISs is the patient-centered ledger, a
neutral, tamper-proof trail time-stamp block sequence. By bringing patients, doctors,
and healthcare providers together, HealthyBlockchain creates a transparent, reliable,
and secure support system.

36.(Thakur N, 2021)
Securing data is essential to the advancement of contemporary Internet technologies.
The blockchain's distributed, decentralized, and secure hashing algorithm offers a
whole new perspective on how data security technology is developing. Among the
most important technological advancements of the twenty-first century is blockchain
technology. The last few years have seen a rise in interest in blockchain technology.
Numerous blockchain technology implementations are currently freely accessible.
The technology behind Bitcoin, known as blockchain, has garnered a lot of interest
recently. Blockchain technology facilitates decentralized transactions by acting as an
encrypted, unchangeable distributed ledger. Applications built on blockchain
technology are predicted to change a wide range of industries, including financial
services, healthcare, media, entertainment, and the Internet of Things (IoT).

The method of data security involves the use of blockchain technology. This study

76
 aims to explore the current state of research in this emerging field of computer science.
Not only is it the most talked-about subject, but it also represents the greatest
technical advancement that has the potential to completely transform the world.

37. (I., 2022)

Blockchain, also known as distributed ledger technology (DLT), is a well-known digital
invention that has several uses outside of the cryptocurrency space. Because of its innate
dependability, industries like banking and land registration, where transaction confidence
is crucial, have adopted it. In telecommunications, DLT has catalyzed the development of
future network architectures, including decentralized and multi-actor access networks.
Seeing this potential, we launched BALAdIN, a decentralized application powered by
blockchain technology that aims to improve network coverage through partnerships.

Through the cooperation of several stakeholders, including store tenants, BALAdIN

makes it possible for local players to deploy mobile cells in conjunction with a group of
telecommunications firms. By utilizing a reliable and decentralized network monitoring
system that our team created, BALAdIN precisely records the traffic that each actor
transmits. This system guarantees equitable incentives for participants based on their
contributions to network utilization, while simultaneously resolving the centralization
issues related to Blockchain Oracles.

In this article, we explain the design and operation of our network consumption
monitoring technique by going into its details. In addition, we carry out a thorough
feasibility analysis to see whether it can work with traditional Blockchain systems,
analyzing performance indicators like transaction propagation and throughput. In
conclusion, we provide a scalable deployment approach for BALAdIN, including doable
actions to incorporate our innovative Blockchain-driven decentralized network metering
program into current infrastructure. Our goal is to fully utilize distributed ledger
technology (DLT) to transform the telecom industry and improve network efficiency and
accessibility.

77
38.(J. S. S., 2022)

Blockchain is an unchangeable, peer-to-peer (P2P) digital database that keeps track of

every transaction between its members from its creation. It functions as a decentralized
storage system. It makes use of smart contracts, asymmetric encryption, consensus
processes, and other important technologies to guarantee the consistency and integrity of
data transfers in an untrusted setting. Positioned as the cornerstone of the Internet's future
wealth generation, blockchain technology has numerous unique properties, including
decentralization, security, dependability, openness, and transparency.

Because it is decentralized, there is no need for middlemen, which increases participant

confidence and lowers the possibility of single points of failure. Thanks to cryptographic
processes, blockchain is secure and impervious to alteration and illegal access.
Furthermore, the immutability of recorded transactions—which offer a verifiable and
auditable trail of exchanges—contributes to its dependability because of its openness and
transparency, blockchain facilitates more visibility into transactional operations, which in
turn encourages trust and responsibility in online relationships. The potential of
blockchain technology to decrease costs, improve operations, and eliminate fraud makes
it widely used in a variety of industries, including file storage, healthcare, finance,
insurance, and more.

Yet, blockchain technology still faces a number of difficulties in spite of its encouraging
features. These include the poor transaction throughput, the possibility of user data
leakage, confidentiality issues with transaction data, and encryption techniques' security
flaws. The continuous advancement and broad use of blockchain technology need the
resolution of these issues.

Blockchain is a new technology with a lot of room for innovation and disruption.
Although there could be unanticipated challenges in its path, there are a lot of
opportunities for it to grow and change the face of decentralized government in the
process of bringing in a new era of decentralization. The blockchain ecosystem is
developing via continuous research, innovation, and cooperation, opening the door for
game-changing applications and innovative use cases in a variety of sectors.

78
 References
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1. A., E. E. (2023). Decentralized Autonomous Organization (DAO): The case of
MakerDAO. Journal of Information Technology Teaching Cases.
2. Akhtar, T. (2023). Blockchain technology a new era in corporate governance
reforming mechanisms.
3. Amrita Jyoti, R. K. (2020). Blockchain based data provenance in the supply chain .
4. B, M. (2018). Bitcoin generation using blockchain technology .
5. Emre Yavuz, A. K. (2018). Towards secure e voting using the ethereum blockchain .
6. Faturahman A, A. V. (2021). Blockchain technology the use of cryptocurrencies in
digital revolution.
7. G., T. B. (2017). From blockchain technology to global health equity: Can
cryptocurrencies finance universal health coverage. BMJ Global Health.
8. Gareth Peters, E. P. (2015). Trends in crypto currencies and blockchain technologies
a monetary theory and regulation perspective.
9. Gifford K, C. J. (2016). Implementation of real time settlement for banaks using
decentralized ledger technology policy and legal implications.
10. Hongwei Zhao, M. Z. (2020). Security risk and response analysis of typical
application architecture of information and communication blockchain.
11. I., M. V. (2022). BALAdIN: truthfulness in collaborative access networks with
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12. J., S. S. (2022). Blockchain: Perspectives and issues. Journal of Intelligent and Fuzzy
Systems.
13. J., W. A. (2020). Modelling and simulation of security-aware task scheduling in cloud
computing based on Blockchain technology. Simulation Modelling Practice and
Theory.
14. K., V. A. (2023). Analyzing blockchain adoption barriers in manufacturing supply
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15. Korneychuk, B. (2018). The political economy of the blockchain society.
16. Korneychuk, B. V. (2018). Distributed capitalism political economy (regarding the
book "blockchain revolution" by D. and A. tapscott how the world, business and
money are evolving because of bitcoin technology .
17. L, P. (2018). Blockchain a new era for business.

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18. M., L. H. (2020). Blockchain-based mobility management for 5G. Future Generation
Computer Systems.
19. Minwoo Lee, S. L. (2022). A study on the application of blockchain technology in
non-government organizations.
20. Nguyen B. Truong, T.-W. U. (2018). Strengthening the blockchain based internet of
value trust .
21. P., B. C. (2023). The rise of decentralized autonomous organizations (DAOs): a first
empirical glimpse. Venture Capital.
22. Parab, L. J., Nitnaware, P. P., & Patil, S. A. (2023). Cryptocurrency with blockchain
technology - a literature review .
23. R, B. (2018). Beyond bitcoin the rise of blockchain world the twillight of the gods.
24. R., M. A. (2023). Evaluating the blockchain-based healthcare supply chain using
interval-valued Pythagorean fuzzy entropy-based decision support system.
Engineering Applications of Artificial Intelligence.
25. Roman Beck, C. M.-B. (2018). governance in the blockchain economy: a framework
and research agenda.
26. S, H. (2018). Blockchain the emerging platform for manufacturing major use cases
and implementation challenges.
27. S.V.O. (2019). Disticbuted database on blockchain technology for a new ea of
electricity transactions .
28. Samuel, R., Lakhanpal, V., & Kumar, K. (2023). blockchain supercharges digital well
program towards cyber physical drilling system.
29. Saxena, S. A. (2023). Artificial intelligence and blockchain technology in insurance
business.
30. Shada A. Alsalamah, H. A. (2021). Healthy blockchain for global patients .
31. Shahriare Arnob M, S. N.-U. (2020). Blockchain based secured e voting system to
remove the opacity and ensure the clarity of election of developing countries.
32. Sharma, A. P. (2023). Confianza: E-commerce Blockchain Website ebsite.
International Journal of Scientific Research in Computer Science, Engineering and
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ethereum blockchain approach.
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Applied Information Technology.
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81
 Chapter 4
Data Analysis, Interpretation and Presentation

1. Have you Heard of Blockchain Technology Before?

Graph4.1
Yees No

80

70

60

50

40

30

20

10

Table 4.1
Particulars No. of Responses (in %)
Yes 72.50 %
No 27.50 %

The pie chart depicts replies to a survey in which participants replied "yes" or "no."

"Yes" replies account for 72.5% of all responses.

"No" replies make up 27.50% of all responses.

As a result, the majority of respondents replied "yes" to the question or statement

offered, while the remaining minority said "no."

82
2. How would you rate your understanding of Blockchain Technology?

Graph 4.2

Poor Fair Good Excellent

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.2
Particular No. of Responses ( in % )
Poor 16.70 %
Fair 42.90 %
Good 31.00 %
Excellent 9.50%

The pie chart illustrates the distribution of a certain variable across different
categories, namely "poor," "fair," "good," and "excellent." Here's a breakdown of
what each category represents based on the percentages you provided:
"Poor": Represents 16.70% of the total distribution. This category likely indicates
the lowest level of quality or performance in whatever context the variable is
measuring. For example, if the variable represents customer satisfaction, "poor" could
indicate customers who are dissatisfied with a product or service.
"Fair": Comprises the largest portion of the distribution, accounting for 42.90%. This
category likely represents a moderate level of quality or performance. In terms of
customer satisfaction, "fair" could indicate customers who are neither highly satisfied
nor dissatisfied.
"Good": Represents 31% of the distribution. This category suggests a relatively high
level of quality or performance. For instance, in a product review context, "good"
might indicate products that meet or exceed expectations but do not necessarily excel.
"Excellent": Makes up the smallest portion of the distribution, at 9.50%. This
category likely represents the highest level of quality or performance. In customer
satisfaction terms, "excellent" could denote customers who are highly satisfied and
would likely recommend the product.

83
3. Have you ever made a transaction using Blockchain Technology or
Cryptocurrencies?

Graph 4.3

Yes No

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

Table 4.3
Particulars No. of Responses ( in %)
Yes 82.70 %
No 17.30 %

With two potential answers, “Yes” and “No,” the pie chart shows the distribution of
replies to a given question or statement. The following explains each category’s
meaning according to the percentages you gave:
“Yes”: Makes up 82.70% of the total replies, or the majority of the responses. This
category shows that a sizable percentage of respondents provided a positive response
to the given question or statement. It suggests acceptance or affirmation of the
question or statement made.
“No”: Represents 17.30% of the distribution and is the minority of replies. This
category shows that fewer respondents gave a negative response to the statement or
question. It suggests that you don’t agree or disagree with the question or statement
made.

84
4. What concerns, if any, do you have about using blockchain
technology for transactions? (select all that apply)
Graph 4.4

Security

Privacy

Complexity

lack of regulation

0 5 10 15 20 25 30 35

Table 4.4
Particulars No. of Responses
Intellectual Property Rights 15
Management
Complexity 26
Privacy 32
Security 15

Intellectual Property Rights Management:

This category is represented by a bar indicating that it occurs 15 times.

Security
This category is represented by a bar indicating its occurrence 15 times.

Privacy
The bar for this category is indicating its occurrence 32 times.

Complexity
This category is represented by a bar indicating its occurrence 26 times.

Lack of Regulation
The bar for this category is indicating its occurrence 27 times.

85
5. What benefits do you think blockchain technology offers for
transactions? (select all that apply)
Graph 4.5

Security Speed Transparency Lower fees Accessibility

25

20

15

10

Table 4.5
Particulars No. of Responses
Security 21
Speed 10
Transparency 7
Lower Fees 15
Accessibility 5
Security:
This category is represented by a bar indicating its occurrence 21 times.

Speed:
This category is represented by a bar indicating its occurrence 10 times.

Transparency:
This category is represented by a bar indicating its occurrence 7 times.

Lower Fees:
This category is represented by a bar indicating its occurrence 15 times.

Accessibility:
This category is represented by a bar indicating its occurrence 5 times.

86
6. How likely are you to consider using blockchain technology for
transactions in the future?
Graph 4.6
Very Likely Likely Unsure Unlikely Very Unlikely

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.6
Particulars No. of Responses ( in %)
Very Likely 11.10 %
Likely 40.70%
Unsure 32.50 %
Unlikely 9.30 %
Very Unlikely 3.70 %

The pie chart represents the distribution of content likelihood percentages based on
the categories: "Very likely," "Likely," "Unsure," "Unlikely," and "Very unlikely."
"Very likely" content occupies 11.10% of the total chart area. This means that there's a
relatively small but significant portion of content that is highly probable.
"Likely" content occupies the largest portion of the chart, at 40.70%. This indicates
that a substantial portion of the content falls into the category of being probable but
not as certain as "Very likely."
"Unsure" content occupies 32.50% of the chart. This suggests that a significant
portion of the content falls into a category where certainty is lacking, and there's
ambiguity about its likelihood.
"Unlikely" content occupies 9.30% of the chart. This represents content that is less
probable compared to the previous categories.
"Very unlikely" content occupies the smallest portion of the chart, at 3.70%. This
indicates highly improbable content

87
7. Do you think blockchain technology will become more widely
adopted for transactions in the future?

Graph 4.7
Yes No Not sure

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.7
Particulars No. of Responses (in %)
Yes 40.70 %
No 13 %
Not Sure 46.30 %

The pie chart represents the distribution of content likelihood percentages based on
the categories:

“Yes” content occupies 46.30% of the total chart area. This indicates that a significant
portion of the responses indicates affirmation or agreement with the content.

"No" content occupies 13% of the chart. This represents a smaller portion of
responses indicating disagreement or negation of the content.

"Not sure" content occupies the largest portion of the chart, at 40.70%. This suggests
that a substantial portion of the responses is uncertain or ambiguous about the content.

88
8. What types of transactions do you think blockchain technology is
most suitable for? (Select all that apply)
Graph 4.8

Financial transaction

Supply chain management

Digital identification verification

Axis Title

Voting system

Intellectual property rights management

0 5 10 15 20 25 30 35 40
Axis Title

Table 4.8
Particulars No. of Responses
Financial Transaction 35
Supply chain management 22
Digital identification verification 18
Voting system 14
Intellectual property rights 15
management

Financial Transaction
This category is represented by a bar, indicating that it occurs 35 times.

Supply Chain Management

The bar for this category is indicating that it occurs 22 times.

Digital Identification Verification

This category is represented by a bar, indicating that it occurs 18 times.

Voting System
The bar for this category is indicating that it occurs 14 times.

Intellectual Property Rights Management

This category is represented by a bar, indicating that it occurs 15 times.

89
9. Do you believe blockchain technology can help reduce fraud in
transactions?
Graph 4.9
Yes No Not sure

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.9
Particulars No. of Responses ( in %)
Yes 42.60 %
No 16.70 %
Not sure 40.70 %

“Yes” content occupies 42.60% of the total chart area. This indicates that a significant
portion of the responses indicates affirmation or agreement with the content.

“No” content occupies 16.70% of the chart. This represents a smaller portion of
responses indicating disagreement or negation of the content.

“Not sure” content occupies the largest portion of the chart, at 40.70%. This suggests
that a substantial portion of the responses is uncertain or ambiguous about the content.

90
10. How do you think blockchain technology compares to traditional
transaction methods (e.g., banks, credit cards) in terms of efficiency?
Graph 4.10
Much less Efficient Less Efficient Equally Efficient More Efficient Much more Efficient
45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.10
Particulars No. of Responses ( in %)
Much Less Efficient 9.30 %
Less Efficient 24.10 %
Equally Efficient 38.90 %
More Efficient 24.10 %
Much More Efficient 3.70 %

“Much less efficient” content occupies 9.30% of the total chart area. This represents a small
portion of responses indicating a significant decrease in efficiency compared to other options.

“Less efficient” content occupies 24.10% of the chart. This indicates that a noticeable portion
of responses suggests a decrease in efficiency compared to other options.

“Equally efficient” content occupies the largest portion of the chart, at 38.90%. This suggests
that a substantial portion of responses considers the content to be as efficient as other options.

“More efficient” content occupies 24.10% of the chart. This indicates that a significant
portion of responses suggests an increase in efficiency compared to other options.

“Much more efficient” content occupies 3.70% of the chart. This represents a small portion
of responses indicating a significant increase in efficiency compared to other options.

91
11. What sources do you rely on for information about blockchain
technology?
Graph 4.11
News Website Social Media Technical Forums/Communities Whitepapers/Research papers

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Table 4.11
Particulars No. of Responses ( in % )
News Website 20.40 %
Social Media 40.70 %
Technical Forums/Communities 29.60 %
Whitepapers/Research Papers 9.30 %

"News website" content occupies 20.40% of the total chart area. This indicates a
portion of content sourced from news websites.

"Social media" content occupies the largest portion of the chart, at 40.70%. This
suggests that a significant portion of content is sourced from social media platforms.

"Technical forums/communities" content occupies 29.60% of the chart. This

represents a substantial portion of content sourced from technical forums or
communities.

"Whitepaper/research papers" content occupies 9.30% of the chart. This indicates a

smaller portion of content sourced from whitepapers or research papers.

92
 Chapter 5
Findings, Suggestions and Conclusion

 5.1 Findings

1. Blockchain's Disruptive Potential:

Blockchain technology has disruptive potential in several sectors. Its decentralized
structure, immutability, and openness provide prospects for streamlining procedures,
improving security, and lowering costs.

2. Diverse Applications:
Blockchain technology has diverse uses, including banking, supply chain
management, healthcare, and government services, according to a literature analysis.
The adaptability of blockchain allows for its use in a variety of sectors, each with its
own set of use cases and chances for innovation.
3. Scalability and Interoperability Challenges:
Blockchain adoption has scalability and interoperability challenges, including limited
transaction volume and processing speed. Interoperability concerns complicate
matters further, preventing seamless communication and data sharing across different
blockchain systems.
4. Regulatory ambiguity:
Regulatory ambiguity is a key barrier to blockchain adoption, especially in finance
and data privacy. The lack of defined legislative frameworks and norms causes
complexity for businesses and investors, limiting innovation and investment in
blockchain technology.

5. Environmental Impact:
The energy-intensive nature of consensus algorithms like Proof of Work (PoW) poses
environmental issues for blockchain networks. Addressing these environmental
concerns is critical to the long-term success of blockchain technology.

93
6. Privacy and Security Considerations:
While blockchain technology provides intrinsic security through cryptographic
methods and immutability, privacy issues remain, especially with the disclosure of
sensitive information on public blockchains. Maintaining user trust and regulatory
compliance requires striking a balance between openness and data protection.

7. Emerging Trends and Opportunities:

Despite the obstacles, the literature analysis revealed some developing trends and
possibilities in blockchain technology. Decentralized Finance (DeFi), Non-Fungible
Tokens (NFTs), interoperability solutions, and advances in consensus processes have
the potential to alleviate existing limits and drive innovation in the blockchain sector.

 5.2 Suggestions

1. Scalability Solutions:
Implementing scalability options like sharding, layer 2 solutions, and alternative
consensus processes improves blockchain transaction throughput and processing
speed. Research and investment in these areas can help overcome scalability issues
and enable more widespread implementation of blockchain technology.

2. Interoperability Standards:
Establishing interoperability standards and protocols is essential for seamless
communication and data sharing between blockchain networks. Collaborative efforts
between industry stakeholders and regulatory agencies can aid in the development of
interoperable solutions and promote interoperability across blockchain platforms.

3. Regulatory Frameworks:
Clear regulatory frameworks promote blockchain adoption and innovation.
Policymakers and regulators should collaborate closely with industry stakeholders to
create clear and comprehensive regulatory frameworks that encourage innovation
while protecting consumers, data privacy, and financial stability.

94
4. Sustainable Practices:
Promoting sustainable practices in blockchain development and operations helps
reduce environmental effect. Encouraging the use of energy-efficient consensus
processes, such as Proof of Stake (PoS), as well as implementing energy-saving
measures, can all assist to lower blockchain networks' carbon footprint.

5. Privacy-Enhancing Technologies:
Investing in privacy-enhancing technologies and protocols can mitigate privacy
problems related to blockchain technology. Implementing techniques like zero-
knowledge proofs, safe multiparty computing, and privacy-preserving smart contracts
might improve data privacy and confidentiality in blockchain networks.

6. Education and Awareness:

Educating stakeholders, such as enterprises, consumers, politicians, and regulators,
about the advantages, difficulties, and possible uses of blockchain technology is vital
for promoting adoption and innovation. Awareness campaigns, instructional
programs, and knowledge-sharing efforts may all serve to dispel myths about
blockchain and encourage informed decision-making.

7. Research and Development:

Continued investment in R&D is crucial for improving blockchain technology and
realizing its full potential. Funding research initiatives, promoting academic
partnerships, and cultivating innovation ecosystems can result in improvements in
blockchain technology's scalability, security, privacy, and usability

 5.3 Conclusion

Blockchain technology is at the vanguard of innovation and has the potential to

completely change how transactions are carried out, recorded, and confirmed in the
digital era. With far-reaching effects across several businesses and sectors, its
decentralized structure, cryptographic security, and consensus processes provide
unmatched levels of transparency, security, and efficiency.

95
Fundamentally, blockchain technology is a paradigm change that favors decentralized
networks over conventional centralized systems. Blockchain dispenses with the
necessity for middlemen and centralized authority by spreading data among a network
of linked nodes, enabling people and businesses to conduct direct business in a
trustless setting. By removing single points of failure, decentralization improves
security while simultaneously encouraging network resilience and openness.

Due to the blockchain's immutability—achieved by chaining blocks together and

using cryptographic hashing—transactions cannot be changed or tampered with after
they are recorded.

This unchangeable ledger lowers the possibility of fraud, manipulation, and data
breaches in addition to offering an auditable and visible record of transactions.
Additionally, the use of consensus techniques like proof of stake or proof of work
guarantees that all network members concur on the legitimacy of transactions,
encouraging mutual consensus and confidence.

Security and transparency are the cornerstones of blockchain technology. Since each
member of the network has access to an exact replica of the blockchain, it is simple to
verify and track transactions back to their source. In addition to improving
accountability, this openness makes it easier to comply with auditing standards and
legal obligations. Digital signatures and hashing algorithms are two further
cryptographic approaches that provide transaction security and tamper-proof
recording. These techniques offer strong security assurances against unwanted access
or modification.

Blockchain technology has a plethora of potential uses in a wide range of sectors,

including voting systems, banking, supply chain management, and healthcare.
Blockchain technology makes it possible to create and transmit digital currencies in
the financial sector, enabling quick and safe peer-to-peer transactions without the need
for middlemen. Blockchain can monitor the origin of commodities in supply chain
management, guaranteeing authenticity and transparency all the way through the
chain. Blockchain improves data protection and accessibility in the healthcare

96
industry by enabling the safe and interoperable storage of patient records. Similar to
this, blockchain technology has the potential to completely transform voting
procedures by offering transparent and safe ways to run elections and record votes.

The idea of smart contracts is among blockchain technology's most inventive features.
Smart contracts are decentralized contracts that run automatically on the blockchain
based on pre-established parameters. By automating and enforcing terms of agreement
when predetermined conditions are satisfied, these contracts remove the need for
middlemen and streamline the contract execution procedures. From real estate and
insurance to logistics and digital rights management, smart contracts have several uses
in a variety of sectors. They provide automated, transparent, and impenetrable
solutions for a broad spectrum of contractual arrangements.

In conclusion, blockchain technology is a revolutionary force that might

fundamentally alter how we interact, transact, and collaborate in the digital age. The
global economy will be more robust, inclusive, and egalitarian because to its
decentralized design, cryptographic security, and consensus processes, which provide
hitherto unheard-of levels of transparency, security, and efficiency. As blockchain
technology develops and matures, it will open up new avenues for innovation and
enable people and organizations to build a more efficient, safe, and transparent society
for future generations.

97
 BIBLIOGRAPHY:

 https://en.wikipedia.org/wiki/Blockchain
 https://hbr.org/2017/02/a-brief-history-of-blockchain
 https://www.investopedia.com/terms/b/blockchain.asp
 https://www.sciencedirect.com/science/article/abs/pii/S036083
5221000371
 https://www.sciencedirect.com/science/article/pii/S2666603021
00021X
 https://www.mendeley.com/?interaction_required=true
 https://www.emarketer.com/insights/blockchain-technology-
applications-use-cases/
 https://www.researchgate.net/figure/Blockchain-technology-
main-objectives_tbl1_350904747
 https://www.frontiersin.org/articles/10.3389/fbloc.2019.00022/
full

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 ANNEXURE:

QUESTIONNAIRE

1. Have you Heard of Blockchain Technology Before?

 Yes
 No

2. How would you rate your understanding of Blockchain

Technology?
 Poor
 Fair
 Good
 Excellent

3. Have you ever made a transaction using Blockchain

Technology or Cryptocurrencies?
 Yes
 No

4. What concerns, if any, do you have about using

blockchain technology for transactions? (select all that
apply)
 Security
 Privacy
 Complexity
 Lack of Regulation

5. What benefits do you think blockchain technology offers

for transactions? (select all that apply)
 Security
 Speed
 Transparency
 Lower fees
 Accessibility

6. How likely are you to consider using blockchain technology

for transactions in the future?
 Very Likely
100
 Likely
 Unsure
 Unlikely
 Very Unlikely

7. Do you think blockchain technology will become more

widely adopted for transactions in the future?
 Yes
 No
 Not Sure

8. What types of transactions do you think blockchain

technology is most suitable for? (Select all that apply)
 Financial transactions (e.g., payments, remittances)
 Supply chain management
 Digital identity verification
 Voting systems
 Intellectual property rights management

9. Do you believe blockchain technology can help reduce fraud

in transactions?
 Yes
 No
 Not sure

10. How do you think blockchain technology compares to

traditional transaction methods (e.g., banks, credit cards) in
terms of efficiency?
 Much less efficient
 Less efficient
 Equally efficient
 More efficient
 Much more efficient

11. What sources do you rely on for information about

blockchaintechnology?
 News websites
 Social media
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  Technical forums / communities
 Whitepapers / research papers

12. What improvements or features would make you more likely

to use blockchain technology for transactions? (Open-ended)

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