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Conceptualizing Blockchains: Characteristics & Applications
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Blockchain technology has recently gained widespread attention by media, businesses, public sector agencies, and various international organizations, and it is being regarded as potentially even more disruptive than the Internet. Despite significant interest, there is a dearth of academic literature that describes key components of blockchains and discusses potential applications. This paper aims to address this gap. This paper presents an overview of blockchain technology, identifies the blockchain's key functional characteristics, builds a formal definition, and offers a discussion and classification of current and emerging blockchain applications.
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... An innovative facet introduced by blockchain is its capacity to facilitate secure agreements between multiple entities over public networks, without the need for third-party intermediaries [71]. This process, known as "mining", assures the validity and consistency of appended agreements [59,72]. ...
... For example, in Bitcoin, such a language is the Bitcoin's Forth. As such, an operational set of rules allows for performing advanced transactions (e.g., escrow and multi-party signatures) [72]. ...
... In particular, a smart contract is defined by an aggregation of script-encoded rules, which are inserted in the network to guide and control the resulting transactions, through the autonomous execution of the contract [74,82]. As a result, smart contracts act as autonomous agents with the property of being permanently tamper proof after their verification [6,72]. The very core of a smart contract is related not only to a coding-restricted process but also to the encoding of all relative terms and conditions that regulate an agreement into the transaction workflow. ...
In decentralized systems, the quest for heightened security and integrity within blockchain networks becomes an issue. This survey investigates anomaly detection techniques in blockchain ecosystems through the lens of unsupervised learning, delving into the intricacies and going through the complex tapestry of abnormal behaviors by examining avant-garde algorithms to discern deviations from normal patterns. By seamlessly blending technological acumen with a discerning gaze, this survey offers a perspective on the symbiotic relationship between unsupervised learning and anomaly detection by reviewing this problem with a categorization of algorithms that are applied to a variety of problems in this field. We propose that the use of unsupervised algorithms in blockchain anomaly detection should be viewed not only as an implementation procedure but also as an integration procedure, where the merits of these algorithms can effectively be combined in ways determined by the problem at hand. In that sense, the main contribution of this paper is a thorough study of the interplay between various unsupervised learning algorithms and how this can be used in facing malicious activities and behaviors within public and private blockchain networks. The result is the definition of three categories, the characteristics of which are recognized in terms of the way the respective integration takes place. When implementing unsupervised learning, the structure of the data plays a pivotal role. Therefore, this paper also provides an in-depth presentation of the data structures commonly used in unsupervised learning-based blockchain anomaly detection. The above analysis is encircled by a presentation of the typical anomalies that have occurred so far along with a description of the general machine learning frameworks developed to deal with them. Finally, the paper spotlights challenges and directions that can serve as a comprehensive compendium for future research efforts.
... It started as a secured transactional concept and is a distributed ledger technology (DLT) that allows multiple parties to access and update a shared database without needing a central authority. 24 Transactions recorded on a blockchain are grouped into blocks and linked in a chronological chain, creating an immutable record of all transactions on the network. Transactions are validated by consensus among the nodes. ...
In South Africa, many people are homeless or doing informal work for which they receive small amounts of cash from caring individuals. The world is moving towards cashless transactions, but devices are needed to support that move. Many people in need cannot afford such devices and usually receive cash, but fewer donors carry cash. Consequently, people in need receive less informal financial support. We propose a system that allows donors to give digital vouchers that can be redeemed at participating stores and institutions of care. This study aimed to investigate the use of blockchain technology in digital voucher management and to demonstrate the application of smart contracts to disintermediate the value transfer process specific to the donation process. A demonstrator was built to include a front end for the user to interact with and a back end containing the application logic, which was built on the Polygon blockchain, a second-layer solution for the Ethereum blockchain. The model included tokenising vouchers as non-fungible tokens, and the smart contracts governed their logic and the conditions to be met. The demonstrator was validated using smart contract and unit tests to evaluate the security and functionality. While the model was not implemented in reality, a fully functioning demonstrator was developed. The platform achieved the aim of disintermediating the voucher management process. A real-world implementation could help many in need to receive tokens for food, shelter and clothing from direct, individual donors.
... Satoshi Nakamoto offered two key ideas in 2008 that had significant effects [7] The first of them is Bitcoin, a cryptocurrency that supports its value through a decentralized peer-to-peer network that is open to auditing and verification, independent of a central bank or other financial institution. Blockchain is a concept that extends beyond cryptocurrency [8]. Moreover, a general definition of the blockchain. ...
Blockchain was introduced in 2008, yet it remains poorly defined over a decade later. Despite the lack of a universally accepted definition, its utility continues to be widely advocated. However, a function or feature can only be classified as a technology if it addresses a specific human discomfort. A mere combination of ambiguous functionalities without a clear purpose cannot be considered a technology. This paper investigates whether blockchain is an appropriate term for a specific technology or merely an ambiguous amalgamation of features. It further argues that technologies with analogous functionalities should be classified as distinct technologies if their applications differ. Through a literature review of the criteria for defining a technology, this paper finds that blockchain does not meet these requirements. Additionally, existing definitions of blockchain often fail to meet proper criteria or inaccurately describe its functionality. In the academic context, the term “blockchain technology” is a clear misnomer that should be discouraged. The findings can guide decision making for stakeholders, including companies, regulators, and legislators involved in the virtual asset market.
Blockchain is a distributed digital ledger system that has evolved through first- and second-generation networks, leading to the rise of cryptocurrency and smart contracts. Cryptocurrency has enabled fundraising mechanisms like initial coin offerings (ICOs) and security token offerings (STOs) whereas smart contracts offer the potential to transform traditional legal frameworks. Blockchain networks are customizable, allowing operators to choose privacy and accessibility levels. Consensus mechanisms allow users to commit to networks, with different models suited to various blockchain features. The trustless nature of blockchain makes it an ideal technology for fostering public trust in financial institutions. The socio-economic benefits of blockchain include enhancing social solidarity through decentralization, as advocated by Adam Smith, and reducing transaction costs by curbing opportunistic behaviors in contracts. However, for blockchain to realize its full potential, it must challenge existing systemic forces through Schumpeter’s concept of creative destruction, reaching a tipping point for mass adoption and promoting financial inclusion.
The COVID-19 pandemic has revealed weaknesses in traditional supply chain finance systems, highlighting the need for digital change. Blockchain technology, with its ability to create secure and transparent records of transactions, offers a potential solution. This study uses bibliometric analysis and a literature review to examine research on blockchain-enabled supply chain finance, drawing on a database of 446 articles from ScienceDirect and Scopus. The findings show a growing interest in how blockchain can improve transparency, efficiency, and security in supply chain finance, addressing challenges like information asymmetry. This study suggests future research should focus on real-world applications of blockchain, how it can be used with other technologies, regulations and governance, and the social and environmental impacts of blockchain-based supply chain finance. This research also highlights the different priorities of the Global North and South in blockchain-enabled supply chain finance. The North focuses on efficiency and traceability, while the South emphasizes adding value and transparency. A lack of research on fair pricing, especially in the Global South, points to a critical gap that future research needs to address to ensure fairness in global trade.
Blockchain is a game-changing technology that has the ability to solve plenty of real-world issues in the digital age. Blockchain is a subject of huge interest in many industries and academia in terms of discovering technology and classifying challenges and innovative practical application for the industry. This study addresses the challenges that are of main concern in designing a Blockchain platform. In this regard, the problems such as privacy, regulation, security, lack of adequate skill sets, energy consumption, inefficient technology design, the criminal connection, scalability, energy consumption, and public view are discovered to be important. Due to such challenges, the blockchain technologies have emitted a negative impression due to its incapability to be successfully applied while, at the same time, its benefits could not be fully gained by its investors. The objective of this study, hence, is to assess the blockchain advantages and growth in light of the eight foundations for economic development as advocated by Ibn Khaldun. Expending Ibn Khaldun's philosophy, each challenge is deliberated and investigated to find the answers and solutions for addressing and overcoming the afore-mentioned challenges.
La profesion –formacion- docente es un tema crucial en los actuales debates educativos. La existencia de dos decretos y el desplazamiento del verdadero sentido del ser maestro reclaman de los analisis un ejercicio de comprension del orden discursivo oficial. La calidad es el sustrato de la sociedad de control. En este marco se agencia nuevas practicas de subjetivacion del maestro los cuales podriamos situar en la calidad, flexibilidad, adaptabilidad, eficiencia, eficacia. En cualquier caso, el esfuerzo por hacer del maestro un intelectual de la educacion fue borrado. La gran cuestion consiste en saber que discursos regula el saber del docente a la luz de la sociedad de control.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
What's The Future Of Online Marketplaces & Blockchain's Technology Impact? Available at
- R Aitken
Aitken R (2017) What's The Future Of Online Marketplaces & Blockchain's Technology Impact? Available at:
https://www.forbes.com/sites/rogeraitken/2017/10/24/whats-the-future-of-online-marketplaces-blockchainstechnology-impact/#6b3a6a0863a0 (accessed 6 January 2018).
Full Stack Development Tools Lowering Blockchain Entry
- I Aru
Aru I (2017) Full Stack Development Tools Lowering Blockchain Entry... | News | Cointelegraph. Available at:
https://cointelegraph.com/news/full-stack-development-tools-lowering-blockchain-entry-barriers
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Block Chain 2.0: The Renaissance of Money
- K Bheemaiah
Bheemaiah K (2016) Block Chain 2.0: The Renaissance of Money. Available at: http://www.wired.com/2015/01/blockchain-2-0/.
What Are Smart Contracts? A Beginner's Guide to Smart Contracts
- V Buterin
Buterin V (2016) What Are Smart Contracts? A Beginner's Guide to Smart Contracts. Blockgeeks.