Content uploaded by Md Rafiqul Islam
Author content
All content in this area was uploaded by Md Rafiqul Islam on Feb 03, 2023
Content may be subject to copyright.
Content uploaded by Md Rafiqul Islam
Author content
All content in this area was uploaded by Md Rafiqul Islam on Feb 03, 2023
Content may be subject to copyright.
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
28
*Corresponding author: engrrafiqul@gmail.com
(Received: 28th July 2021; Accepted: 15th September 2021)
Abstract— Cryptocurrency is the latest adventure of currencies that works by using the new edge technology
called the blockchain. It has gained the notable attention of the people for the last several years across the world.
Cryptocurrency is also globally known as digital currency or virtual currency, and it is a form of payment that can
be used online for goods and services. Blockchain has captured the application of many in the financial industry,
including those vigorous in the transaction, clearing, and settlement, with its promise of greater efficiency and
higher resiliency. The Cryptocurrency has been adopted by using blockchain technology that raised eye-catching
attention in the financial sector, government, stakeholders, and individuals as well. It can be anticipated that
Cryptocurrency will be the future currency that will replace fiat money worldwide. Though it has been attracted
the users' attention, the money of them worried about its future useability, drawbacks, and challenges. Still, the
research on cryptocurrencies is far behind and in the initial stage to integrate these currencies in financial institutes.
This lack of trust situation in the financial sector aggravates further when it comes to cryptocurrency management
challenges that are still not critically analyzed. The originality of this paper is the concept of currencies including
cryptocurrencies, the concept of the blockchain ecosystem, and the cryptocurrency integration challenges of the
existing blockchain in the financial institution. This paper will help the new researchers to work on
cryptocurrencies and their integration challenges in the financial system.
Keywords: Cryptocurrency, Blockchain, Hash, consensus, immutability
1. INTRODUCTION
The use of Cryptocurrency put forward valuable opportunities for financial institutes, where people are
looking for modern version technological solutions to rebuild trust and confidence across the globe. A good
number of technologists believe that financial transactions can be made more efficient and faster between senders
and receivers by using cryptocurrencies. The first Cryptocurrency is called “Bitcoin” was introduced in 2009, was
using the pseudonym Satoshi Nakamoto published a paper and suggested a peer-to-peer network (P-to-P) solution
for online fund transfer from one party to another without intermediatory help [1].
Global Financial turmoil was the time where people lost their confidence in the financial system, and at the
same time, they were looking for the best alternative for investment that could ensure security and accountability.
Cryptocurrency is a type of digital currency which is mined by Blockchain technology. The distributed ledger is
used for cryptocurrency transactions which is an immutable ledger for transferring the ownership, keeping
transactions records in different nodes, tracing assets, ensure transparency, trust, and security [2]. Moreover,
financial institutes always try to prevent security incidents and financial losses. Cryptocurrency is one of the latest
innovations of the 21st century which creates a wave from financial industries to manufacturing companies [3].
A substantial positive change in the financial institutes is possible by using Cryptocurrency as well as other sectors
like supply chain, medical treatment, insurance, and other industries [4]. Recently, a significant number of
investors have become more interested in investing their money in Cryptocurrency for making more profit which
is increasing day by day to other customers as well. In this paper, some of the majors' cryptocurrency challenges
in financial institutes are discussed like scalability, regulatory policy, AML policy, and so on.
Cryptocurrency Integration Challenges in
Blockchain for Financial Institution
Md Rafiqul Islam1*, Muhammad Mahbubur Rahman2, Mohammed Ataur Rahman3,
Muslim Har Sani Bin Mohamad4, Abd Halim Bin Embong5
1Department of Mechatronics, Faculty of Engineering, International Islamic University Malaysia
2Department of Mechatronics, Faculty of Engineering, International Islamic University Malaysia
3Department of Mechanical Engineering, International Islamic University Malaysia
4Department of Accounting, International Islamic University Malaysia
5Department of Mechatronics, Faculty of Engineering, International Islamic University Malaysia
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
29
The remaining of this paper has been arranged in the following sections. A brief history of the currencies,
including cryptocurrencies, is described in section 2. The concept of the blockchain ecosystem is in section 3.
Then the integration challenges of cryptocurrencies in financial sectors in section 4. Finally, the paper is concluded
with a discussion in section 5.
2. HISTORY OF CURRENCY
Before beginning history, the concept for the creation of money was taken place as one of the forms of (i)
medium of exchange value, (ii) A unit of account, and (iii) a store of value. There are few steps for the development
of money in history.
2.1 Barter System
The barter system is an old method to exchange goods and services. This system was used for centuries before
inventing money. From the beginning of using money, people used the Barter System. A barter system has been
used for centuries and before money was invented. The payment methods were created lots of problems and
repercussions among the payees and receivers in the society in terms of an unequal measurement system [5].
2.2 Commodity Money
When people did not agree upon with the measurement and valuation of goods in the barter system, there was
another system called the commodity money approached was introduced. Commodity money means a physical
good that has an intrinsic value that was used as money. For examples include salts, copper, gold, silvers, cocoa
beans, etc. As per the specification of this money, it has four characteristics, i.e., durability, divisible, easily
exchangeable, and rare. Commodity money was used as the medium of exchange the money and as for payment.
But it is not convenient and easy to carry the goods elsewhere [6].
2.3 Metallic Money
Metallic money is also a type of money that was issued by the central bank of the respective countries in the
form of metal, and it was the legal tender money in the economy. It was made of gold and silver and people have
used this money as a medium of exchange [7]. Metallic money was continued for a long period and the following
steps were involved.
i) Initially, People used this metallic(gold and silver) money as a medium of exchange for several purposes,
but there was no specification of this coin, and the value was measured based on the weight.
ii) After a long period, there was a proper coin system was invented against gold and silver, and the face
value of these coins was measured by using the real value of gold and silver.
iii) However, the metallic money system was used for a longer period, where bimetallic coin systems were
adopted, and both the coins were used simultaneously.
iv) The major challenges were raised to store the gold and silver coins from theft. Therefore, people found
a new way to solve this problem and they stored these gold and silver coins to the jewelry dealers for
safeguarding the same. On the other hand, the jewelry was started to keep the coins and gave the receipts
against these coins, and the system became popular where the people started to exchange the receipts
themselves instead of real coins.
v) The acceptability of these receipts for making the payment of goods and services among the people gave
a new popular concept of community-backed. Banks capitalized on this new concept and started to issue
the receipts in the form of that were ensured by gold.
2.4 Fiat money
In 1971, the president of the United States, Nixson raised the issues to the economic forum and gave the
instruction to issue a series of temporary economic measures, He also instructed to cancel the direct convertibility
of US dollars into gold and the convertibility process from fiat money to gold was stopped [8]. Therefore, the
gold-backed money was replaced by non-convertible fiat money. Central banks legalized the paper money and
started printing the different denominations, and they also circulated legal tender laws that people were bounded
to accept the non-convertible fiat money.
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
30
2.5 Cryptocurrency
Nowadays, Cryptocurrency or digital money has become popular after blockchain and distributed ledger
technology were added to the payment network. The system depends on the blockchain payment network where
the technological infrastructure setup is essential to manage the payment gateway that may help to avoid multiple
payments.
On the other hand, by using Cryptocurrency, individuals can do one-to-one or peer-to-peer transactions freely,
allowing society to control the value of the Cryptocurrency. To maintain the Cryptocurrency, a distributed
database system is required to maintain the distributed ledger into the network by using highly encrypted
technology, which helps to manipulate or change the original data or information in the blockchain network. The
Cryptocurrency has been developed through using blockchain applications that may provide a secure and
immutable platform, and at the same time, all the transactions are recorded into every node or computer as a digital
medium called Cryptocurrency.
The word crypto means encryption, and the Cryptocurrency or instrument is maintained by a distributed ledger
through though using the blockchain application platform. The currency is here as a medium of exchange. It is
also called virtual currency. The first Cryptocurrency is “Bitcoin” which was introduced by the pseudonym
Satoshi Nakamoto in 2008, and this currency is maintained by users through a crypto wallet.
2.5.1 Bitcoin
A person or group of people in 2008, was using the pseudonym Satoshi Nakamoto published a paper and
introduced a new cryptocurrency is called “bitcoin” and suggested a peer-to-peer network (P-to-P) solution for
online fund transfer from one party to another without any third or trusted party [1].
Bitcoin is a virtual currency and there is no central authority of issuing the same, and it does not have any
physical form to store. As per the design of Bitcoin, 21 million bitcoins generation is possible by solving complex
mathematical algorithms, and the bitcoins will store cryptographically into the distributed ledger.
Characteristics of Bitcoin:
• Decentralize: Does not have any central authority to control or mining it, so it is completely out of
control of Government authority.
• Faster payment process: Payment can be made digitally by using Cryptocurrency or bitcoin platform at
any time, i.e., 24/7.
• Account or currency holders anonymous: All transactions of bitcoins are happening publicly, but still,
it is anonymous and does not have any physical cash.
3. THE CONCEPT OF BLOCKCHAIN ECOSYSTEM
3.1 Blockchain
Blockchain is a technology that represents the data as a chain of blocks, allows transactions to be gathered
into blocks, it is an immutable time-stamped series record of data that is distributed, and formed the chain blocks
cryptographically in chronological order and permits the resulting ledger to be accessed by different servers [9].
It is not only a single technique, and it has some other important features like cryptography, complex mathematical
game theory, algorithms, peer-to-peer networks, and distributed consensus algorithms that may solve the complex
synchronization problem [10], [11]. Blockchain and Digital Ledger Technology (DLT) are used for the same
purpose. Blockchain is a type of DLT [12]. A distributed database structure is used for blockchain technology to
store all identical copies of auditable, latest, and decentralized transaction or data. The key features of Blockchain
Technology are below.
i) Decentralized
Blockchain does not depend on the centralized database system, all data are stored in different notes or
computers in distributed. Decentralization of database is a new concept; it is referred to as the transfer process of
control and decision-making system from centralized to distributed system in blockchain through which greater
and fairer services can be achieved [13].
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
31
ii) Distributed Ledger
Distributed Ledger Technology (DLT) refers to the digital system where all the records are connected or
related to assets, and all the transactions or records are simultaneously located in different numerical locations
[16]. Presently, in most cases, cryptocurrencies are used for the DLT system, where decentralized distributed
ledger technology verify the transactions into the blockchain network. At least one or more copies of the ledger
are maintained in the nodes. When the data is added to the ledger, all nodes receive identical copies of the updated
ledger. DL is a very resilient system to prevent the single point failure of any node or compromise any single node
by cyber-security threats, and it has an exceptional track record for assets and values across the industries [14].
iii) Immutability
Immutability is the ability of the blockchain technology to keep the data or records unchanged in the
blockchain, which cannot alter, and each block of the transaction details proceed with a cryptographic hashing
algorithm [15]. On the other hand, it can only change if someone or a group of people can take 51% control over
the nodes at the same time [16].
iv) Enhanced Security
One of the key features of blockchain technology is a highly secured platform and all the transactions are
recorded in the block by using the private and public key by a cryptographic hashing algorithm. No one can simply
change the data into the block, which is ensured by encryption mechanism, and the cryptography layer is another
type of protection of the data for users.
v) Consensus
For synchronization of distributed ledger, there is a mechanism for using a different number of protocols for
communication between participants or nodes and for providing consensus among nodes for the current state of
the ledger and historical ledgers as well. It is the fault-tolerance mechanism that is used for the blockchain network
to achieve the necessary agreement to use a single data of the network among distributed systems.
vi) Faster Settlement
Direct payment method is used in blockchain network between buyer and seller where third-party involvement
is not required. Presently, most of the banks are using third-party SWIFT for settlement the transactions which
are less secured as well as time-consuming. On the other hand, Participants on a blockchain network can make
the transaction which is visible and settle between parties in minutes or even seconds rather than days [17].
3.2 Blockchain Structure
Decentralization, accountability, and security is the core characteristic of blockchain technology. The structure
of blockchain and its components and interaction, namely peer-to-peer network, properties of block and genesis
block, transaction in ledger, validation process, consensus mechanism, and proof-of-work. Generally, blocks
contain the data, previous block hash, current block hash, timestamp, and other information [18]. Figure 1 shows
the structure of blockchain.
i) Data
Block is the form to store the data. It is very useful when we know the number of data elements and how large
the data element will be [19]. It depends on the purpose of the use of a blockchain network. For example, the
transaction record for clearing and settlement in the bank, IOT data, etc.
ii) Hash
When a transaction occurs in the blockchain network, it should be hashed with code and broadcast the
message to all nodes in the participants’ network. It is capable of holding and maintaining thousands of
transactional records in a single block, and the Merkle function is used to generate the hash value in the blockchain
application, which is called the Merkle tree root. The cryptographic hash function is used for security purposes,
and it generates a fixed-length character string from random input data records in blockchain [20]. Finally, the
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
32
hash value is recorded in the blockhead of the current block through the Merkle tree function, and the computer
resources will be reduced significantly.
iii) Timestamp
The timestamp is generated into the block of the blockchain network. It creates a breakthrough in blockchain
notarization and its fellow works like digital signature, authentication, etc. where any data is timestamped [21].
Fig 1. Blockchain Structure.
3.3 Comparison between Fiat money and Cryptocurrency Transaction
Fiat Money Transaction process:
Figure 2 showing the traditional banking transactions process with comparison to Cryptocurrency (digital
currency) based transactions in the banking system. The process will start to send the money from user A (sender
of the transaction) to user B (Receiver of the transaction). The system uses the traditional centralized banking
Fig. 2. Fiat Money Transaction process.
the system is controlled by the bank itself, and the major concern is security that is also controlled or maintained
by the bank. In most cases, the central bank has the right to issues coins and banknotes, which is called fiat money,
and the currency-produced policy depends on the monetary policy. The exchange rate is also controlled by the
central bank of the specific country.
Cryptocurrency Transaction Process
Figure 3: showing the cryptocurrency transaction procedure. User A (Sender) can transfer the money to user B
(Receiver).
The transaction should be bound into the blockchain network among the users. The node in the blockchain
network keeps the transactions record with date and time, the previous block has value, text, and the next hash for
the next blockchain. For making the transactions, blockchain technology uses the distributed ledger and all the
transactions are validated by the users or node, and the same will be done through using private and public keys
mechanisms. No doubt, Cryptocurrency is easier to use than fiat money and the fund transfer process is done
within few seconds between the sender and receiver. For doing the transactions, the third part requirement is not
required, and the currency values are maintained by digital application software.
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
33
3.4 Proof of Work (PoW)
Proof of Work (PoW) is one of the vital consensus mechanisms that is widely used in the blockchain which
was popularized by Bitcoin [22]. It is like a piece of data and very hard to produce the proof of work but easy to
verify for others and fulfil the requirements. The main consensus algorithm is PoW that is used to confirm the
transaction and generate the new blocks in the chain, and miners compete with each other to complete the
transaction in the network for rewarding [23]. Senders and receivers are required to the digital tokens among
themselves where the transactions are stored in the blocks. The proof of work consensus algorithm solves the
complex mathematical puzzle to create the new blocks into the Bitcoin blockchain network; the process is called
mining and the computers that engage in mining are called miners [24].
Fig. 3. Cryptocurrency Transaction Process.
3.5 Proof of Stake (PoS)
Proof of Stake express that a user can mine or validate transaction in the blockchain network according to his
or her holding of coins, and it is created as an alternative of PoW. Proof of Work always consumes huge electric
power. On the other hand, less computing power is required for proof of stake. The important features of Proof of
Stake are as follows [25].
• Energy savings – less computing power is used for mining blocks.
• Reduced hardware requirements – comparatively low hardware configuration is needed to
generate the blocks.
• Strong immunity – insist cryptocurrency Integration Challenges in Financial Institute.
4. CRYPTOCURRENCY INTEGRATION CHALLENGES
A few years before, when moved from many ledgers systems to a single ledger (i.e., all the transactions
associated with reconciliation, central clearing parties, auditing, etc.) system in financial sectors, the huge
challenges we faced to do the same. But now whole banking industries in the world are using the same or unique
system. To design any Core Banking System (CBS) of today, we need to keep in mind the security concern,
robustness, confidentiality, integrity, and availability as well. But the flexibilities are not enough in how they
communicate with other technologies.
In the last couple of years, there has been a significant amount of hype behind the potential use of
Cryptocurrency for financial institutes. The reason for this hype is a cryptocurrency that allows us to redesign the
financial system. Currently, five major cryptocurrency integration challenges for the financial system are
discussing below.
4.1. Cryptocurrency Governance
Cryptocurrency governance is one of the main policy-making governing body and they can also form and
implement the Information Governance Framework(IGF) in the financial institutes. It brings apparent benefits
such as reducing the transactional cost, minimize legal issues, and improved network performance. The
metamorphosis of the financial sector is to expedite the use of ICT-enabled services for clients. Today, it is quite
impossible to think about financial services without IT-enabled applications. Cryptocurrency, blockchain, and
distributed ledger are the latest technology that may use for the financial system. It will also help to increase
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
34
accountability, data privacy, trust between the users, and improve the transparency that will help to build the ITC
functions. It has also the ability to support building the strategic planning for the financial institutes and delivery
the value. The following guidelines need to be addressed before the integration of Cryptocurrency in financial
institutes.
• Strategic Policy Alignment: The strategic policy guidelines will ensure the alignment as well as the
involvement of the stakeholders with financial institutes that will align the business goal as well ensure
the appropriate use of the technology.
• Value Delivery: It will ensure and certify that the Cryptocurrency system in blockchain for the
financial system will deliver the products as per customers’ needs.
• Performance Delivery: Business may obtain value from Cryptocurrency that need be quantified for the
investment.
• Risk Management: A separate cryptocurrency governance model can be implemented to evaluate the risk
management system which is one of the most important pillars of IT governance.
4.2. Non-Scalability
Cryptocurrency is moned and used by blockchain applications where the Blockchain is application is used the
distributed ledger system to maintain participants’ transactional history in each node of the computer network.
For comparison purposes, VISA processes 1,700 transactions per second whereas the blockchain can process
around 4.6 transactions per second on average. So, the adoption of Cryptocurrency in the financial will be a global
challenge [26].
Nowadays, the popularity of Cryptocurrency has been increased tremendously along with other IT-enabled
services in the financial sector, the scalability problem has become more apparent especially in the financial
system. Although there are significant methods that have been suggested, still the limitations exist with each of
them. The most notable challenge is known as “Sharing Database”. However, for mining and using
Cryptocurrency, the use of blockchain applications is essential. To develop the blockchain application, database
sharing is required to share and store the transactional data into the nodes where the storage system keeps the
records across the Peer-to-Peer (P2P) network.
The major challenge of sharing the database is the prime concern of security issues in the blockchain payment
network system which provides additional complexity for the blockchain application developers who may need
to add extra level communication protocol.
4.3 Regulatory Policy
All the financial institutions all over the world running under the supervision of their respective Central Bank.
But there is a major lacking especially for the Cryptocurrency or digital currency transactions that no central
authority is available to make the transaction i.e., no central bank policy available for the same. Until a proper
regulatory framework is established, it is not possible to use digital currency to make the payment through a
banking channel.
4.4 Anti Money Laundering policy formulation
Money Laundering (ML) is one of the major threats for the financial institute by affecting the economical
stability of the nations. No financial institute is immune from money laundering risks. Most of the financial
institutes in the world are using Anti Money Laundering (AML) software but still money launderers applying
different mechanisms to send illegal money. Till there is no central authority to control the Cryptocurrency and it
is mined by a few people of group and the total controlling power on their hand that will provide a huge
opportunity to the money launderers to send and receive the illegal money. There is no AML system is using for
Cryptocurrency (Bitcoin, Litecoin, Ethereum, etc.) transactions. Financial institutes should be integrated with their
core financial system before making cryptocurrency transactions and the AML system should be capable to detect
suspicious transaction reporting, cash transaction reporting, identification of PEP, usual transaction reporting, etc.
4.5 Cybersecurity threats
Nowadays, the financial industry is facing various types of cyber threats which intend to exploit the
vulnerabilities of the system, interrupt the system, and finally steal the fund and data. Cyber-attacks are being
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
35
frequently changed in the sense of sophistication and their occurrence is gaining momentum. In recent years, a
significant number of high-profile cyber-attacks compromised the banking system and ultimately customers lost
their funds and data. Some of the cyber-attacks frequently faced in the banking industry are as follows:
• Distributed Denial of Service (DDoS) attacks.
• Man-in-the-middle attacks.
• Ransomware attacks.
• Malware attacks.
• On process attacks.
5. CONCLUSION
In recent years, Cryptocurrency has become one of the greatest adventures in the field of currency due to its
physical cashless nature. All financial institutions can play a key role in international cross-border payment by
using Cryptocurrency or digital currency through the blockchain network. It will save the cost, settlement time,
and avoid double-spending and third-party involvement. However, Cryptocurrency is the latest technology-based
digital currency that can use for financial systems, but still, it has some integration challenges with the financial
system which have been highlighted in the article.
We hope that soon we can see the use of Cryptocurrency, especially in the financial sectors through blockchain
applications with a safe and supportive environment. On the other hand, for years and years, we have seen that
there is a gap among the Government bodies, regulators, enterprises, and people that is one of the main challenges
for cryptocurrency integration in the financial industry. The utilization of Cryptocurrency in the Finance system
acts as part of difficulties as well as it investigates various chances. This Cryptocurrency can give a lift to new
systems as it is straightforward, open, and simple to utilize. Though some significant achievements have already
been adopted by using Cryptocurrency in the blockchain system, still, the regulators, government bodies, and
financial institutes need to be addressed before the integration of Cryptocurrency in the financial system.
REFERENCES
[1] S. Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” Manubot, 2019.
[2] A. Collomb and K. Sok, “Blockchain/distributed ledger technology (DLT): What impact on the
financial sector?,” Digiworld Economic Journal, (103), 2016.
[3] C. Vijai, et all., “The Blockchain Technology and Modern Ledgers Through Blockchain
Accounting,” Adalya Journal, vol. 8(12), 2019.
[4] I. C. Lin and T. C. Liao, “A survey of blockchain security issues and challenges,’’ IJ Network
Security, vol. 19(5), pp. 653-659, 2017.
[5] F. Ferdous and M.A. Uddin, “Toward Islamization of Science and Technology,” Doi:
10.3329/issues.v9i0.24029, 2011
[6] T. J. Sargent and M. Wallace, “A Model of Commodity Money,” Journal of Monetary Economics,
vol 12(1), pp. 163 -187, 1983.
[7] M. Hanif, “Developing A Fair Currency System,” ISRA International Journal of Islamic Finance,
vol. 12(2), 2020.
[8] F. Durani, “The Economic Dangers of the Fiat Money System,” Eastern Journal of Economics
and Finance, vol. 4(1), 2019.
[9] A. Rosic, “What is blockchain technology? A step-by-step guide for beginners,” Blockgeeks, 06-
Mar-2018.
[10] S. Nakamoto and A. Bitcoin, “A peer-to-peer electronic cash system. Bitcoin,” 2008. URL:
https://bitcoin. org/bitcoin. pdf, 4.
ASIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Islam et.al
Vol. 1 No. 2 2022
E-ISSN: 2785-8189
36
[11] J. Garay, et all., “The bitcoin backbone protocol: Analysis and applications,” In Annual
international conference on the theory and applications of cryptographic techniques, pp. 281-310,
Springer, Berlin, Heidelberg, 2015.
[12] B. B. V. Argentaria, “What is the difference between DLT and blockchain,” Communications.
https://www.bbva.com/en/difference-dlt-block chain/. Accessed, 19, 2018.
[13] Y. Xu and Y. Huang, “Segment blockchain: A size reduced storage mechanism for blockchain,”
IEEE Access, 8, pp.17434-17441, 2020.
[14] A Sunyaev, “Distributed ledger technology,” In Internet Computing, Springer, Cham, pp.265-
299, 2020.
[15] F. M. Benčić, and I. P. Žarko, “Distributed ledger technology: Blockchain compared to directed
acyclic graph,” In 2018 IEEE 38th International Conference on Distributed Computing Systems
(ICDCS) pp.1569-1570). IEEE, 2018.
[16] K. Srivastav, “A guide to blockchain immutability and challenges,” DZone, Devada Media, 29,
2019.
[17] Q. Deng, “Application Analysis of Blockchian Technology in Cross-border Payment,” Advances
in Economics, Business and Management Research, vol. 126, 2020.
[18] Y. Wang, et all., “Understanding blockchain technology for future supply chains: a systematic
literature review and research agenda. Supply Chain Management: An International
Journal,”2019.
[19] F. Glaser, “Pervasive decentralization of digital infrastructures: a framework for blockchain
enabled system and use case analysis<” In Proceedings of the 50th Hawaii international
conference on system sciences, 2017.
[20] S. S. Gupta, “Blockchain,” IBM Online (http://www. IBM. COM), 2017.
[21] M. Di Pierro, “What is the blockchain?” Computing in Science & Engineering, vol. 19(5), pp.92-
95, 2017.
[22] T. Hyla and J. Pejaś, “Long-term verification of signatures based on a blockchain,” Computers &
Electrical Engineering, 81, pp.106523, 2020.
[23] S. Zhang and J. H. Lee, “Analysis of the main consensus protocols of blockchain,” ICT
express, vol6(2), pp.93-97, 2020.
[24] A. Gervais, et all., “On the security and performance of proof of work blockchains,”
In Proceedings of the 2016 ACM SIGSAC conference on computer and communications security,
pp. 3-16, 2016.
[25] P. Gaži, et all., "St ake-Bleeding Attacks on Proof-of-Stake Blockchains," 2018 Crypto Valley
Conference on Blockchain Technology (CVCBT), Zug, Switzerland, 2018, pp. 85-92, DOI:
10.1109/CVCBT.2018.00015.
[26] S. Jokić, et. All., “Comparative analysis of cryptocurrency wallets vs traditional wallets,”
International Journal For Economic Theory and Practice And Social Issues, Vol. 63(3), 2019.
