Blockchain Technology and Its Impact on Various Industries
Contents Abstract:. Introduction:.. Brief History:...
How it Works?...
Blockchain in Information System and Business Research: ...
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Blockchain in the "Smart City":....
Blockchain's Healthcare Applications:....
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Blockchain Technology and the Internet of Things:
Blockchian Technology and Supply Chain Transparency: ...
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Conclusion:..
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References:
Blockchain Technology and Its Impact on Various Industries
Abstract:
Doubtlessly, Blockchain technology has summoned immense attention of manufacturers, mass users, experts, and general individuals because of its sheer accuracy, traceability, integrity, and scalability. Since transactions performed by this technology are free from many unwanted and supererogatory human interactions, and also do not require any third party involvement, more and more industries are showing interests in implementing it into their spheres. Because of the effortless implications of this technology, a number of fields, including healthcare, IoT, construction, supply chain, and smart city make the most of their operations on a quick and flawless basis. This paper considers this novel technology to be an efficient one, which is growingly drawing people's attention in spite of encountering many challenges ahead of its successful and pleasing applications.
Introduction: Blockchain technology begets an unchallengeable ledger that helps every transaction occur in a decentralized passion. Undoubtedly, Blockchain has been a revolutionary engagement using superb technology in modern life, and can be implemented into numerous fields flawlessly,
integrally, and speedily. Blockchain-centric implementations are springing up, unleashing various fields such as IoT, reputation system, financial services, and so on (Zheng et al., 2017). Businesses requiring high dependability and honesty are using blockchain in order to reasonably entice consumers. Furthermore, because of being distributed and flawless, it is capable of avoiding the single point of setback situation (Zheng et al., 2017). Blockchain, of its own kind, is a distributed system with database solution, which keeps up with a ceaselessly growing data records' list, while these records are affirmed by the participating nodes (Yli-Huumo et al., 2016). Such data belongs to a public ledger, incorporating information pertinent to each and every transaction ever performed. This decentralized solution requires no third party firm or organization as the mediator. All transactional information in Blockchain can be shared and availed to all nodes. This feature allows the system to become more translucent than other centralized transactions that involve a third party (Yli-Huumo et al., 2016). Furthermore, the Blockchain nodes are all anonymous, allowing it to remain safer for other nodes to ensure the transactions. Nonetheless, in spite of being an appropriate solution for performing transactions, it still has a few technical hurdles and limitations requiring proper addressing, studies, and noticing. Higher transactional integrity, security, and privacy in relation with nodes' activities are needed resist attempts and attacks in favor of disturbing Blockchain transactions (Swan, 2015) Moreover, ensuring transactions performed in the Blockchain needs a computational empowerment (Yli-Huumo et al., 2016). The intention of this paper incorporates depicting the origin of Blockchain along with how it works and can be implemented into numerous day-to-day solutions in various fields of life.
Brief Histor