scholarly journals Application of Bitcoin in Blockchain - A Systematic Literature Review

2019 ◽  
pp. 441-451
Author(s):  
Abhishek Jha ◽  
B. Indira Reddy
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Peer To Peer ◽  
Digital Currency ◽  
Digital World ◽  
Blockchain Technology ◽  
Peer Network ◽  
Peer To Peer Network

Bitcoin is a Cryptocurrency which is evolving in digital world and gaining a larger market related to digital currency and stands on all the user expectation of decentralize mechanism of system by providing proof of work in peer-to-peer network with the help of Blockchain. In this paper I have done a literature review on Blockchain technology and its application in Bitcoin.

Cryptocurrencies, Blockchain Technology and Sustainability

2020 ◽  
Author(s):  
Burcu Sakız ◽  
E. Ayşen Hiç Gencer
Keyword(s):  
Decentralized Control ◽  
White Paper ◽  
Central Banking ◽  
Peer To Peer ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Peer Network ◽  
Peer To Peer Network ◽  
Made In

Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons believed to be the inventor of cryptocurrency Bitcoin, came up with the concept of blockchain as a core component of it when published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008, blockchain technology made its public debut. Bitcoin is generally considered the first decentralized cryptocurrency and since the release of it, over 6,000 altcoins have been created. Cryptocurrencies use decentralized control as opposed to well-known, traditional centralized digital currency and also central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Blockchain is a system that in which a record of transactions made in cryptocurrencies are maintained across several computers/servers that are linked in a peer-to-peer network. Blockchain based applications provides many opportunities to create a more sustainable world. This paper contribute to the discussion on future avenues for sustainability especially in terms of cryptocurrencies and blockchain based platforms and services.

scholarly journals The Evolution Of Digital Currencies: Bitcoin, A Cryptocurrency Causing A Monetary Revolution

2015 ◽  
Vol 14 (4) ◽  
pp. 617 ◽  
Author(s):  
Chris Rose
Keyword(s):  
Peer To Peer ◽  
Digital Currency ◽  
Peer Network ◽  
Cryptographic Algorithms ◽  
Money Transfer ◽  
Entire World ◽  
Peer To Peer Network

Bitcoin was not the first attempt at a digital currency, but it has been the most successful and it is now being accepted by a number of major retailers. Bitcoin is a cryptocurrency and operates as a peer-to-peer network. Its security is guaranteed by cryptographic algorithms instead of governments and has the potential to become a major means of payment for e-commerce and may even materialize as a viable challenge to traditional money-transfer providers. Instead of serving one country or some countries, Bitcoin serves the entire world.

scholarly journals Blockchain Beyond Cryptocurrency: Non-Fungible Tokens

2021 ◽  
Author(s):  
Burcu Sakız ◽  
Ayşen Hiç Gencer
Keyword(s):  
Business Models ◽  
Disruptive Innovation ◽  
Peer To Peer ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Wide Range ◽  
Peer Network ◽  
Work Mechanism ◽  
Distributed Networking ◽  
Peer To Peer Network

Blockchain technology is a disruptive innovation with the potential to replace existing business models that rely on centralized systems and third parties for trust. Even if there are a lot of application areas, blockchain used primarily for cryptocurrencies. Satoshi Nakamoto implemented the first blockchain application and invented the world’s first digital currency which is named as Bitcoin in 2008. Fundementally Bitcoin relies on cryptographic “proof of work” mechanism, digital signatures, and peer to peer distributed networking layer in order to provide a distributed ledger holding transactions. In 2014, a second generation of blockchains allow to program and execute them over distributed networks such as Ethereum project. The code to program any asset stored in blockchain’s peer-to-peer network is called as "smart contract" and smart contracts gives a powerful tool to developers for decentralized applications. There are various types of tokens that anyone can built on top of Ethereum and by combining smart contracts and new tokens, this paved the way of possibility to build a wide range of decentralized projects. One of the disruptive blockchain based innovation impacting intellectual property is called non-fungible-tokens or NFTs firstly introcuced in late 2017 on Ethereum network. This research contends that blockchain and non-fungible tokens (NFTs) which are cryptographically unique, scarce, non-replicable digital assets created through smart contracts and provably digital collectible assets. Our objective is to give NFT taxonomy, review NFT platforms and discuss technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also aims to point out the future directions for NFT technology.

scholarly journals Survey on Surging Technology: Cryptocurrency

2018 ◽  
Vol 7 (3.12) ◽  
pp. 296 ◽  
Author(s):  
Swathi Singh ◽  
Suguna R ◽  
Divya Satish ◽  
Ranjith Kumar MV
Keyword(s):  
Electronic Commerce ◽  
Transaction Costs ◽  
Hash Functions ◽  
Peer To Peer ◽  
Digital World ◽  
Wide Range ◽  
Peer Network ◽  
Digital Money ◽  
Peer To Peer Network ◽  
Cryptographic Hash Functions

The paper gives an insight on cryptography within digital money used in electronic commerce. The combination of digital currencies with cryptography is named as cryptocurrencies or cryptocoins. Though this technique came into existence years ago, it is bound to have a great future due to its flexibility and very less or nil transaction costs. The concept of cryptocurrency is not new in digital world and is already gaining subtle importance in electronic commerce market. This technology can bring down various risks that may have occurred in usage of physical currencies. The transaction of cryptocurrencies are protected with strong cryptographic hash functions that ensure the safe sending and receiving of assets within the transaction chain or blockchain in a Peer-to-Peer network. The paper discusses the merits and demerits of this technology with a wide range of applications that use cryptocurrency.  

scholarly journals Adoption of Blockchain to build a Cryptocurrency for Ledger Systems

2019 ◽  
Vol 9 (1) ◽  
pp. 1143-1151
Keyword(s):  
Human Resource ◽  
Peer To Peer ◽  
Distributed Network ◽  
Governing Body ◽  
Blockchain Technology ◽  
Use Of Technology ◽  
Peer Network ◽  
Peer To Peer Network ◽  
Over Time

The idea of the cryptocurrency was to decentralize the currency system by establishing transactions over distributed peer to peer network [1]. The technology of Blockchain was adopted to achieve this motive. The term blockchain comes from the idea of list of blocks, growing continuously over time wherein every block carries the data relating to the transactions and data regarding the cryptographical linkage using secure hash algorithms and the protocols [2]. Through this paper, we have shown the implementation of the blockchain technology so as to build the cryptocurrency. While building up the cryptocurrency, called the ‘SantCoin’, the idea about how this technology can revolutionize the traditional existing ledger systems can be upgraded so as to implement secure means of transactions over a distributed network. This implementation work suggests the use of technology in almost every governing body so that they can secure themselves and limit the dependency on human resource to do their central authoritative work [3].

scholarly journals Discovering the Bitcoin Double Spend using Lost Agreement Amount

2019 ◽  
Vol 8 (3) ◽  
pp. 3764-3770
Keyword(s):  
Research Work ◽  
Peer To Peer ◽  
Third Parties ◽  
Network Nodes ◽  
Digital World ◽  
Peer Network ◽  
Crypto Currency ◽  
Clear Identification ◽  
Digital Competency ◽  
Peer To Peer Network

In the modernized world like digital world, traditional way of payments through banks and other third parties are out of sphere. To meet the digital competency digital token like bitcoin based crypto currency payment is required. Lots of business persons are moving towards the digital way of secure payment. Intruders like hackers hamper the digital token and make immortality in the transaction which in turn create the double spend. Double spend is a serious threat in the Bitcoin network. Our research work focuses on double spend detection of transaction before it gets confirmed and added to the block by the miners. The proposed new architecture for detecting double spend using Dual Payout based on Lost Agreement Amount (DPL2A) will identify one of the ways that double spend attack occur before it is added to the blockchain. This architecture gives the clear identification of double spend attack and their full details of transaction occurrence so that when it is broadcasted into the peer-to-peer network, the network nodes will use this architecture to detect double spend, its occurrence is fully prevented and only the genuine transaction will be added to the blockchain.

scholarly journals Bitcoin – a way to reach consensus in a completely decentralized manner

2016 ◽  
Vol 57 ◽  
pp. 1-6
Author(s):  
Rytis Bieliauskas ◽  
Eugenijus Paliokas
Keyword(s):  
European Union ◽  
Peer To Peer ◽  
Third Parties ◽  
The European Union ◽  
Electronic Signature ◽  
Digital Currency ◽  
Peer Network ◽  
Peer To Peer Network ◽  
At Will

Bitcoin is a digital currency currently being legalized throughout the European  Union [2], whose operating  rinciples were published publicly [5], but not in scientific or mathematical sources. The goal of this report is to encourage discussions about decentralization and security of the Bitcoin system, as well as about reasonableness of the Bitcoin network fees. Bitcoin is a fully decentralized peer-to-peer electronic currency system, which lets its users to send transactions directly from one user to another, without any thirdparties. Electronic signature ensures that transaction is sent by the person who owns the money, but the main problem of such a system is to ensure, without any third-parties, that the same money could not be spent twice. This problem in the Bitcoin system is solved using a peer-to-peer network. The Bitcoin network timestamps all transactions, by grouping them to an ongoing chain of transaction blocks, where each block must have a hash (SHA256) result which would meet certain conditions, thus ensuring that in order to cancel or modify a past transaction, one would need to find more hashes which meet the required conditions than the whole Bitcoin network combined since the time of transaction. This allows users to leave and rejoin the network at will, and always be sure which transaction history is the correct one.  

scholarly journals CRYPTOCURRENCY AND DIGITAL MONEY IN ISLAMIC LAW: Is it Legal?

JURISDICTIE ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 237-261
Author(s):  
Husnul Fatarib ◽  
Meirison Alizar Sali
Keyword(s):  
Islamic Law ◽  
Peer To Peer ◽  
Legal Research ◽  
Digital Currency ◽  
Peer Network ◽  
The World ◽  
Digital Money ◽  
The Government ◽  
Peer To Peer Network ◽  
Conceptual Research

Cryptocurrency is a digital currency spread in peer-to-peer network all over the world. This network has a big accounting book called Blockchain which can be accessed by public. This article is doctrinal legal research with conceptual research. This article reviews digital money based on Jalbu Masalah wa Dar al-Mafasid accompanied by the implication of Saddu az-Zari’ah. The results show that Islamic law acknowledges the currency issued by the government. The existence of a country is a form of protection to the money owners from the acts of fraud in finance. Bitcoin and digital money are not included in the criteria mentioned in Islamic economy law because of it contains obscurity (jahalah), high speculation element, and can harm individual as well as the country. Bitcoin has no clear source, authentic balance, and it only has moral assurance.Mata uang kripto adalah mata uang digital yang tersebar dalam jaringan peer-to-peer di seluruh dunia. Jaringan ini memiliki sebuah buku akuntansi besar bernama Blockchain yang dapat diakses oleh publik. Artikel ini merupakan penelitian hukum doctrinal dengan pendekatan konseptual. Artikel ini melakukan kajian terhadap uang digital berdasarkan Jalbu Masalah wa Dar al-Mafasid sertai implikasi Saddu az-Zari’ah. Hasil penelitian ini menunjukkan bahwa hukum Islam mengakui keberadaan mata uang yang dicetak oleh pemerintah. Keberadaan negara merupakan wujud perlindungan kepada pemilik uang dari tindakan penipuan dan kecurangan dalam bidang finansial. Bitcoin dan uang digital tidak termasuk dalam kriteria yang disebutkan dalam hukum ekonomi Islam. Karena mengandung ketidakjelasan (jahalah), unsur spekulasi yang tinggi serta dapat merugikan individu dan negara. Bitcoin ini tidak mempunyai sumber yang jelas, saldo yang hakiki, dan hanya ada jaminan secara moril.

scholarly journals A Decentralized E-Voting System Based on Blockchain Network

2019 ◽  
Vol 8 (12) ◽  
pp. 3650-3652
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Electronic Voting ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Peer Network ◽  
Voting System ◽  
Electronic Voting System ◽  
Peer To Peer Network

This paper describes a decentralized electronic voting system using blockchain technology with peer-to-peer network rather than the centralized voting system of server-client structure. In the proposed system, an Ethereum-based private blockchain network is configured and decentralized applications are implemented to store and distribute voting data to all nodes participating in the network to create secure and reliable electronic voting system. Smart contracts for electronic voting are implemented using the Solidity language and distributed to a configured network so that all users can view and vote on elections, and voting data are shared and contrasted by all users in the network, which makes it possible to build a safer and more reliable electronic voting system without third party involvement.

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