Blockchain Technology

2021 ◽  
pp. 215-247
Author(s):  
Somayya Madakam ◽  
Harshita
Keyword(s):  
Financial Institutions ◽  
Credit Card ◽  
Third Party ◽  
Research Articles ◽  
Ongoing Research ◽  
Scientific Databases ◽  
Blockchain Technology ◽  
Innovative Solution ◽  
Youtube Videos ◽  
Financial Transactions

Currently, the financial transactions between individuals, organizations, and companies are taking place with the help of third-party approval of intermediaries such as banks, financial institutions, standardizing bodies, or credit card providers. These transactions involve multilevel approvals, costs, and inefficient processes in some cases, which also lead to waste of time and resources. To resolve these issues, blockchain technology has appeared as a new financial digital innovative solution. Here, financial transactions are online, open, and transparent. In this chapter, the authors present systematic literature of relevant research on blockchain technology. The objective is to understand the historical evolutions, current ongoing research, base technologies, and applications. The authors have extracted research articles from scientific databases including EBSCO, Scopus, Web of Science, and Google Scholar. The online blogs, wikis, media articles, YouTube videos, and companies' white papers on blockchain technology are also used for content analysis.

scholarly journals Blockchain Scalability Enhancement using Parallel Miners Selection

2019 ◽  
Vol 8 (12) ◽  
pp. 4356-4360
Keyword(s):  
Credit Card ◽  
Large Scale ◽  
Application System ◽  
Good Utilization ◽  
Blockchain Technology ◽  
Card System ◽  
The Difference ◽  
Financial Transactions

Apart from the good utilization of the blockchain, there are different challenges that are there at the blockchain system. The problem is that despite several advantages of a blockchain, the current blockchain networks cannot support at large scale application system. Some of the major problems that blockchain technology suffering from are scalability, privacy, and interoperability. The major issue of blockchain technology is scalability. The problem of scalability means that the capacity to process a transaction on a blockchain is very limited and slow. If we think about financial transactions and we compare the ethereum blockchain or the Bitcoin blockchain to the financial transactions provided by Visa MasterCard or any other centralized company, then we would see a difference between them. The difference is that ten to fifteen transactions per second are performed by blockchain-based decentralized cryptocurrency systems in comparison to several thousand transactions per second by a centralized credit-card system.

scholarly journals Jual Beli Model ‘Inah di Lembaga Keuangan Syariah: Tinjauan Konsep, Hukum dan Implementasi

2018 ◽  
Vol 3 (1) ◽  
pp. 67
Author(s):  
Richa Angkita Mulyawisdawati ◽  
Mufti Afif
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Credit Card ◽  
Qualitative Method ◽  
Classic Problem ◽  
Islamic Financial Institutions ◽  
Financial Transactions ◽  
Level Of Risk ◽  
Descriptive Qualitative

The sale and purchase of 'inah and tawarruq is a classic problem that is recognized or not continues to grow and be practiced by individuals and financial institutions to date. Based on the facts on the ground, this type of engineering of sale and purchase occurs in Islamic Financial Institutions (LKS), where Islamic Financial Institutions only serve and serve financial services for its customers who need funds. So much is found that most LKS activities lead to financing through murabahah scheme where the scheme of the contract is considered safe for the LKS because the level of risk is lower than other types of contract. This paper is intended to determine the nature of the concept and legal sale and purchase 'inah and tawarruq according to scholars fiqh classics and how the practices of these two transactions became an issue on financial transactions in LKS. By using descriptive qualitative method, literature approach and history, it is produced that the type of sale of 'Inah and Tawarruq is still debated by the jurists of fiqh jurisprudence and the tendency is forbidden because there is a rift of ribawi transaction in it. While in practice in LKS is still widely applied and growing especially in superior products (murabahah) as in financing business capital, credit card, home financing or home renovation or the like and gold-based financing.

scholarly journals Trustless libertarians ? Attitudes about trust, politics, science and the environment in the blockchain community

2021 ◽  
Author(s):  
Melusine Boon-Falleur ◽  
Talia Laizeau
Keyword(s):  
General Population ◽  
Financial Institutions ◽  
Central Banks ◽  
Third Party ◽  
Blockchain Technology ◽  
Trust In Institutions ◽  
The World ◽  
Technology Applications ◽  
Traditional Institutions ◽  
Low Levels

Blockchain technology emerged in 2008 in the midst of the financial crisis to provide a decentralized alternative to financial institutions. Members of the blockchain community, including the pseudonymous inventor of the technology Satoshi Nokamoto, have often expressed low levels of trust toward traditional institutions such as central banks. In contrast, they argue that blockchain technology applications such as cryptocurrencies or decentralized autonomous organisations do not require the intervention of a third party and are therefore more trustworthy while also allowing for more freedom. In this context, members of the blockchain community are often described as trustless and libertarian. In this study, we tested whether members of the blockchain community indeed are different from the general population in terms of their attitudes toward trust, politics, science and the environment. We found that the blockchain community is indeed less trusting of people and institutions, favors more private poverty, and is less pro-environmental than the general population. Given that trust in institutions has been decreasing in recent years, decentralized systems powered by blockchain technology may become appealing to a growing number of people around the world.

Bitcoin: Security and Privacy Analysis

2019 ◽  
Vol 16 (10) ◽  
pp. 4304-4308
Author(s):  
Kailash Kumar
Keyword(s):  
Financial Institutions ◽  
Emerging Technology ◽  
Third Party ◽  
Security And Privacy ◽  
Security Issues ◽  
Blockchain Technology ◽  
Electronic Transactions ◽  
Privacy Analysis ◽  
Alternative Choice ◽  
Privacy Issues

Blockchain technology is one of the most emerging technology nowadays in the field of cryptography. In order to get full advantage of Blockchain technology, we must come up with solutions of problems associated with it in general and security and privacy issues in particular. A new dimension of electronic transactions has come up in the form of Bitcoin cryptocurrency. It is now considered as alternative choice of making payment by many financial institutions because of its decentralized nature and free from any need of trusted third party. Like any other technology, the Bitcoin cryptocurrency also has their security and privacy issues. This paper deals with various protection and security issues of the Bitcoin. The limitations and proposed solution are also presented in the paper.

scholarly journals Blockchain Technology-based Supply Chain: State-of-the-art and Future Prospects

2021 ◽  
Vol 10 (2) ◽  
pp. 125-136
Author(s):  
Youness Tribis ◽  
Abdelali El Bouchti ◽  
Houssine Bouayad
Keyword(s):  
Systematic Review ◽  
Supply Chain ◽  
State Of The Art ◽  
Research Topic ◽  
Third Party ◽  
Future Research ◽  
Future Prospects ◽  
Scientific Databases ◽  
Blockchain Technology ◽  
Literature Reviews

Initially developed for Bitcoin cryptocurrency, Blockchain Technology (BCT) is a decentralized transaction managing technology that provides security, anonymity and data integrity in transactions without the need of any trusted third party. The interest in BCT has been grown, as research topic for many fields, such as finance, health, government, agriculture and many particular Supply Chain (SC) industries. However, there is a lack of systematic literature reviews (SLR) on existing research concerning how BCT is well relevant in SC. This paper conducts a systematic review in order to examine all pertinent research on SC based on BCT. The main inspiration for this work was to synthesize existing evidence, classify research tendencies available in the literature, and identify open themes and gaps for development in this discipline. However, 45 primary papers have been extracted from scientific databases. This systematic review provides direction for future research regarding the applications of BCT for SC

scholarly journals Enhancing Financial Transactions using Blockchain Technology

2020 ◽  
Vol 8 (5) ◽  
pp. 4918-4923
Keyword(s):  
Transaction Processing ◽  
Third Party ◽  
Blockchain Technology ◽  
Peer Network ◽  
Us Dollar ◽  
The Creation ◽  
Financial Transactions ◽  
Processing Mechanisms ◽  
Peer To Peer Network ◽  
Processing Mechanism

Blockchain technology is evolving in each area. Cryptocurrency is one of the prominent fields in which blockchain technology is used extensively. In conventional bank systems using fiat currencies such as Indian rupee, US dollar etc , there is a centralized authority like a bank which do the processing of transactions. Blockchain with its properties like decentralization, distributed, and immutability stands the way out from other transaction processing mechanisms. Moreover, with decentralization property in blockchain-based transactions makes that there is a peer-to-peer network in which one peer can able to transact with others in the network without relying on third party for validating the transactions. Instead, there are a group of miners who does the work of validation with the use of consensus protocols. The paper shows the use of blockchain technology in financial transactions with the help of tokens. The paper shows the creation of a simulated blockchain network and the transaction processing mechanism with the help of the creation of nodes. This paper shows the implementation of blockchain technology and it also shows the limitations and misconceptions involved in blockchain technology

The Potential Of Blockchain Technology To Change International Mobile Roaming Business Model

2019 ◽  
Vol 5 (1) ◽  
pp. 15-22
Author(s):  
Ardian Thresnantia Atmaja
Keyword(s):  
Business Model ◽  
Current Situation ◽  
Business Value ◽  
Third Party ◽  
Fundamental Aspect ◽  
Clearing House ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Target Architecture ◽  
Architecture Development

The key objectives of this paper is to propose a design implementation of blockchain based on smart contract which have potential to change international mobile roaming business model by eliminating third-party data clearing house (DCH). The analysis method used comparative analysis between current situation and target architecture of international mobile roaming business that commonly used by TOGAF Architecture Development Method. The purposed design of implementation has validated the business value by using Total Cost of Ownership (TCO) calculation. This paper applies the TOGAF approach in order to address architecture gap to evaluate by the enhancement capability that required from these three fundamental aspect which are Business, Technology and Information. With the blockchain smart contract solution able to eliminate the intermediaries Data Clearing House system, which impacted to the business model of international mobile roaming with no more intermediaries fee for call data record (CDR) processing and open up for online billing and settlement among parties. In conclusion the business value of blockchain implementation in the international mobile roaming has been measured using TCO comparison between current situation and target architecture that impacted cost reduction of operational platform is 19%. With this information and understanding the blockchain technology has significant benefit in the international mobile roaming business.

Money Code Space

2020 ◽  
Author(s):  
Jack Parkin
Keyword(s):  
Open Source Software ◽  
Global Economy ◽  
Research Problem ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Start Up ◽  
Challenging Research ◽  
Digital Politics ◽  
Financial Transactions ◽  
And Control

Newly emerging cryptocurrencies and blockchain technology present a challenging research problem in the field of digital politics and economics. Bitcoin—the first widely implemented cryptocurrency and blockchain architecture—seemingly separates itself from the existing territorial boundedness of nation-state money via a process of algorithmic decentralisation. Proponents declare that the utilisation of cryptography to advance financial transactions will disrupt the modern centralised structures by which capitalist economies are currently organised: corporations, governments, commercial banks, and central banks. Allegedly, software can create a more stable and democratic global economy; a world free from hierarchy and control. In Money Code Space, Jack Parkin debunks these utopian claims by approaching distributed ledger technologies as a spatial and social problem where power forms unevenly across their networks. First-hand accounts of online communities, open-source software governance, infrastructural hardware operations, and Silicon Valley start-up culture are used to ground understandings of cryptocurrencies in the “real world.” Consequently, Parkin demonstrates how Bitcoin and other blockchains are produced across a multitude of tessellated spaces from which certain stakeholders exercise considerable amounts of power over their networks. While money, code, and space are certainly transformed by distributed ledgers, algorithmic decentralisation is rendered inherently paradoxical because it is predicated upon centralised actors, practices, and forces.

Governing Proliferation Finance

2019 ◽  
Author(s):  
Grégoire Mallard
Keyword(s):  
United Nations ◽  
Financial Institutions ◽  
Security Council ◽  
United Nations Security Council ◽  
Nuclear Nonproliferation ◽  
Global Regulation ◽  
Nuclear Program ◽  
Global System ◽  
Financial Transactions

As the critical sanctions against Iran’s nuclear program demonstrate, the implementation of sanctions against nuclear proliferators has led to the creation of a global system of surveillance of the financial dealings of all states, banks, and individuals, fostered by United Nations Security Council resolutions—a new and unprecedented development. This chapter asks: Which actors have been in charge of designing and implementing sanctions against nuclear proliferators? Which legal technologies have they developed to regulate global financial transactions? Answering these questions generates a better understanding of key processes in global governance: the increasing role of the Security Council as a global legislator; the “financialization” of global regulation, with the increasing role played by international and US domestic financial institutions that were historically foreign to the field of nuclear nonproliferation; and the judicialization of the enforcement of sanctions, which is accompanied by the multiplication of secondary sanctions against sanctions-evaders.

scholarly journals Research on Blockchain-Based E-Bidding System

2021 ◽  
Vol 11 (9) ◽  
pp. 4011
Author(s):  
Dan Wang ◽  
Jindong Zhao ◽  
Chunxiao Mu
Keyword(s):  
Data Transmission ◽  
Privacy Protection ◽  
Graph Isomorphism ◽  
Third Party ◽  
Business Logic ◽  
Core Concept ◽  
The Core ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Bidding Process

In the field of modern bidding, electronic bidding leads a new trend of development, convenience and efficiency and other significant advantages effectively promote the reform and innovation of China’s bidding field. Nowadays, most systems require a strong and trusted third party to guarantee the integrity and security of the system. However, with the development of blockchain technology and the rise of privacy protection, researchers has begun to emphasize the core concept of decentralization. This paper introduces a decentralized electronic bidding system based on blockchain and smart contract. The system uses blockchain to replace the traditional database and uses chaincode to process business logic. In data interaction, encryption techniques such as zero-knowledge proof based on graph isomorphism are used to improve privacy protection, which improves the anonymity of participants, the privacy of data transmission, and the traceability and verifiable of data. Compared with other electronic bidding systems, this system is more secure and efficient, and has the nature of anonymous operation, which fully protects the privacy information in the bidding process.

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