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Blockchain technology: Theory and practice

Cherukupally, S (2020) Blockchain technology: Theory and practice. In: Handbook of Statistics . (In Press)

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Official URL: https://dx.doi.org/10.1016/bs.host.2020.10.001

Abstract

In the physical world, money exchange between two persons can happen without notice and intervention of a trusted third party. Such a money exchange transaction is called peer-to-peer transaction. When it comes to digital world, money exchange between two on-line entities is always monitored by a trusted third party like bank. The cryptographic research community constantly asked for over two decades the question: �can the concept of peer-to-peer transactions be introduced into the digital world?� The landmark proposal of Bitcoin crypto-currency (Nakamoto, 2009) provides a perfect answer to the question. However, Bitcoin suffers from criticism from many, given its uncontrollable nature. Despite this setback, what has caught more attention of the community is its underlying technology: Blockchain. The blockchain technology is touted to be the next big wave in industry as it promises the features: transparency of data, accountability of transactions, transactions without intermediary, and data symmetry. The banking sector and supply chain systems are two fields that benefit most from this new technology and will witness a dramatic transformation. In addition to these two fields, blockchain has potential to show its implications to water management, health analytics, and several other areas. However, from a development point of view, the technology is still in rudimentary stage. It demands expertise in the subjects: distributed networking and cryptography. The features promised by the technology seek a new type of cryptographic algorithms, which are sort of open issues to be resolved. These open issues form the current active research of the cryptographic community. The main focus of the present chapter is to teach the fundamentals of the blockchain technology and its use cases. The use cases are discussed through the blockchain platforms: Hyperledger, Ethereum, and other upcoming platforms. The chapter discusses the open research problems that are to be solved in having a full-fledged blockchain environment. © 2020 Elsevier B.V.

Item Type: Journal Article
Additional Information: Copyright to this article belongs to Elsevier B.V.
Keywords: Blockchain Bitcoin Hyper ledger Ethereum Distributed consensus algorithm Cryptographic secure hash Public key encryption Symmetric key encryption Digital signature Zero-knowledge proof
Department/Centre: Division of Electrical Sciences > Computer Science & Automation
Depositing User: Mr Parikshita Behera
Date Deposited: 13 Jan 2021 11:02
Last Modified: 13 Jan 2021 11:02
URI: http://eprints.iisc.ac.in/id/eprint/67210

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