Relative Importance of Blockchain in Cryptocurrency, Banking & Health Care
DOI:
https://doi.org/10.14738/abr.812.9428Keywords:
Blockchain, Potential Optimization, POW, Cryptocurrency, Decentralized Networks, Trust-worthy cloudAbstract
This paper looks at the opportunities and challenges of implementing blockchain technology across medical, finance and banking sectors, and provides a clear view which can enable Blockchain for more extents. After going through few articles and papers related to applications of Blockchain, we gained a vivid knowledge on pros and cons on Blockchain applications from each article. Few drawbacks that we encountered are using Power of Work (POW) in medical sector which is destroying the computing ability at a stage when system is getting bigger and eventually which is wasting lots of resources. One study over conceptual proposal on blockchain is the idea of using trade credit as the value of transactions, and this trade credit is in the scope of trade secret which improves trade confidentiality and makes it more secure. Moreover, centralization systems have few risks owing to their dependence on a high scale which could tamper the data or can even block access, change the rules and might even completely shut down the system. Few more drawbacks are designing and building a secure blockchain system is much more difficult on large-scale of banking sector with large database. To address these challenges, recent developments in blockchain technology are enabling novel opportunities in every possible sector by using Trust-worthy cloud, IoT and artificial intelligence, which makes it more powerful and secure. After analyzing Blockchain implementations and identifying their limitations, we conclude with several promising directions for future research.
References
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[3]. R. Beck, M. Avital, M. Rossi, and J. B. Thatcher, “Blockchain Technology in Business and Information Systems Research,” pp. 381–384, dec 2017.
[4]. F. Casino, T. K. Dasaklis, and C. Patsakis, “A systematic literature review of blockchain-based applications: Current status, classification and open issues,” pp. 55–81, mar 2019.
[5]. A. Extance, “The future of cryptocurrencies: Bitcoin and beyond,” NATURE, vol. 526, no. 7571, pp. 21–23, oct 2015. [Online].
[6]. K. Christidis and M. Devetsikiotis, “Blockchains and Smart Contracts for the Internet of Things,” p. 12, 2016.
[7]. C. R. Goforth, “HOW BLOCKCHAIN COULD INCREASE THE NEED FOR AND AVAILABILITY OF CONTRACTUAL ORDERING FOR COMPANIES AND THEIR INVESTORS,” North Dakota Law Review, vol. 94, no. 1, p. 71, 2018.
[8]. F. Glaser, K. Zimmermann, M. Haferkorn,Weber Moritz Christian, and M. Siering, “BITCOIN-ASSET OR CURRENCY? REVEALING USERS’ HIDDEN INTENTIONS,” in BITCOIN - ASSET OR CURRENCY? REVEALING USERS’ HIDDEN INTENTIONS, K. et al Zimmermann, Ed., Goethe University. Tel Aviv: Twenty Second European Conference on Information Sysytems, 2014, p. 14.
[9]. Y. Wei, S. Lv, X. Guo, Z. Liu, Y. Huang, and B. Li, “FSSE: Forward secure searchable encryption with keyed-block chains,” Information Sciences, vol. 500, pp. 113–126, oct 2019.
[10]. S. Davidson, P. De Filippi, and J. Potts, “Economics of Blockchain,” RMIT University, Melbourne, Australia, Tech. Rep., 2016.
[11]. X. Niu and Z. Li, “Research on Supply Chain Management Based on Blockchain Technology,” in Journal of Physics: Conference Series, vol. 1176. Institute of Physics Publishing, mar 2019, pp. 042–039.
[12]. Z. Chaoyong and D. Aiqiang, “The coordination mechanism of supply chain finance based on block chain,” in IOP Conference Series: Earth and Environmental Science, vol. 189. Institute of Physics Publishing, nov 2018, pp. 062–019.
[13]. O. S¸en and H. Akarslan, “Use of Blockchain Technology in the Financing of DEASH,” INTERNATIONAL JOURNAL OF INFORMATION SECURITY, vol. 7, no. 4, pp. 185–197, 2019.
[14]. C. Qu, M. Tao, and R. Yuan, “A hypergraph-based blockchain model and application in internet of things-enabled smart homes,” Sensors (Switzerland), vol. 18, no. 9, p. 18, sep 2018.
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[16]. F. A. Susilo and Y. S. Triana, “Digital supply chain development in blockchain technology using Rijndael algorithm 256,” in IOP Conference Series: Materials Science and Engineering, vol.453. Institute of Physics Publishing, nov 2018, p. 012075.
[17]. J. S. Gans and H. Halaburda, “Some economics of private digital currency,” in Economic Analysis of the Digital Economy. University of Chicago Press, 2015, pp. 257–276.
[18]. M. Milutinovi´c, “Cryptocurrency,” Ekonomika, vol. 64, no. 1, pp. 105–122, 2018.
[19]. C. Rus, I. S. Rakos, , and N. Negru, “BRIEF ANALYSIS OF THE BITCOIN PHENOMENON BY PRIVATE USER,” University of Petrosani, Petrosani, Tech. Rep., 2018.
[20]. Y. Liao and K. Xu, “Traceability System of Agricultural Product Based on Block-chain and Application in Tea Quality Safety Management,” Journal of Physics: Conference Series, vol. 1288, no. 1, p. 012062, aug 2019.
[21]. M. H. Eken and E. Baloglu, “Crypto Currencies and Their Destinies in The Future,” International Journal of Finance & Banking Studies (2147-4486), vol. 6, no. 4, p. 1, 2018.
[22]. N. Crosser, “Initial Coin Offerings as Investment Contracts: Are Blockchain Utility Tokens Securities,” U. Kan. L. Rev., vol. 67, no. 2, p. 379, 2018.
[23]. C. Dance, “Bitcoin statistics,” 2017. [Online]. Available: https://coin.dance/stats/marketcaptoday
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[25]. L. Liu, “Research on Route Planning Method of Dual Aircraft Rescue Based on Block Chain Technology,” Journal of Physics: Conference Series, vol. 1237, no. 4, p. 6, jun 2019.
[26]. U. Eaganathan, V. V. Indrian, and Y. Nathan, “Ideation framework of block chain adoption in Malaysia higher education,” in Journal of Physics: Conference Series, vol. 1228. Institute of Physics Publishing, jun 2019, p. 012072.
[27]. Y. Hou, T. Yu, and Y. Wang, “Research on accelerating GPU of pollution tracking system under block chain technology,” IOP Conference Series: Earth and Environmental Science, vol. 300, no. 3, pp. 032–106, aug 2019.
[28]. P. F. Katina, C. B. Keating, J. A. Sisti, and A. V. Gheorghe, “Blockchain governance,” International Journal of Critical Infrastructures, vol. 15, no. 2, pp. 121–135, 2019.
[29]. L. Metjahic, “Deconstructing the Dao: the Need for Legal Recognition and the Application of Securities Laws To Decentralized Organizations.” Cardozo Law Review, vol. 39, no. 4, pp. 1533–1568, 2018.
[30]. S. Huckle and M. White, “Socialism and the blockchain,” Future Internet, vol. 8, no. 4, p. 15, 2016.
[31]. M. Fenwick, W. A. Kaal, and E. P. M. Vermeulen, “Legal Education in the Blockchain Revolution,” SSRN Electronic Journal, vol. 20, no. 2, pp. 351–383, 2017.
[32]. D. Tapscott and A. Tapscott, Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World. Portfolio / Penguin, 2016.
[33]. K. Lee, J. James, T. Ejeta, and H. Kim, “Electronic Voting Service Using Block-Chain,” Journal of Digital Forensics, Security and Law, vol. 11, no. 2, pp. 123–135, 2016.
[34]. M. Samuels, “Ai, blockchain, servers, smartphones and more: Research round-up 6 - page 6 — zdnet,” 2019.
[35]. U. R. Rodrigues, “Law and the blockchain,” Iowa Law Review, vol. 104, no. 2, pp. 679–729, 2019.
[36]. A. Acikgoz and F. Apak, “A Conceptual Proposal on Blockchain: Distributed ledger of corporate liquidity,” Journal of Yasar University, vol. 14, no. 53, pp. 31–41, 2019.
[37]. P. A. Lyons and R. E. Kahn, “Blocks as digital entities: A standards perspective,” Information Services and Use, vol. 38, no. 3, pp. 173–185, 2018.
[38]. Y. Wang, L. Cong, Y. Fang, J. Deng, and Y. Chen, “Research on Missile Data Security Based on Blockchain,” Journal of Physics: Conference Series, vol. 1237, no. 2, p. 022139, jun 2019.
[39]. L. N. Chavali, N. L. Prashanti, K. Sujatha, G. Rajasheker, and P. B. Kavi Kishor, “The emergence of blockchain technology and its impact in biotechnology, pharmacy and life sciences,” Current Trends in Biotechnology and Pharmacy, vol. 12, no. 3, pp. 304–310, 2018.
[40]. H. Jiang, H. Peng, and S. Dian, “A Design of Medical Information Sharing Model Based on Blockchain Technology,” in IOP Conference Series: Materials Science and Engineering, vol. 428. Institute of Physics Publishing(IOP), oct 2018, pp. 012–006.
[41]. A. CORAVOS and N. ZIMMERMAN, “Blockchains for biomedicine and health care are coming. buyer: be informed - stat,” 2019.
[42]. M. Mettler, “Blockchain technology in healthcare: The revolution starts here,” in 2016 IEEE 18th International Conference on e-Health Networking, Applications and Services (Healthcom). IEEE, 2016, pp. 1–3.
[43]. A. Ferrer-Sapena and E.-A. S´anchez-P´erez, “Applications of blockchain technology in scientific documentation: current situation and perspectives,” El Profesional de la Informaci´on, vol. 28, no. 2, p. 12, mar 2019.
[44]. M. Benchoufi and P. Ravaud, “Blockchain technology for improving clinical research quality,” Trials, vol. 18, no. 1, p. 335, 2017.
[45]. Y. Fang, L. Cong, J. Deng, W. He, and Y. Chen, “Research on Application of Missile Blockchain Based on Nation Secret Algorithm,” Journal of Physics: Conference Series, vol. 1237, no. 2, pp. 022–138, jun 2019.
[46]. H. Zhou, X. Ouyang, Z. Ren, J. Su, C. De Laat, and Z. Zhao, “A Blockchain based Witness Model for Trustworthy Cloud Service Level Agreement Enforcement,” in Proceedings - IEEE INFOCOM, vol. 2019-April. Paris, France: IEEE, 2019, pp. 1567–1575.
[47]. C. Zhou, W. Huang, Y. Guo, H. Jiang, and Z. Wang, “Principle of block chain technology and its application in electric power industry,” IOP Conference Series: Earth and Environmental Science, vol. 252, no. 3, p. 032079, jul 2019.
[48]. D. Zhao, G. Jia, H. Ren, C. Chen, R. Yu, P. Ge, and S. Liu, “Research on the Application of Block Chain in automobile industry,” in IOP Conference Series: Materials Science and Engineering, vol. 452. Institute of Physics Publishing, dec 2018, p. 7.
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Published
2020-12-20
How to Cite
Ponnakanti, H. P., & Gonen, B. (2020). Relative Importance of Blockchain in Cryptocurrency, Banking & Health Care. Archives of Business Research, 8(12), 6–25. https://doi.org/10.14738/abr.812.9428
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