Authors : Samuel Gbli Tetteh; Atta Yaw Agyeman

Volume/Issue : Volume 9 - 2024, Issue 7 - July

Google Scholar : https://tinyurl.com/4a6ekyzc

Scribd : https://tinyurl.com/3mxp247u

DOI : https://doi.org/10.38124/ijisrt/IJISRT24JUL960

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : Blockchain technology is one of the most innovative and versatile technological advancements of contemporary times, finding applications in various fields such as finance, healthcare, education, and real estate. This paper provides a systematic review of blockchain technology, its historical evolution, fundamental concepts, different types of blockchain, and its various applications. The study also explores the key characteristics of blockchain, including decentralization, transparency, and immutability, and discusses the challenges and limitations faced by the technology, such as scalability issues, security concerns, and regulatory challenges. Additionally, the paper looks into future trends and developments in blockchain technology, particularly advancements in consensus algorithms, integration with other emerging technologies, and the rise of Central Bank Digital Currencies (CBDCs) and Decentralized Finance (DeFi).

References :

1. Abdelhamid M. & Hassan G. (2019). Blockchain and smart contracts. ACM International Conference Proceeding Series 91–95. https://doi.org/10.1145/3328833.3328857
2. Abou Jaoude J. & George Saade R. (2019). Blockchain applications - Usage in different domains. IEEE Access 7 45360–45381. https://doi.org/10.1109/ACCESS.2019.2902501
3. Atzori M. Iera A. & Morabito G. (2018). Blockchain-Based Distributed Governance. IEEE Internet of Things Journal 5(5) 3733-3742. https://doi.org/10.1109/JIOT.2018.2850624
4. Auer R. Cornelli G. & Frost J. (2020). Rise of the central bank digital currencies: drivers approaches and technologies. BIS Working Papers No 880. https://www.bis.org/publ/work880.pdf
5. Buterin V. (2015). Ethereum whitepaper: A next-generation smart contract and decentralized application platform. https://ethereum.org/en/whitepaper/
6. Buterin V. (2016). Ethereum’s scalability and deployment roadmap. https://vitalik.ca/general/2021/12/06/roadmap.html
7. Dowling M. (2021). Fertile LAND: Pricing non-fungible tokens. Finance Research Letters 44 102085. https://doi.org/10.1016/j.frl.2021.102085
8. Egelund-Müller B. Elsman M. Henglein F. & Ross O. (2017). Automated Execution of Financial Contracts on Blockchains. Business and Information Systems Engineering 59(6) 457–467. https://doi.org/10.1007/s12599-017-0507-z
9. Ethereum Foundation. (2021). Ethereum 2.0: Scaling Ethereum. https://ethereum.org/en/eth2/
10. Foroglou G. & Tsilidou A. L. (2015). Further applications of the blockchain. Conference: 12th Student Conference on Managerial Science and Technology Athens MAY 0–8.
11. Gervais A. Karame G. O. Capkun V. & Capkun S. (2016). Is Bitcoin a Decentralized Currency? IEEE Security & Privacy 14(3) 40-49. https://doi.org/10.1109/MSP.2016.49
12. Heck K. Mengelkamp E. & Weinhardt C. (2021). Blockchain-based local energy markets: Decentralized trading on single-board computers. Energy Systems 12(3) 603–618. https://doi.org/10.1007/s12667-020-00399-4
13. Hyvärinen H. Risius M. & Friis G. (2017). A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services. Business and Information Systems Engineering 59(6) 441–456. https://doi.org/10.1007/s12599-017-0502-4
14. IBM. (2021). IBM Food Trust: A new era for the world’s food supply. https://www.ibm.com/blockchain/solutions/food-trust
15. Jyotsna Y. & Gampala K. (2019). Blockchain for Real Estate Industry. The Journal of Social Sciences Research 52 53–56. https://doi.org/10.32861/sr.52.53.56
16. Meiriño M. J. Méxas M. P. Faria A. D. V. Méxas R. P. & Meirelles G. D. (2019). Blockchain Technology Applications: a Literature Review. Brazilian Journal of Operations and Production Management 16(4) 672–684. https://doi.org/10.14488/BJOPM.2019.v16.n4.a12
17. Mingxiao D. Xiaofeng M. Zhe Z. Xiangwei W. & Qijun C. (2017). A Review on Consensus Algorithm of Blockchain. 2017 IEEE International Conference on Systems Man and Cybernetics (SMC) 2567-2572. https://doi.org/10.1109/SMC.2017.8123011
18. Nakamoto S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf
19. Pazaitis A. De Filippi P. & Kostakis V. (2017). Blockchain and value systems in the sharing economy: The illustrative case of Backfeed. Technological Forecasting and Social Change 125 105–115. https://doi.org/10.1016/j.techfore.2017.05.025
20. Prybila C. Schulte S. Hochreiner C. & Weber I. (2020). Runtime verification for business processes utilizing the Bitcoin blockchain. Future Generation Computer Systems 107 816–831. https://doi.org/10.1016/j.future.2017.08.024
21. Schär F. (2021). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets. Federal Reserve Bank of St. Louis Review 103(2) 153-174. https://doi.org/10.20955/r.103.153-74
22. Sun J. Yan J. & Zhang K. Z. K. (2016). Blockchain-based sharing services: What blockchain technology can contribute to smart cities. Financial Innovation 2(1). https://doi.org/10.1186/s40854-016-0040-y
23. Tasatanattakool P. & Techapanupreeda C. (2018). Blockchain: Challenges and applications. International Conference on Information Networking 2018-Janua(January 2018) 473–475. https://doi.org/10.1109/ICOIN.2018.8343163
24. Turkanović M. Hölbl M. Košič K. Heričko M. & Kamišalić A. (2018). EduCTX: A blockchain-based higher education credit platform. IEEE Access 6 5112–5127. https://doi.org/10.1109/ACCESS.2018.2789929
25. Wu H. T. & Tsai C. W. (2018). Toward Blockchains for Health-Care Systems: Applying the Bilinear Pairing Technology to Ensure Privacy Protection and Accuracy in Data Sharing. IEEE Consumer Electronics Magazine 7(4) 65–71. https://doi.org/10.1109/MCE.2018.2816306
26. Zohar A. (2015). Bitcoin: under the hood. Communications of the ACM 58(9) 104-113. https://doi.org/10.1145/2701411
27. Zhang P. White J. Schmidt D. C. & Lenz G. (2017). Design of Blockchain-Based Apps Using Familiar Software Patterns to Address Interoperability Challenges in Healthcare. PLoP-24th Conference On Pattern Languages Of Programs.
28. Zyskind G. Nathan O. & Pentland A. (2015). Decentralizing Privacy: Using Blockchain to Protect Personal Data. 2015 IEEE Security and Privacy Workshops 180-184. https://doi.org/10.1109/SPW.2015.27.