High Score Labs News • Dec 22, 2021
Since Blockchain was originally conceptualized by Satoshi Nakamoto in 2008 as a core component to support transactions of the digital currency – Bitcoin, blockchain has been known to be the public ledger for all transactions and resolved the double-spend problem by combining peer-to-peer technology with public-key cryptography. The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third-party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical challenges and limitations. In Blockchain – over 80% of the research papers is on Bitcoin system and less than 20% deals with other Blockchain applications including e.g., smart contracts and licensing.
Major focus area of the research on Blockchain are –
- Optimizing limitation of Blockchain for privacy and security prospective.
- Trust rules and validation mechanism
One of the most attractive features of blockchain is its security mechanism based on public ledger and distributed consensus. However, this does not mean that blockchain can resist any types of fraud and hacking. There is many research focused on exploring types of frauds and malicious activities that can be prevented by blockchain technology and there are some vulnerable areas of blockchain. There is more potential towards the technological advantage of using blockchain to solve like lack of trust, frauds and validation mechanism for safety and privacy.
- Business or Organization
- Conflict of interest
Due to de-centralized in nature, research around standardization for government policy development is really taking boost. Many governments around the world are still in denial mode of accepting de-centralized currency and use it as standard instrument of transactions. On the other hand – there are Government authorizing agencies are also accepting application of blockchain to strengthen their facilities.
- Technical Advancement
- Blockchain Scalability
- Scope of Blockchain applications
- Lightweight Architecture
- Latency of confirmation of transactions
- Computing power and resources
Technically there are many benefits of blockchain architecture and there are research around using its potential using private, public, consortium and hybrid manner. There also research going around technically enhance the architecture to support lowering the use of resources and using it as self-managed network to lower the cost for infrastructure. The technical roadblock of infrastructure cost and use of resources to develop and maintain blockchain at large scale can be handled by optimized architecture. Due to complex algorithm and latency of confirmation of transactions leads to speed and reliability of blockchain and considering it as adoptability threat.
Applied Prospective of Blockchain
- Due to the higher security and validation feature of blockchain – Banking / Financial organizations can take benefit of blockchain to optimize their payment clearing systems, information systems, transactions recording / ledger systems. Banking industry is the most benefited due to blockchain applications.
- As the technological capacity of the blockchain is being harnessed by companies to address real-world problems, it is important to understand the guidelines for adopting this revolutionary system.
- The development of smart cities benefits from innovative applications of new information and communication technologies.
- Blockchain has captured attention of people from many industries such as property management, auditing, and copyright protection, finance has been the first and most important application area of the technology so far.
While many blockchain development projects are emerging, research in blockchain is in its infancy. the transformational power of blockchain to enable global trust among people parallels the transformational power of “Internet” to connection people globally.