Running head: BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY 1
BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY 7
Block-chain Technology: Beyond Crypto-currency
University of Nebraska Omaha
CYBR-4360-860-Foundation of IA
Assignment: Semester Project Presentation
Block-chain Technology: Beyond the Crypto-currency
Block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. The technology constitutes two distinct components including block and transaction. Block refers to the collection of data, transaction recording, as well as other related details such as the creation of timestamp, correct sequence, et cetera. Blockchain which is the digital technology fundamental for crypto-currency has managed to bring forth a novel revolution through the provision of a mechanism that can be used for peer-to-peer transactions (P2P). The blockchain is a globally accepted ledger that is capable of achieving numerous new applications beyond transaction verification. Bitcoin that is progressively gaining awareness around the world is a vital example of Blockchain in practice. The block-chain technology is still at the stage of building up and is expected to be full-blown in the next few years.
The predominant goal of this proposal is to outline the literature on the functionality of Block-chain and other techniques of the digital ledger in several different spheres of influence beyond its use to crypto-currency and to come up with an appropriate conclusion. The technology of block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. However, the main focus of this proposal is to determine the most auspicious for future application of Block-chain beyond crypto-currency.
Block-chain is the technology that facilitates the system of Bitcoin crypto-currency, which is also regarded to be important in the formation of the backbone that guarantees privacy and security of several applications in different areas such as the eco-system of the Internet of Things. The block-chain technology has also been successfully applied in the industrial and the educational sectors (Pilkington, 2016). A Proof-of-Work, which is a mathematical challenge, guarantees the security of the chain-block by maintaining the transactions of the digital ledger that are not alterable in any way. Also, block-chain employs utilize a public key that is changeable and records the identity all the users while maintaining their privacy. The adaptation of block-chain technology has also been successfully implemented in different non-monetary systems including decentralized message, online voting, clouds distribution and storage systems, healthcare, proof-of-location (Chatterjee, & Chatterjee, 2017). Several research projects and articles are reviewed to establish the implementation if block-chain for identity and security enhancement, related challenges as well as the appropriate solutions for block-chain based security structures. The area of knowledge described in the research includes the digital ledger realm, especially the block-chain and crypto-currency.