Discus about the use of Blockhain Technology.
Block chain technology can be defined as the digitized, decentralized, public provider for all kind of transaction based on cryptocurrency. It is growing as a complete block on a daily basis which are recorded and added in a chronical order (Atzori, 2015). It mainly helps the participants of market to keep a track of various kinds of digital currency to keep a track of transaction without any kind of recordkeeping on a central basis. In this system each node gets a copy of block chain which gets a copy of block chain which is downloaded on a basis which is automatic. It was originally developed as an accounting method for virtual currency which is known as Bitcoin (Basden & Cottrell, 2017). Block chain makes use of a technology known as Distributed Ledger Technology (DLT) which is appearing in large variety of commercial application in today’s world. This particular technology is generally used for verifying and analyzing transaction within various kinds of possible, code and insert any kind of document into the block chain (Cachin, 2016). The benefits of using of blockchain technology by this medium size financial organization has been discussed in this report. There are many organization like Auxesis, Coinsecure, EzyRemit, Hashcove, Krypc and MindDeft technologies, Sofocle technologies and many other firms are making use of this blockchain technology. So, implementation or adaptation of this blockchain technology will help this medium size financial organization.
In the coming pages of the report a proper definition of Block chain technology has been stated and defined. After that three to five types of Block chain technology have been discussed in detail in the coming pages of the report. Proposal of three block chain technology has been defined in discussed in detail in the coming pages of the report. Potential Advantage and Disadvantage with respect to solution has been provided in detail in the coming pages of the report. Various kinds of risk inclusive of positive and negative has been discussed in details in this report. Apart from this various parameter like social, ethical and legal consideration has been discussed.
Definition of Block Chain Technology
A block chain can be defined as the database which is used for recording of various kinds of database which mainly works by copying all kinds of transaction in a network. A block chain thus can be defined as the distributed ledger. In this type of technology data is generally in the form of fixed structures which are known as the block (Crosby et al.,2016). The important parts of block are header and content. The header is inclusive of metadata like unique block which contains the reference number, time the block was created or build with the previous block. In the content part it usually has a list of digital asset and statement containing instruction like made transaction which focus on the amount and address of various parties.
The latest block provides the possibility to access all the block which was linked together in a kind of chain. So a type of block chain technology retains the database of the total history of the available assets and kinds of instruction which is generally executed in the begin which makes the data verifiable and editable (Herbert & Litchfield, 2015). With increase in the number of participants it generally becomes harder for malicious actor to overcome various kinds of activities. So a result the network becomes increasingly robust and secure.
Various kinds of efficiencies which generally results from DLT can result in cost saving in various kinds of factors. With the increased adaptation of DLT will result in cost saving in various kinds of areas.
Blockchain eliminates all kinds of human involvement in the processing which is considered to be essential for various kinds of cross broader test. It generally takes much longer time because of the problem of time zone and it also ensures conformation of various kinds of payment process. This technology makes use of cryptography for creation of distributed trusted network which provides methods to manipulation of digital transaction through securely without the need of central authority (Mainelli, & Smith, 2015). It can be also said that blockchain works like ledger by which anyone on the network can easily view it on any time. All the various kinds of transaction are checked and stored in a block which encrypt and saves it periodically which is linked to the preceding block which ultimately results in creation of a chain. The process of blockchain results in secure and permanent time-stamping and recording of various kinds of transaction which results in the fact to make various kinds of alteration once a blockchain has been stored.
Three to five different type of Block Chain Technology
Blockchain technology can be considered to be much better than various kinds of operating system or coding languages (Mattila, Seppälä & Holmström, 2016). The overall aim is same in most of the cases but the baseline of the technology is considered to be same in each and every case on the contrary it can easily differ widely with various kinds of way it can easily interact with various kinds of ways or process. There are mainly five types of blockchain technology namely bitcoin, Ethereum, New economy movement (NEM), Lisk, Hyperledger.
Bitcoin is nothing but a type of cryptocurrency or digital currency which generally makes use of cryptography for regulation and generation of various kinds of currency. Bitcoin generally comes under the scope of cryptocurrency. It is also known as decentralized digital currency.
Ethereum is considered to be similar to bitcoin technology which is nothing but peer to peer network. It is totally based on its own digital currency known as Ether. Ethereum is considered to be platform which is generally used for building and running. Bitcoin generally stores a list of balances and kinds of transaction associated with it (Park, 2017). The blockchain of Etherum is made or designed in such a way that it can be easily used for store various kinds of data. This data can be easily by various kinds of computer programs which runs on this Ethereum blockchain.
NEM (New Blockchain Movement) platform is designed in such a way that it can easily code for various kinds of ground up for scales and speed. The Blockchain of NEM focuses on providing various kinds of industry leading rates of transaction for various kinds of internal ledgers. NEM system is considered to be an open and adjustable type of blockchain solution which is built as per the need of various kinds of API calls. NEM technology is built in such a way that various kinds of powered application do not need any kind of special software for various kinds of software and the network which is used for API gateway server. This ultimately allow flexibility when it comes to designing of system and various kinds of application which makes use of NEM network.
Lisk is considered to be an open source of blockchain which is supported by various kinds of tokens of LSK will provides the developers to easily encode various kinds of decentralized application by making use of language of JavaScript. Lisk allow the various kinds of developers to easily build sidechain link on the lisk network considering various kinds of token of customers.
Hyperledger is nothing but a type of internet based protocol which makes use of blockchain technology for secure maintenance of digital ledger in a distributed way or fashion which is known as decentralized ledger (Pilkington, 2015). This technology was mainly created to fill up some of the gaps which some of the enterprises like financial system or any kind of supply chain industry wants to implement but bitcoin blockchain generally lacks.
Proposal of Three Block Chain Technology
The three kind of Blockchain technology which can be used for expansion of ecommerce business in the next five years are Bitcoin, Ethereum and Hyperledger fabric (Zheng et al., 2017). Bitcoin blockchain technology gain most of its attention like a main stream media. Blockchain of Bitcoin generally makes use of Unspent transaction outputs mechanism. The major parts of Bitcoin are identity of transaction, description, input and output. Every transaction based on this will generate some kind of data based in the transaction (Raval, 2016). In the last few years the network of bitcoin has increased a lot which has also increased the number of transaction on the network which is provided to it. There are large of attempts for overcoming the problems
Etheruem is a type of blockchain technology which consist of turning-complete virtual machine which is known as EVM. There are large number of issues encountered by Etheruem that are scalability and enterprise for various kinds of wide adaptation (Shrier, Wu & Pentland, 2016). It generally provides perfect amount of layer which can be used by various kinds of enterprise and use of various kinds of blockchain technology.
Hyperledger is nothing but incubation of various kinds of project which based on various kinds of DLT technology which is provided by Linux foundation. This project at present has three implementations namely fabric, Sawtooth,and Corda. All the above mentioned three type of technology will provide a lot of benefit to the ecommerce industry.
Advantage and Disadvantage
The biggest advantage of blockchain is that it allows a database to have a direct sharing without the need of any kind of central administrator. Instead of having some kind of centralized logic of application (Trautman, 2016). Blockchain transaction have some kinds of transaction which are generally based on validation and enforcement of constraints. Blockchain can be considered to be a useful method or technique which is used by third party organization. Blockchain technology will help this financial organization in efficient management of supply chain. It is expected that the blockchain technology will help in improvisation of process of sales because of speed and easy nature of use. It is considered to be safe and secure for all kinds of transaction (Wilkins, 2016). The various kinds of third party organization which make a control on various kinds of database which is needed for hiring various kinds of people and designing of certain process which can be used for preventing various kinds of database from being tampered. There are advantages which can be gathered by this blockchain technology that are
Various kinds of users are generally in control of all the information and transaction. The data of blockchain is considered to be complete, timely, accurate and is available on a wide scale. As a result of decentralized networks blockchain technology does not have any kind of central place of failure and can easily tolerate various kinds of malicious attacks. User can easily trust various kinds of transaction which is generally executed as a type of protocol command for eliminating the requirement of trusted third party. Blockchain technology many times changes to public blockchain technology which can be used by various kinds of parties resulting in the creation of transparency which is immutable which means that they cannot altered or removed.
There are large of issues in Blockchain technology like due its nature it will be always slower than centralized database (Wright & De Filippi, 2015). When transaction processes then a blockchain has to do same thing like a regular database, on the contrary it carries out some additional number of burdens like verification of signature, redundancy. Various kinds of blockchain technology must be signed by making use of public private scheme which is known as ECDSA. The fact is not about the individual node but it also focusses on amount of computation which is requires.
Nascent technology: It focuses in resolving various kinds of challenges like speed of transaction, verification of various kinds of processes and data which is limited.
Security and privacy: When various kinds of solution exit which is inclusive of private or permissioned blockchain and very strong amount of encryption (Yli-Huumo et al., 2016). There is still certain number of issues of cyber security which are needed to be checked before providing personal data into blockchain solution.
Cost: Blockchain generally offers huge amount of saving in terms of transaction cost and time but in many cases it requires huge amount of capital cost.
Conclusion
From the above discussion it can be easily concluded that this report is all about Blockchain technology. In the above pages of the report a proper definition of blockchain technology has been provided. A list of advantages of using this blockchain technology by the ecommerce organization has been discussed. Various types of application of blockchain technology has been discussed in detail in the pages. The useful uses of this blockchain technology in the market has been discussed. A proposal has been provided regrading the three-technology based on blockchain and its use in ecommerce for its expansion in the coming five years. An analysis has been done on the possible advantages and disadvantages of the blockchain in the market has been discussed in details. A block is a part of Block chain which records some of the data from all kinds of recent transaction. After the completion a block generally goes into the block chain as a type of permanent kind of database. Block chain can be defined as the method or technology which can be used for all kind of transaction which is considered to be immutable, which means that they cannot be deleted or removed easily. Various kinds of risk both in terms of positive and negative has been discussed in the above pages of the report. A list of recommendation has been provided which can be used for overcoming the issues of this ecommerce industry. Apart from this certain factor like ethical, social and legal has been with respect to the organization has been discussed in detail in the above pages of the report. In the above pages of the report five blockchain technology hyperledger, NEM (New economy movement), bitcoin, lisk and Ethereum has been discussed in the above pages. Various kinds of disadvantage like nascent technology, security and privacy and cost has been discussed in the report.
A list of recommendation which must be followed for this Blockchain technology that are
Considering the goals of this e-commerce organization
Engaging with various kinds of stakeholders of a project
Looking for approval of executive
Identification of proper market
Taking various kinds of legal challenges
Engaging various kinds of industries.
Analyzing cost or price vs benefit or profit in long and short term of value
References
Atzori, M. (2015). Tecnologia Blockchain E Governance Decentralizzata: Lo Stato È Ancora Necessario?(Blockchain Technology and Decentralized Governance: Is the State Still Necessary?).
Basden, J., & Cottrell, M. (2017). How utilities are using blockchain to modernize the grid. Harvard Business Review.
Cachin, C. (2016, July). Architecture of the Hyperledger blockchain fabric. In Workshop on Distributed Cryptocurrencies and Consensus Ledgers.
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2, 6-10.
Herbert, J., & Litchfield, A. (2015, January). A Novel Method for Decentralised Peer-to-Peer Software License Validation Using Cryptocurrency Blockchain Technology. In Proceedings of the 38th Australasian Computer Science Conference (ACSC 2015) (Vol. 27, p. 30).
Mainelli, M., & Smith, M. (2015). Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology). The Journal of Financial Perspectives, 3(3), 38-69.
Mattila, J., Seppälä, T., & Holmström, J. (2016, April). Product-centric information management: A case study of a shared platform with blockchain technology. In Industry Studies Association Conference.
Park, J. (2017). Blockchain security in cloud computing: use cases, challenges, and solutions. Symmetry, 9(8), 164-176. DOI:10.3390/sym9080164
Pilkington, M. (2015). Blockchain technology: principles and applications. Browser Download This Paper.
Raval, S. (2016). Decentralized Applications: Harnessing Bitcoin’s Blockchain Technology. ” O’Reilly Media, Inc.”.
Shrier, D., Wu, W., & Pentland, A. (2016). Blockchain & infrastructure (identity, data security). MIT Connection Science, 1-18.
Trautman, L. J. (2016). Is disruptive blockchain technology the future of financial services?.
Wilkins, G. (2016, September 22). The $10 blockchain bank transfer that opens a new world. The Age (Melbourne, Australia), p. 20.
Wright, A., & De Filippi, P. (2015). Decentralized blockchain technology and the rise of lex cryptographia.
Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where Is Current Research on Blockchain Technology?—A Systematic Review. PloS one, 11(10), e0163477.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In Big Data (BigData Congress), 2017 IEEE International Congress on (pp. 557-564). IE
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