Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing
The real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-11-01
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| Series: | Future Internet |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1999-5903/14/11/341 |
| _version_ | 1797465253050580992 |
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| author | Gousia Habib Sparsh Sharma Sara Ibrahim Imtiaz Ahmad Shaima Qureshi Malik Ishfaq |
| author_facet | Gousia Habib Sparsh Sharma Sara Ibrahim Imtiaz Ahmad Shaima Qureshi Malik Ishfaq |
| author_sort | Gousia Habib |
| collection | DOAJ |
| description | The real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate digital money, but they have not been successful due to security and trust issues. However, blockchain needs no central authority, and its operations are controlled by the people who use it. Furthermore, it cannot be altered or forged, resulting in massive market hype and demand. Blockchain has moved past cryptocurrency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology’s desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. We first conduct a thorough analysis of blockchain technology in this paper, paying particular attention to its evolution, applications and benefits, the specifics of cryptography in terms of public key cryptography, and the challenges of blockchain in distributed transaction ledgers, as well as the extensive list of blockchain applications in the financial transaction system. This paper presents a detailed review of blockchain technology, the critical challenges faced, and its applications in different fields. Blockchain in the transaction system is explained in detail with a summary of different cryptocurrencies. Some of the suggested solutions are given in the overall study of the paper. |
| first_indexed | 2024-03-09T18:19:53Z |
| format | Article |
| id | doaj.art-b2fe25bf15c54235a14a17219116cb6e |
| institution | Directory Open Access Journal |
| issn | 1999-5903 |
| language | English |
| last_indexed | 2024-03-09T18:19:53Z |
| publishDate | 2022-11-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Future Internet |
| spelling | doaj.art-b2fe25bf15c54235a14a17219116cb6e2023-11-24T08:25:29ZengMDPI AGFuture Internet1999-59032022-11-01141134110.3390/fi14110341Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud ComputingGousia Habib0Sparsh Sharma1Sara Ibrahim2Imtiaz Ahmad3Shaima Qureshi4Malik Ishfaq5Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, IndiaDepartment of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, IndiaApplied Sciences for Economics and Management, FOM University, 45127 Essen, GermanyDepartment of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, IndiaDepartment of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, IndiaDepartment of Mathematics, University of Kashmir, Main Campus, Hazratbal, Srinagar 192101, IndiaThe real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate digital money, but they have not been successful due to security and trust issues. However, blockchain needs no central authority, and its operations are controlled by the people who use it. Furthermore, it cannot be altered or forged, resulting in massive market hype and demand. Blockchain has moved past cryptocurrency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology’s desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. We first conduct a thorough analysis of blockchain technology in this paper, paying particular attention to its evolution, applications and benefits, the specifics of cryptography in terms of public key cryptography, and the challenges of blockchain in distributed transaction ledgers, as well as the extensive list of blockchain applications in the financial transaction system. This paper presents a detailed review of blockchain technology, the critical challenges faced, and its applications in different fields. Blockchain in the transaction system is explained in detail with a summary of different cryptocurrencies. Some of the suggested solutions are given in the overall study of the paper.https://www.mdpi.com/1999-5903/14/11/341blockchaincloud computingcryptocurrencyBitcoin |
| spellingShingle | Gousia Habib Sparsh Sharma Sara Ibrahim Imtiaz Ahmad Shaima Qureshi Malik Ishfaq Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing Future Internet blockchain cloud computing cryptocurrency Bitcoin |
| title | Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing |
| title_full | Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing |
| title_fullStr | Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing |
| title_full_unstemmed | Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing |
| title_short | Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing |
| title_sort | blockchain technology benefits challenges applications and integration of blockchain technology with cloud computing |
| topic | blockchain cloud computing cryptocurrency Bitcoin |
| url | https://www.mdpi.com/1999-5903/14/11/341 |
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