Blockchain Applications, Opportunities, Challenges and Risks: A Survey

7 Pages Posted: 3 Apr 2020

See all articles by Balpreet Singh

Balpreet Singh

Dr B R Ambedkar National Institute of Technology, Jalandhar

Krishna Pal Sharma

Dr B R Ambedkar National Institute of Technology, Jalandhar

Nonita Sharma

Dr B R Ambedkar National Institute of Technology, Jalandhar

Date Written: April 1, 2020

Abstract

Managing the increasing number of online transactions and the multitude of connected devices along with maintaining network security is of great concern. In recent times, the go to solution is mainly based on setting up a cloud based infrastructure that requires high end hardware assets like servers, broadband networks, database storage etc. There are a number of things that we have to take care of when dealing with such technologies like high costs associated with maintaining servers, security concerns related with IoT, problems related with trust establishment etc. The blockchain technology offers lucrative features for dealing with the above mentioned problems in a primarily decentralized environment. It has great potential to be applied in various domains. In this paper, we detail various blockchain concepts specifying its benefits, constraints, challenges associated with it and the various domains where it can be applied. We'll also correlate different blockchain based ecosystems and the associated security mechanisms along with the notion of merging this with our existing security systems.

Keywords: blockchain, distributed ledger, smart contracts, consensus

Suggested Citation

Singh, Balpreet and Sharma, Krishna Pal and Sharma, Nonita, Blockchain Applications, Opportunities, Challenges and Risks: A Survey (April 1, 2020). Proceedings of the International Conference on Innovative Computing & Communications (ICICC) 2020, Available at SSRN: https://ssrn.com/abstract=3565930 or http://dx.doi.org/10.2139/ssrn.3565930

Balpreet Singh (Contact Author)

Dr B R Ambedkar National Institute of Technology, Jalandhar ( email )

Jalandhar
Jalandhar, CO Punjab 144092
India

Krishna Pal Sharma

Dr B R Ambedkar National Institute of Technology, Jalandhar ( email )

Jalandhar
Jalandhar, CO Punjab 144092
India

Nonita Sharma

Dr B R Ambedkar National Institute of Technology, Jalandhar ( email )

Jalandhar
Jalandhar, CO Punjab 144092
India

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