Blockchain Applications, Opportunities, Challenges and Risks: A Survey
7 Pages Posted: 3 Apr 2020
Date Written: April 1, 2020
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
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