What is the primary objective of blockchain technology

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.

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What is blockchain?

Blockchain for Distributed Research View all 5 Articles. Many sectors, like finance, medicine, manufacturing, and education, use blockchain applications to profit from the unique bundle of characteristics of this technology. Blockchain technology BT promises benefits in trustability, collaboration, organization, identification, credibility, and transparency.

In this paper, we conduct an analysis in which we show how open science can benefit from this technology and its properties. For this, we determined the requirements of an open science ecosystem and compared them with the characteristics of BT to prove that the technology suits as an infrastructure. We also review literature and promising blockchain-based projects for open science to describe the current research situation. To this end, we examine the projects in particular for their relevance and contribution to open science and categorize them afterwards according to their primary purpose.

Several of them already provide functionalities that can have a positive impact on current research workflows. So, BT offers promising possibilities for its use in science, but why is it then not used on a large-scale in that area? To answer this question, we point out various shortcomings, challenges, unanswered questions, and research potentials that we found in the literature and identified during our analysis.

These topics shall serve as starting points for future research to foster the BT for open science and beyond, especially in the long-term. The blockchain technology BT offers great potential to foster various sectors Casino et al.

We see promising possibilities in the use of this technology for science and academia. In this paper, we want to show why the BT suits especially to open science. So far, the most prominent attention the technology received was through news from industry and media Morini, ; Notheisen et al.

Examples are Bitcoin, Litecoin, Dash, and Monero, which all are having remarkable market capitalizations 1. BT, however, is not limited to cryptocurrencies.

There are already existing blockchain-based applications in industry and the public sector like crowdfunding Conley, ; Li and Mann, ; Arnold et al. The typical use case in that area for BT is the exchange of value units without the need of intermediaries Nakamoto, ; Ben-Sasson et al. Examples for that are the already mentioned cryptocurrencies and other applications that, for instance, allowing individuals to offer and sell their digital assets like art or data from sensors on a marketplace Draskovic and Saleh, , or enabling property owners to transfer their land without a notary Kombe et al.

The pioneering role of the financial sector seems obvious because cryptocurrencies were the first usable blockchain applications.

Nevertheless, the potential of this technology has attracted the attention of other areas in recent years, leading to a vast number of new projects 2. BT is still in an early development phase without widely adopted standardization and frameworks yet. There are already some scientific sources but far more gray literature on how the BT can be used to mitigate existing problems in science like the reproducibility of results from published articles and experiments.

Due to immutability, append-only function, and a viewable record of all transactions, BT can provide transparency for all users over every step done in a system. As a result of that, an environment gets created that does not need a trusted authority because malicious behavior is technically difficult.

The decentralization enables researchers to build their own open ecosystem for research data, metadata, and communication that follows the philosophy of open science.

For us, open science is characterized above all by the fact that everyone can openly participate, collaborate, and contribute to science. The results of these activities, such as research data, processes, studies, and methods, are freely available so that they can be reused and reproduced. In section 3, we go into open science and its definitions in more detail. Besides reproducibility of experiments Prinz et al. BT also has the ability to increase the trustability of studies and collaborations among researchers in complex science projects by the use of its characteristics.

BT stands out from other systems in its exceptional technical architecture, which allows the technology to get adapted for a variety of use cases. For example, developers have the possibility to design blockchains for open or private access combined with individual governance models depending on its purpose. In addition to the technical perspective, cryptocurrencies, for example, provide additional, unique opportunities to create business models and incentives for users or entire communities.

However, besides BT, there are also other technologies that are applicable to open science. One example is the peer-to-peer data synchronization protocol Dat Ogden et al. The protocol got inspired by several existing systems, one of them being BitTorrent Pouwelse et al.

We want to point out at an early stage of this paper that BT is just a technology and certainly not the silver bullet that will overcome all problems we are facing in science today. Some of the issues cannot get solved by technology alone, instead require the involved persons to rethink habits, behaviors, and processes. In some cases, it might even lead to researchers having to renounce privileges. There is also criticism of the use of BT for science. Hartgerink argues that blockchains can even amplify inequalities by increasing artificial scarcity and relying on free market principles.

Another point of criticism affects the consensus principle as the fundamental definition of truth in a blockchain. Secondly, and more relevant from a philosophical point of view, Hartgerink asks whether we need a consensus for scientific theories or ideas at all. Overall, our work contributes to understanding the BT and the possibilities it offers to design, implement, and improve open science projects and applications across all different scientific fields.

We think it is a suitable technology to support the transformation of open science. The motivation for this work lies in the circumstance that there is currently no systematic review of the general suitability of BT for open science, the state of the art or related vital challenges and research potentials.

We are addressing these topics in this paper. The BT is, besides the financial area, also emerging in many other sectors and gets continuously more popular. It is difficult to overview the market of existing and planned projects since there is no holistic public database or repository for it. Further, the range of visions, concepts, and prototypes is constantly increasing, which means that this review can only provide a snapshot and does not claim to be complete or exhaustive. We conducted a systematic review of the research topic by first searching for relevant literature.

It has turned out that this topic is quite novel, and there are just a few publications about how BT can be used to foster open science or science in general. In a literature review about the usage of BT in different domains Casino et al.

Besides literature, we also focused our analysis on various blockchain projects that can foster open science in different ways. We want to provide a transparent and reproducible review, thus in the following, we describe our research questions and methodology. What are the current requirements for a technical open science infrastructure, and how do they compare with BT features? What is the current status and perspectives for the use of BT in science and academia?

What are the biggest challenges and obstacles that are preventing successful implementation and adoption of BT as supporting infrastructure for open science? We examined whether it is able to deliver a reasonable and adequate fundament for an open science ecosystem.

At first, we studied existing literature to describe what open science is section 3. Then, we examined the BT to understand how it works and what characteristics it has section 4. Finally, we created a matrix that shows all related infrastructure requirements and compares them to the characteristics of the BT to determine how they match and whether they can be fulfilled section 4.

Secondarily, we examined research publications, whitepapers, and blogs. If a paper had no meaningful content for our research, we excluded it from our review. From there on, we screened the reference lists of the remaining literature to find further suitable sources, known as snowballing.

After that, we made a full-text review of the content of all papers to get an overview of the current research state that showed the potential and increasing interest in the BT for open science section 5. Besides the literature, we also collected exciting and promising blockchain-based projects consisting of concepts, prototypes, and already deployed applications.

We found in numbers many more projects than relevant scientific publications. The majority of the projects got identified in the reviewed literature and the rest through search engines.

These projects are either designed specifically for open science, or some of their functionalities are usable in that area. We also found some very early concepts and ideas that only exist in forums or social media networks.

However, their potential is not ratable yet due to low progress and information scarcity, so we did not include them into detailed analysis. Altogether, we collected and analyzed 83 projects but removed 23 of them early due to cancelation, irrelevancy, or inactivity no actions or news for more than 1 year , leaving 60 projects left.

We summarized and mapped these into different categories according to their use and created an overview of our approach section 5. The so built structure and the review of projects help to gain a better understanding of the current situation of research in this area section 5. Finally, we made a summary and discussed our findings section 5.

For a complete overview, we created a database see Supplementary Material containing a short description, project state, and other characteristics for each project. First, we conducted a brainstorming, discussed all mentioned topics, and rated them each individually. Then we created a ranking of the topics by collecting and evaluating the ratings of all people who were involved in the brainstorming.

Finally, we took the issues of rank one to five and described them in terms of current challenges, research potentials, and open questions that should be addressed to foster the BT for open science sections 6. In this section, we briefly describe the philosophy behind open science and existing problems in science it can mitigate section 3.

Furthermore, we did an analysis to point out what requirements have to be met to establish a technical ecosystem that follows and lives the principles of open science section 3. Finally, we created an overview of the requirements we determined in this section. There are several definitions of what open science is, but there is not a universal definition that is generally valid.

An illustrated story about the development of open science can be viewed here Green, Overall, open science is an umbrella term for a multitude of assumptions about how the future of knowledge creation and dissemination also education will work Fecher and Friesike, There are different types of implementations, such as sharing of computing and storage resources in an open science grid OSG Pordes et al.

We want to briefly discuss open science in its chances and challenges to provide a common point of definition from that we will link the possibilities of BT to the fundamental concept of open science. Fecher and Friesike structured open science in five schools of thought and Tennant et al. It summarizes the identified schools with their central assumptions, their goals, and keywords. Table 1. Six open science schools of thought. The sources Fecher and Friesike, ; Tennant et al. As we have learned only late about the sixth school community school , which is also quite new, we refer in the further work to the original five schools, which are the basis of our requirements analysis.

For the sake of completeness, we included the sixth school in Table 1. After analyzing the community school, we can say that the result of this review would not have changed if it had been included, on the contrary, the principles of this school harmonize well with the characteristics of the BT. However, it should get considered in future research work.

How Machine Learning can be used with Blockchain Technology?

Blockchain is a technology that promises to fundamentally change how we share information, buy and sell things, and verify the authenticity of information we rely on every single day — from what we eat to who we say we are. And because it can facilitate all of this in secure, efficient, and transparent ways across many different domains, the effects can be transformative — every business, government, and individual can benefit. Blockchain can drive profound change across a range of industries and sectors, reimagining the way we do so many things. Yet blockchain is also a complex technology, and many companies are finding it challenging to unlock its full value, given complexities around networks, data models, partner adoption, and skills gaps amongst their employees. So how can it achieve this promise, exactly? What is blockchain technology , for a start, and how should organizations separate the reality from the hype?

In this initial phase, our objective is to investigate blockchain technology from an organizational perspective and to identify its main challenges and.

The impact of blockchain technology on business models – a taxonomy and archetypal patterns

Stay up-to-date with the latest business and accountancy news: Sign up for daily news alerts. Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future. Blockchain and the future of accountancy Tech Faculty's report on Blockchain describes the technology and its likely impact on business, in particular on the accounting profession. Blockchain has the potential to enhance the accounting profession by reducing the costs of maintaining and reconciling ledgers, and providing absolute certainty over the ownership and history of assets. Blockchain could help accountants gain clarity over the available resources and obligations of their organisations, and also free up resources to concentrate on planning and valuation, rather than recordkeeping. Alongside other automation trends such as machine learning, blockchain will lead to more and more transactional-level accounting being done — but not by accountants. Instead, successful accountants will be those that work on assessing the real economic interpretation of blockchain records, marrying the record to economic reality and valuation. For example, blockchain might make the existence of a debtor certain, but its recoverable value and economic worth are still debateable. By eliminating reconciliations and providing certainty over transaction history, blockchain could also allow for increases in the scope of accounting, bringing more areas into consideration that are presently deemed too difficult or unreliable to measure, such as the value of the data that a company holds.

A systematic review of blockchain

what is the primary objective of blockchain technology

You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. By distributing identical copies of a database across an entire network, blockchain makes it very difficult to hack or cheat the system. While cryptocurrency is the most popular use for blockchain presently, the technology offers the potential to serve a very wide range of applications. At its core, blockchain is a distributed digital ledger that stores data of any kind.

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Blockchain in Healthcare

Financial Innovation volume 5 , Article number: 27 Cite this article. Metrics details. Blockchain is considered by many to be a disruptive core technology. Although many researchers have realized the importance of blockchain, the research of blockchain is still in its infancy. Consequently, this study reviews the current academic research on blockchain, especially in the subject area of business and economics. Based on a systematic review of the literature retrieved from the Web of Science service, we explore the top-cited articles, most productive countries, and most common keywords.

Blockchain For Beginners: What Is Blockchain Technology? A Step-by-Step Guide

The Committee is mandated to coordinate important policy matters pertaining to the development and acquisition of new science and technology. In this article, the KCS presents the steps taken to adopt blockchain technology. Blockchain technology is being adopted around the world in sectors such as finance, distribution, manufacture, and health care. Unfortunately, in most cases, solutions that have been developed are at a verification or pilot stage, and it is still difficult to find examples of a tool applying the technology. With the above in mind, and to give impetus to its Fourth Industrial Revolution and Smart Customs project, in , the KCS decided to undertake some research aimed at exploring the application of the blockchain to other areas, besides cryptocurrencies. After consulting with all participants, the KCS was able to confirm that it was technically possible for logistics actors to share logistics documents such as bills of lading and letters of credit through a platform based on blockchain technology. The conclusion was that there was a need for a government-led project to establish a blockchain-based logistics platform. It then identified the clearance processes best suited to the exercise.

The objective attitude is the future of the digital currency in the Behind Blockchain technology is the universal Internet currency, which in turn.

Blockchain’s technology of trust

Blockchain is most effective when used to automate cross-enterprise workflows, thereby enabling business processes and the sharing of data across enterprise boundaries. However, doing so effectively requires an ecosystem with an agreed-upon governance structure defining the roles and behaviours of participants, how and what information will be shared amongst participants, data ownership, entrance and exit criteria and funding. A distributed ledger carries some notable advantages, including decentralisation, greater flexibility, greater transparency, audit trail, independence, and more.

Blockchain and Digital Currency in the World of Finance

RELATED VIDEO: Blockchain Expert Explains One Concept in 5 Levels of Difficulty - WIRED

The functionality offered by a blockchain is introduced, and its functioning is described. Subsequently blockchain-based solutions are briefly discussed. Both distributed ledgers and blockchains have a variety of implementations. The first implementation widespread implementation of a block-chain was the Bitcoin crypto currency. The novelty in Bitcoin was that it used a combination of well-known cryptographic techniques to solve the double spending problem of a virtual curren-cy.

High-tech enables payment evolution and global competition.

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Blockchain has been heralded as the most significant innovation since the Internet itself. It initially emerged as the backbone of bitcoin and is an incorruptible digital public ledger of transactions. Blockchain technology is a novel data structure that is secure, cryptography-based, and stores transactional records known as the block in databases known as chains distributed across a network through peer-to-peer nodes, allowing the transfer of digital goods. It works on the principles of transparency, decentralisation, accountability, and immutability. They find wide applications in Smart contracts, Supply chain management, Asset protection through an indisputable record of real-time ownership, Personal data management and Identification, Payment processing, Crowdfunding through cryptocurrencies, tracking drugs in pharmaceutical supply chains, verification of land records and certificates, etc. The potential of blockchain technology to enable remote voting is also being explored by the election commission.

Blockchain: How this technology could impact the CFO

The introduction of cryptocurrencies, specifically Bitcoin, has brought the concept of blockchain technology into the mainstream. A blockchain is a continuously growing distributed database that protects against tampering and revision of data. The industry has already seen the power of a distributed system with Git Version control; blockchain builds on the same Merkle tree approach, but also adds consensus, which specifies rules on how data can be added and verified.

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