Home / Current Issue / Paper 1701014
Blockchain - A Disruptive Technology In Financial Assets
Subject area: Science,Engineering and Technology · Area of research: Network Security
Abstract
Blockchain as technology promises to be a hugely disruptive and empowering technology both in public and private finance applications. As a method to order transactions in a distributed ledger, blockchains offer a record of consensus with a cryptographic audit trail that can be maintained and validated by multiple nodes. It lets contracting parties dynamically track assets and agreements using a common protocol, thus streamlining and even completely collapsing many in-house and third-party verification processes. Block chain originally conceived as the basis of cryptocurrencies, aspects of blockchain technology have far-reaching potential in finance. Although it promises a secure distributed framework to facilitate sharing, exchanging, and the integration of information across all users and third parties, it is important for stakeholders to analyze it in depth for its suitability in business applications. There is a wide spectrum of blockchain applications ranging from cryptocurrency, financial services, risk management among others ,however there is no comprehensive survey on the blockchain as disruptive technology in finance and its application, To fill this gap, we conduct a comprehensive survey on the blockchain technology, its challenges , advances in managing these challenges and the future of block chain technology in the financial industry.
Keywords
Blockchain; Consensus Algorithms; Cryptocurrency; Finance
References
[1] Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the open blockchain. " O'Reilly Media, Inc.".
[2] Bower, J. L., & Christensen, C. M. (1995). Disruptive technologies: catching the wave.
[3] Bin Wen, Ziqiang Luo, Yazhi Wen, "Evidence and Trust: IoT Collaborative Security Mechanism", Information Science and Technology (ICIST) 2018 Eighth International Conference on, pp. 98-9, 2018.
[4] Hub, B. (2017). Blockchains and Distributed Ledger Technologies.
[5] Carlozo, L. (2017). What is blockchain?. Journal of Accountancy, 224(1), 29.
[6] Christensen, C. M., Raynor, M. E., & McDonald, R. (2015). What is disruptive innovation. Harvard Business Review, 93(12), 44-53.
[7] Domantas Pelaitis, Georgios Spathoulas, "Developing a universal decentralized and immutable Erasmus credit transfer system on blockchain", Intelligent Systems and Applications (INISTA) 2018 Innovations in, pp. 1-6, 2018.
[8] Haya R. Hasan, Khaled Salah, "Proof of Delivery of Digital Assets Using Blockchain and Smart Contracts", Access IEEE, vol. 6, pp. 65439-65448, 2018.
[9] Lokøy, E. N. (2018). Blockchain Business Models-a case study of incumbents in established industries in the Nordic region (Master's thesis).
[10] Nyberg, O. K. J. (2018). Blockchain Business Models-a case study of incumbents in established industries in the Nordic region (Master's thesis).
[11] Nakamoto, S.: Bitcoin: A peer-to-peer electronic cash system (2008), https:// bitcoin.org/bitcoin.pdf
[12] Raghava Rao Mukkamala, Ravi Vatrapu, Pradeep Kumar Ray, Gora Sengupta, Sankar Halder, "Converging Blockchain and Social Business for Socio-Economic Development", Big Data (Big Data) 2018 IEEE International Conference on, pp. 3039-3048, 2018.
[13] Qi Liu, Kenli Li, "Decentration Transaction Method Based on Blockchain Technology", Intelligent Transportation Big Data & Smart City (ICITBS) 2018 International Conference on, pp. 416-419, 2018.
[14] Raghava Rao Mukkamala, Ravi Vatrapu, Pradeep Kumar Ray, Gora Sengupta, Sankar Halder, "Blockchain for Social Business: Principles and Applications", Engineering Management Review IEEE, vol. 46, no. 4, pp. 94-99, 2018.
[15] Yu, D., & Hang, C. C. (2010). A reflective review of disruptive innovation theory. International journal of management reviews, 12(4), 435-452.
[16] Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557-564). IEEE.
How to cite this paper
@article{1701014,
author = {Betty Jepkemei, Andrew Kipkebut},
title = {Blockchain - A Disruptive Technology In Financial Assets},
journal = {Iconic Research And Engineering Journals},
year = {2019},
volume = {2},
number = {9},
pages = {38-47},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1701014.pdf},
abstract = {Blockchain as technology promises to be a hugely disruptive and empowering technology both in public and private finance applications. As a method to order transactions in a distributed ledger, blockchains offer a record of consensus with a cryptographic audit trail that can be maintained and validated by multiple nodes. It lets contracting parties dynamically track assets and agreements using a common protocol, thus streamlining and even completely collapsing many in-house and third-party verification processes. Block chain originally conceived as the basis of cryptocurrencies, aspects of blockchain technology have far-reaching potential in finance. Although it promises a secure distributed framework to facilitate sharing, exchanging, and the integration of information across all users and third parties, it is important for stakeholders to analyze it in depth for its suitability in business applications. There is a wide spectrum of blockchain applications ranging from cryptocurrency, financial services, risk management among others ,however there is no comprehensive survey on the blockchain as disruptive technology in finance and its application, To fill this gap, we conduct a comprehensive survey on the blockchain technology, its challenges , advances in managing these challenges and the future of block chain technology in the financial industry.},
keywords = {Blockchain; Consensus Algorithms; Cryptocurrency; Finance},
month = {March},
}