Report Vineet 7sem
Report Vineet 7sem
Report Vineet 7sem
A
Seminar Report
On
“Blockchain Technology”
Submitted
In partial fulfillment of the requirement for the award of degree of
Bachelor of Technology
In
Computer Science & Engineering
(Session 2020-2021)
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Table of Content
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CANDIDATE’S DECLARATION
I hereby declare that the report entitled “Blockchain Technology” has been carried out and
submitted by the undersigned to the Jaipur Engineering College & Research Centre, Jaipur
(Rajasthan) in an original work, , conducted under the guidance and supervision of Ms. Punita
Panwar.
The empirical findings in this report are based on the data, which has been collected by me. I
have not reproduced from any report of the University neither of this year nor of any previous
year.
I understand that any such reproducing from an original work by another is liable to be punished
in a way the University authorities’ deed fit.
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BONAFIDE CERTIFICATE
This is to certify that the report of the seminar submitted is the outcome of the seminar work
entitled “Blockchain Technology” carried out by Vineet Aalwani bearing Roll No.: 201 and
Enrollment No.: 19EJCCS806 carried under my guidance and supervision for the award of
Degree in Bachelor of Technology of Jaipur Engineering College & Research Centre, Jaipur
(Raj.), India during the academic year 2022-2023.
____________ _______________
Dr. Sanjay Gaur Ms. Punita Panwar
Head of Department Assistant Professor
Computer Science & Computer Science & Engineering
Engineering
JECRC, Jaipur JECRC, Jaipur
Place: Jaipur
Date:
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PREFACE
The main objective of this report is to create awareness regarding the application of theories in
the practical world of Computer Science & Engineering and to give a practical exposure of the
real world to the student.
I, therefore, submit this industrial training report on “Blockchain Technology”, which was
undertaken at JECRC,Jaipur. I feel great pleasure to present this industrial training report.
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To become renowned Centre of excellence in computer science and engineering and make
competent engineers & professionals with high ethical values prepared for lifelong learning.
1. To impart outcome based education for emerging technologies in the field of computer
science and engineering.
2. To provide opportunities for interaction between academia and industry.
3. To provide platform for lifelong learning by accepting the change in technologies
4. To develop aptitude of fulfilling social responsibilities.
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9. Individual and team work: Function effectively as an individual, and as a member or leader
in diverse teams, and in multidisciplinary settings in Computer Science and Engineering.
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1. To produce graduates who are able to apply computer engineering knowledge to provide
turn-key IT solutions to national and international organizations.
2. To produce graduates with the necessary background and technical skills to work
professionally in one or more of the areas like – IT solution design development and
implementation consisting of system design, network design, software design and
development, system implementation and management etc. Graduates would be able to
provide solutions through logical and analytical thinking.
3. To able graduates to design embedded systems for industrial applications.
4. To inculcate in graduates’ effective communication skills and team work skills to enable
them to work in multidisciplinary environment.
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5. To prepare graduates for personal and professional success with commitment to their
ethical and social responsibilities.
PSO1: Ability to interpret and analyze network specific and cyber security issues, automation
in real word environment.
PSO2: Ability to Design and Develop Mobile and Web-based applications under realistic
constraints.
CO-1: To generate the report based on the Projects carried out for demonstrating the ability to
apply the knowledge of engineering field during training
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L/ P P P P P P P P P P P P
Sem. Subject Code T/ CO O O O O O O O O O O O O
P 1 2 3 4 5 6 7 8 9 10 11 12
CO-1 To generate the
report based on the
Projects carried out for
demonstrating the
P ability to apply the 2 2 2 2 2 2 2 2 2 2 2 3
knowledge of
engineering field
Industrial 3CS7-
III
Training 30 during training
CO-2: To
Demonstrate
Competency in
relevant engineering
P 3 3 2 1 2 2 2 1 2 2 2 3
fields through problem
identification,
formulation and
solution
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ACKNOWLEDGEMENT
“Any serious and lasting achievement or success, one can never achieve without the help,
guidance and co-operation of so many people involved in the work.”
It is my pleasant duty to express my profound gratitude and extreme regards and thanks to Mr.
Arpit Agarwal, Dr. V.K. Chandna, Dr. Sanjay Gaur gave me an opportunity to take this
seminar report.
I am indebted towards my supervisors who have allotted this seminar and his precious time and
advice during the period, which is imminent to the report.
I would like to express deep gratitude to Dr. Sanjay Gaur, Head of Department (Computer
Science & Engineering), Jaipur Engineering College & Research Centre, Jaipur (Rajasthan) with
whose support the seminar report has been made possible.
Last but not the least, I am heartily thankful to my friends and all those people who are involved
directly or indirectly in this industrial training report for encouraging me whenever I needed their
help in spite of their busy schedule.
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Vineet Aalwani
19EJCCS806
ABSTRACT
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Blockchain technology has been described as the biggest technical revolution since the Internet.
The technology – which is the basis for the cryptocurrency Bitcoin, but which can be used for
much more – enables digital transactions without the use of intermediaries, which are much
faster and also more secure than has previously been possible. Blockchain technology is
expected to change a wide range of business sectors fundamentally, such as banks and finance,
consumer goods, supply chain, automotive, energy, legal services, etc.
With Blockchain technology in financial sector, the participants can interact directly and can
make transactions across the internet without the interference of a third party. Such transactions
through Blockchain will not share any personal information regarding the participants and it
creates a transaction record by encrypting the identifying information.
The most exciting feature of Blockchain is that it greatly reduces the possibilities of a data
breach. In contrast with the traditional processes, in Blockchain there are multiple shared copies
of the same data base which makes it challenging to wage a data breach attack or cyber-attack .
With all the fraud resistant features, the block chain technology holds the potential to
revolutionize various business sectors and make processes smarter, secure, transparent, and more
efficient compared to the traditional business processes.
1.INTRODUCTION
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The Blockchain is an encrypted, distributed database that records data, or in other words it is a
digital ledger of any transactions, contracts - that needs to be independently recorded. One of the
key features of Blockchain is that this digital ledger is accessible across several hundreds and
thousands of computer and is not bound to be kept in a single place. Blockchain chain has
already started disrupting the financial services sector, and it is this technology which underpins
the digital currency- bitcoin transaction. Blockchain is an open and distributed ledger that can be
used to record transactions between two parties. This way of recording a transaction is both
permanent as well as verifiable, which makes it one of the best ways to keep transactions.
Blockchains are built on the open-source platform. So different versions of these blockchains are
possible, which are developed as per the needs of different industries. As blockchain is a
distributed ledger, hence every transaction is stored on more than one computer, which makes us
sure that every transaction is going to be permanent without any fear of loss. As blockchain is
distributed, it can neither be owned nor be fully controlled by a single entity. Transactions are
between two parties, and no other parties are involved, this results in lower cost, and once a
transaction is performed, it cannot be changed under any circumstances.
2.HISTORY
Although blockchain is a new technology, it already boasts a rich and interesting history. The
following is a brief timeline of some of the most important and notable events in the
development of blockchain.
2008
• Satoshi Nakamoto, a pseudonym for a person or group, publishes “Bitcoin: A Peer to Peer
Electronic Cash System."
2009
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• The first successful Bitcoin (BTC) transaction occurs between computer scientist Hal Finney
and the mysterious Satoshi Nakamoto.
2010
• Florida-based programmer Laszlo Hanycez completes the first ever purchase using Bitcoin —
two Papa John’s pizzas. Hanycez transferred 10,000 BTC’s, worth about $60 at the time. Today
it's worth $80 million.
• The market cap of Bitcoin officially exceeds $1 million.
2011
• 1 BTC = $1USD, giving the cryptocurrency parity with the US dollar.
• Electronic Frontier Foundation, Wikileaks and other organizations start accepting Bitcoin as
donations.
2012
• Blockchain and cryptocurrency are mentioned in popular television shows like The Good Wife,
injecting blockchain into pop culture.
• Bitcoin Magazine launched by early Bitcoin developer Vitalik Buterin.
2013
• BTC market cap surpassed $1 billion.
• Bitcoin reached $100/BTC for first time. • Buterin publishes “Ethereum Project" paper
suggesting that blockchain has other possibilities besides Bitcoin (e.g., smart contracts).
2014
• Gaming company Zynga, The D Las Vegas Hotel and Overstock.com all start accepting
Bitcoin as payment.
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• Buterin’s Ethereum Project is crowdfunded via an Initial Coin Offering (ICO) raising over $18
million in BTC and opening up new avenues for blockchain. R3, a group of over 200 blockchain
firms, is formed to discover new ways blockchain can be implemented in technology.
• PayPal announces Bitcoin integration.
2015
• Number of merchants accepting BTC exceeds 100,000.
• NASDAQ and San-Francisco blockchain company Chain team up to test the technology for
trading shares in private companies.
2016
• Tech giant IBM announces a blockchain strategy for cloud-based business solutions.
• Government of Japan recognizes the legitimacy of blockchain and cryptocurrencies.
2017
• Bitcoin reaches $1,000/BTC for first time.
• Cryptocurrency market cap reaches $150 billion.
• JP Morgan CEO Jamie Dimon says he believes in blockchain as a future technology, giving the
ledger system a vote-of-confidence from Wall Street.
• Bitcoin reaches its all-time high at $19,783.21/BTC.
• Dubai announces its government will be blockchain-powered by 2020.
2018
• Facebook commits to starting a blockchain group and also hints at the possibility of creating its
own cryptocurrency.
• IBM develops a blockchain-based banking platform with large banks like Citi and Barclays
signing on.
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3.WORKING
3.1 COMPONENTS
A Blockchain comprises of two different components, as follows:
3.1.1. Transaction:
A transaction, in a Blockchain, represents the action triggered by the participant.
3.1.2. Block:
A block, in a Blockchain, is a collection of data recording the transaction and other associated
details such as the correct sequence, timestamp of creation, etc.
The Blockchain can either be public or private, depending on the scope of its
use. A public Blockchain enables all the users with read and write permissions such as in
Bitcoin, access to it. However, there are some public Blockchains that limit the access to only
either to read or to write. On the contrary, a private Blockchain limits the access to selected
trusted participants only, with the aim to keep the users’ details concealed. This is particularly
pertinent amongst
governmental institutions and allied sister concerns or their subsidies thereof. One of the major
benefits of the Blockchain is that it and its implementation technology is public. Each
participating entities possesses an updated complete record of the transactions and the associated
blocks. Thus the data remains unaltered, as any changes will be publicly verifiable. However, the
data in the blocks are encrypted by a private key and hence cannot be interpreted by everyone.
3.2 WORKING
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The whole point of using a blockchain is to let people — in particular, people who don't trust one
another — share valuable data in a secure, tamperproof way.Blockchain consists of three
important concepts: blocks, nodes and miners.
3.2.1 Blocks:
Every chain consists of multiple blocks and each block has three basic elements:
• The data in the block.
• A 32-bit whole number called a nonce. The nonce is randomly generated when a block is
created, which then generates a block header hash.
The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes
(i.e., be extremely small).
When the first block of a chain is created, a nonce generates the cryptographic hash. The data in
the block is considered signed and forever tied to the nonce and hash unless it is mined.
3.2.2 Miners:
Miners create new blocks on the chain through a process called mining.In a blockchain every
block has its own unique nonce and hash, but also references the hash of the previous block in
the chain, so mining a block isn't easy, especially on large chains.Miners use special software to
solve the incredibly complex math problem of finding a nonce that generates an accepted hash.
Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible
noncehash combinations that must be mined before the right one is found. When that happens
miners are said to have found the "golden nonce" and their block is added to the chain.
Making a change to any block earlier in the chain requires re-mining not just the block with the
change, but all of the blocks that come after. This is why it's extremely difficult to manipulate
blockchain technology. Think of it is as "safety in math" since finding golden nonces requires an
enormous amount of time and computing power.
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When a block is successfully mined, the change is accepted by all of the nodes on the network
and the miner is rewarded financially.
3.2.3 Nodes:
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For a new transaction to be added to the existing chain, it has to be validated by all the
participants of the relevant Blockchain eco-system. For such a validation and verification
process,
the participants must apply a specific algorithm. The relevant Blockchain eco-system defines
what is perceived as “valid”, which may vary from one eco-system to another. A number of
transactions, thus approved by the validation and verification process, are bundled together in a
block. The newly prepared block is then communicated to all other participating nodes to be
appended to the existing chain of blocks. Each succeeding block comprises a hash, a unique
digital fingerprint, of the preceding one. Figure 2.2 demonstrates how Blockchain transactions
takes place, using a stepby-step example. Bob is going to transfer some money to Alice. Once
the monetary transaction is initiated and hence triggered by Bob, it is represented as a
“transaction” and broadcast to all the involved parties in the networks. The transaction now has
to get “approval” as being indeed “valid” by the Blockchain eco-system. Transaction(s) once
approved as valid along with the hash of the succeeding block are then fed into a new “block”
and communicated to all the participating nodes to be subsequently appended to the existing
chain of blocks in the Blockchain digital ledger.
4. TYPES OF BLOCKCHAINS
At a glance, there are four different major types of blockchain technologies. They include the
following.
• Public
• Private
• Hybrid
• Federated
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A public blockchain is one of the different types of blockchain technology. A public blockchain
is the permission-less distributed ledger technology where anyone can join and do transactions. It
is a non-restrictive version where each peer has a copy of the ledger. This also means that anyone
can access the public blockchain if they have an internet connection. One of the first public
blockchains that were released to the public was the bitcoin public blockchain. It enabled anyone
connected to the internet to do transactions in a decentralized manner. The verification of the
transactions is done through consensus methods such as Proof-ofWork(PoW), Proof-of-
Stake(PoS), and so on. At the cores, the participating nodes require to do the heavy-lifting,
including validating transactions to make the public blockchain work. If a public blockchain
doesn’t have the required peers participating in solving transactions, then it will become non-
functional. There are also different types of blockchain platforms that use these various types of
blockchain as the base of their project. However, each platform introduces more features in its
platform aside from the usual ones. Examples of public blockchain: Bitcoin, Ethereum, Litecoin,
NEO .
Advantages:
Public blockchains are good at what they do. Its advantages include the following.
• Anyone can join the public blockchain.
• It brings trust among the whole community of users
• Everyone feels incentivized to work towards the betterment of the public network
• Public blockchain requires no intermediaries to work.
• Public blockchains are also secure depending on the number of participating nodes
• It brings transparency to the whole network as the available data is available for verification
purposes.
Disadvantages:
Public blockchain does suffer from disadvantages. They are as follows:
• They suffer from a lack of transaction speed. It can take a few minutes to hours before a
transaction is completed. For instance, bitcoin can only manage seven transactions per second
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compared to 24,000 transactions per second done by VISA. This is because it takes time to solve
the mathematical problems and then complete the transaction.
• Another problem with public blockchain is scalability. They simply cannot scale due to how
they work. The more nodes join, the clumsier, and slow the network becomes. There are steps
taken to solve the problem. For example, Bitcoin is working on lighting the network, which takes
transactions off-chain to make the main bitcoin network faster and more scalable.
• The last disadvantage of a public blockchain is the consensus method choice. Bitcoin, for
example, uses Proof-of-Work (PoW), which consumes a lot of energy. However, this has been
partially solved by using more efficient algorithms such as Proof-of-Stake (PoS).
Use Cases:
There are multiple use-cases of the public blockchain. To get a better idea, let’s list some of
them below.
• Voting: Governments can do voting through public blockchain employing transparency and
trust.
• Fundraising: Companies or initiatives can make use of the public blockchain for improving
transparency and trust.
A private blockchain is one of the different types of blockchain technology. A private blockchain
can be best defined as the blockchain that works in a restrictive environment, i.e., a closed
network. It is also a permissioned blockchain that is under the control of an entity.
Private blockchains are amazing for using at a privately-held company or organization that wants
to use it for internal use-cases. By doing so, you can use the blockchain effectively and allow
only selected participants to access the blockchain network. The organization can also set
different parameters to the network, including accessibility, authorization, and so on! So, how is
it different from a public blockchain? It is different in the way it is accessed. Otherwise, it offers
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the same set of features as that of the public blockchain, providing transparency, trust, and
security to the selected participants.
Another major difference is that it’s kind of centralized as only one authority looks over the
network. So, it doesn’t have a decentralized theoretical nature. There are also various types of
blockchain platforms that use private blockchain as the base of their platform. More so, each one
of them tends to be unique and offer different features.In many cases, a private blockchain is
considered permissioned blockchain. But the concept of permissioned blockchain is much
broader as it can include public blockchain as well.
Advantages:
• Private blockchains are fast. This is because there are few participants compared to the public
blockchain. In short, it takes less time for the network to reach consensus resulting in faster
transactions.
• Private blockchains are more scalable. The scalability is possible because, in a private
blockchain, only a few nodes are authorized to validate transactions. This means it doesn’t matter
if the network grows; the private blockchain will work at its previous speed and efficiency. The
key here is the centralization aspect of decision making.
Disadvantages:
• Private blockchains are not truly decentralized. This is one of the biggest disadvantages of
private blockchain and goes against the core philosophy of distributed ledger technology or
blockchain in general.
• Achieving trust within the private blockchain is tough because the centralized nodes make the
last call.
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Lastly, as there are only a few nodes here, the security isn’t all that good. It is important to
understand that it is possible to lose security if a certain number of nodes go rogue and
compromise the consensus method utilized by the private network.
Use Cases:
There are multiple private blockchain’s use-cases. Some of them are listed below.
• Supply chain management: Organizations can deploy a private blockchain to manage their
supply chain.
• Asset ownership: Assets can be tracked and verified using a private blockchain.
• Internal Voting: Private blockchain is also effective at internal voting.
Advantages:
• It offers better customizability and control over resources. • Consortium blockchains are more
secure and have better scalability.
• It is also more efficient compared to public blockchain networks.
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Disadvantages:
• Even though it is secure, the whole network can be compromised due to the member’s
integrity. • It is less transparent.
• Regulations and censorship can have a huge impact on network functionality.
• It is also less anonymous compared to other types of blockchain.
Use Cases: There are multiple use-cases of consortium blockchain. Some of them include the
following
• Banking and payments: A group of banks can work together and create a consortium. They
can decide the nodes that will validate transactions.
• Research: A consortium blockchain can be used to share research data and results. • Food
tracking: It is also great for food tracking.
Hybrid blockchain is one of the different types of blockchain technology. More so, Hybrid
blockchain is the last type of blockchain that we are going to discuss here. More so, hybrid
blockchain might sound like a consortium blockchain, but it is not. However, there can be some
similarities between them. Hybrid blockchain is best defined as a combination of a private and
public blockchain. It has use-cases in an organization that neither wants to deploy a private
blockchain nor public blockchain and simply wants to deploy both worlds’ best.
Example of Hybrid Blockchain: Dragonchain, XinFin’s Hybrid blockchain
Advantages:
• Works in a closed ecosystem without the need to make everything public. • Rules can be
changed according to the needs.
• Hybrid networks are also immune to 51% attacks.
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Disadvantages:
• Not completely transparent.
• Upgrading to the hybrid blockchain can be a challenge.
• There is no incentive for participating and contributing to the network.
Use Cases:
Some of the best use-cases of the Hybrid blockchain are as follows:
• Real estate: You can use hybrid networks for real-estate purposes where real-estate companies
can use it to run their systems and use the public to show information to the public.
• Retail: Retail can also use the hybrid network to streamline their processes.
• Highly regulated markets: Hybrid blockchains are also ideal for highly regulated markets
such as financial markets.
5. ADVANTAGES OF BLOCKCHAIN
The crucial advantages of implementing Blockchain Technology for the industry are:
• Process Integrity : Due to the security reasons, this program was made in such a way that
any block or even a transaction that adds to the chain cannot be edited which ultimately
provides a very high range of security.
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• Traceability : The format of Blockchain designs in such a way that it can easily locate any
problem and correct if there is any. It also creates an irreversible audit trail.
• Faster Trades: Any kind of trade or contract has to pass through various verification
processes before reaching its final destination. Blockchain technology can assist in saving
time here, by offering a single ledger to all the associated parties by providing faster
settlement of trades.
6. DISADVANTAGES OF BLOCKCHAIN
Of course, every system has both merits and drawbacks.With some crucial advantages,
Blockchain Technology has some drawbacks too for an industry:
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• Uncertain: As most of the modern currencies of today have been created and regulated by
national governments, financial institutions, etc. Blockchain or bitcoin faces a hurdle in
widespread adoption as their financial transactions would be restricted because not
authorized by the government institutions and as a result remain unsettled.
• Higher Costs: Developing a Blockchain into your organization is not an easy task, it
involves massive energy consumption, a decent amount, colossal capital cost, etc. that might
be not possible for medium-scale as well as low scale businesses. It is a fact that it offers
tremendous savings in transaction costs, but at the same time, its implementation cost is too
high.
Despite all these drawbacks, blockchain is one of the most advanced and secured
technologies of the decade. If you are struggling while deciding whether to adopt blockchain
or not, shade-off your doubts and integrate the blockchain technology into your business
infrastructure. If you are finding it difficult to get a blockchain development company that
can help you create a highly functional and feature-rich blockchain-enabled solution, then
SARA could be a one-stop destination.
7. APPLICATIONS OF BLOCKCHAIN
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Blockchain has a nearly endless amount of applications across almost every industry. The
ledger technology can be applied to track fraud in finance, securely share patient medical
records between healthcare professionals and even acts as a better way to track intellectual
property in business and music rights for artists.
• Financial Services: In the financial services sector, Blockchain technology has already
been implemented in many innovative ways. Blockchain technology simplifies and
streamlines the entire process associated with asset management and payments by providing
an automated
trade lifecycle where all participants would have access to the exact same data about a
transaction. This removes the need for brokers or intermediaries and ensures transparency
and effective management of transactional data.
• Healthcare: Blockchain can play a key role in the healthcare sector by increasing the
privacy, security and interoperability of the healthcare data. It holds the potential to address
many interoperability challenges in the sector and enable secure sharing of healthcare data
among the various entities and people involved in the process. It eliminates the interference
of a thirdparty and also avoids the overhead costs. With Blockchains, the healthcare records
can be stored in distributed data bases by encrypting it and implementing digital signatures to
ensure privacy and authenticity.
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in the Government sector, which works in siloes currently. The proper linking and sharing of
data with Blockchain enable better management of data between multiple departments. It
improves the transparency and provides a better way to monitor and audit the transactions.
• CPG and Retail: There is a huge opportunity for Blockchain technology to be applied in
the retail sector . This includes everything from ensuring the authenticity of high value
goods, preventing, fraudulent transactions, locating stolen items, enabling virtual warranties,
managing loyalty points and streamlining supply chain operations.
8. CONCLUSION
8.1 CONCLUSION
The application of the Blockchain concept and technology has grown beyond its use for
Bitcoin generation and transactions. The properties of its security, privacy, traceability,
inherent data provenance and time-stamping has seen its adoption beyond its initial
application areas. The Blockchain itself and its variants are now used to secure any type of
transactions, whether it be human-to-human communications or machine-to-machine. Its
adoption appears to be secure especially with the global emergence of the Internet-of-Things.
Its decentralized application across the already established global Internet is also very
appealing in terms of ensuring data redundancy and hence survivability. Thus the invention
of the Blockchain can be seen to be a vital and much needed additional component of the
Internet that was lacking in security and
trust before. BC technology still has not reached its maturity with a prediction of five years
as novel applications continue to be implemented globally.
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Jaipur Engineering College and Research
Academic Year- 2022-2023
Centre, Shri Ram ki Nangal, via Sitapura
RIICO Jaipur- 302 022.
9. REFERENCES
• https://builtin.com/blockchain
•https://www.computerworld.com/article/3191077/what-is-blockchain-the-complete-
guide.html
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Jaipur Engineering College and Research
Academic Year- 2022-2023
Centre, Shri Ram ki Nangal, via Sitapura
RIICO Jaipur- 302 022.
• http://graphics.reuters.com/TECHNOLOGY-BLOCKCHAIN/010070P11GN/index.html
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