Complexities of Blockchain Technology and Distributed Ledger Technologies: A Detailed Inspection
Keywords:
Blockchain Technology; Distributed Ledger Technologies; Cryptographic Hashing; Consensus Mechanisms; Regulatory Challenges; Smart Contracts; Scalability IssuesAbstract
Blockchain technology and distributed ledger technologies (DLTs) present complex yet revolutionary frameworks for secure, transparent, and decentralized data management. This detailed inspection delves into the intricacies of blockchain, exploring its core components such as cryptographic hashing, consensus mechanisms, and smart contracts. Blockchain's immutable and transparent nature ensures data integrity and security, making it a powerful tool for various applications, from cryptocurrencies to supply chain management. The inspection also addresses the challenges inherent in blockchain and DLTs, including scalability issues, energy consumption, and regulatory hurdles. Scalability remains a significant concern, as the demand for higher transaction throughput grows. Energy consumption, particularly in proof-of-work systems, poses environmental and economic challenges. Moreover, the evolving regulatory landscape necessitates adaptive compliance strategies to harness the full potential of these technologies. By examining these complexities, the abstract highlights the need for ongoing research and innovation to overcome barriers and optimize blockchain and DLTs for widespread adoption across diverse sectors, ultimately enhancing efficiency, security, and trust in digital transactions.
References
Advait Deshpande, Katherine Stewart, Louise Lepetit, and Salil Gunashekar. “Understanding the landscape of distributed ledger technologies/blockchain”. In: British Standards Institution 82 (2017).
Markos Zachariadis, Garrick Hileman, and Susan V Scott. “Governance and control in distributed ledgers: Understanding the challenges facing blockchain technology in financial services”. In: Information and organization 29.2 (2019), pp. 105–117.
Hossein Kakavand, Nicolette Kost De Sevres, and Bart Chilton. “The blockchain revolution: An analysis of regulation and technology related to distributed ledger technologies”. In: Available at SSRN 2849251 (2017).
Alen Hrga, Tomislav Capuder, and Ivana Podnar Žarko. “Demystifying distributed ledger technologies: Limits, challenges, and potentials in the energy sector”. In: IEEE access 8 (2020), pp. 126149–126163.
Florian Gräbe, Niclas Kannengießer, Sebastian Lins, and Ali Sunyaev. “Do not be fooled: Toward a holistic comparison of distributed ledger technology designs”. In: Proceedings of the 53rd Hawaii international conference on system sciences. 2020.
Giovanni Bucci, Fabrizio Ciancetta, Edoardo Fiorucci, Andrea Fioravanti, Alberto Prudenzi, and Simone Mari. “Challenge and future trends of distributed measurement systems based on Blockchain technology in the European context”. In: 2019 IEEE 10th International Workshop on Applied Measurements for Power Systems (AMPS). IEEE. 2019, pp. 1–6.
Oliver Ava, Muhammad Oscar, and Tommy George. “The Impact and Prevention of Latch-up in CMOS in VLSI Design”. In: Fusion of Multidisciplinary Research, An International Journal (FMR) 1.1 (2020), pp. 1–13.
Haider Al-Khateeb, Gregory Epiphaniou, and Herbert Daly. “Blockchain for modern digital forensics: The chain-of-custody as a distributed ledger”. In: Blockchain and Clinical Trial: Securing Patient Data (2019), pp. 149–168.
Jean Bacon, Johan David Michels, Christopher Millard, and Jatinder Singh. “Blockchain demystified: a technical and legal introduction to distributed and centralized ledgers”. In: Rich. JL & Tech. 25 (2018), p. 1.
Svein Ølnes, Jolien Ubacht, and Marijn Janssen. Blockchain in government: Benefits and implications of distributed ledger technology for information sharing. 2017.
Benjamin D Trump, Marie-Valentine Florin, H Scott Matthews, Douglas Sicker, and Igor Linkov. “Governing the use of blockchain and distributed ledger technologies: not one-size-fits-all”. In: IEEE Engineering Management Review 46.3 (2018), pp. 56–62.
Sergey Smetanin, Aleksandr Ometov, Niclas Kannengießer, Benjamin Sturm, Mikhail Komarov, and Ali Sunyaev. “Modeling of distributed ledgers: Challenges and future perspectives”. In: 2020 IEEE 22nd Conference on Business Informatics (CBI). Vol. 1. IEEE. 2020, pp. 162–171.
Adrian E Coronado Mondragon, Christian E Coronado, and Etienne S Coronado. “Investigating the applicability of distributed ledger/blockchain technology in manufacturing and perishable goods supply chains”. In: 2019 IEEE 6th international conference on industrial engineering and applications (ICIEA). IEEE. 2019, pp. 728–732.
Haoyu Yuze and He Bo. “Microbiome Engineering: Role in Treating Human Diseases”. In: Fusion of Multidisciplinary Research, An International Journal (FMR) 1.1 (2020), pp. 14–24.
Tim Swanson. “Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems”. In: Report, available online 28 (2015).
Henry Kim and Marek Laskowski. “A perspective on blockchain smart contracts: Reducing uncertainty and complexity in value exchange”. In: 2017 26th International conference on computer communication and networks (ICCCN). IEEE. 2017, pp. 1–6.
Randy Priem. “Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications”. In: Financial Innovation 6.1 (2020), p. 11.
Gregory Epiphaniou, Mirko Bottarelli, Haider Al-Khateeb, Nikolaos Th Ersotelos, John Kanyaru, and Vinita Nahar. “Smart distributed ledger technologies in Industry 4.0: Challenges and opportunities in supply chain management”. In: Cyber Defence in the Age of AI, Smart Societies and Augmented Humanity (2020), pp. 319–345.
Ishaani Priyadarshini. “Introduction to blockchain technology”. In: Cyber security in parallel and distributed computing: concepts, techniques, applications and case studies (2019), pp. 91–107.
Jesse Marks. “Distributed Ledger Technologies and Corruption the Killer App?” In: Colum. Sci. & Tech. L. Rev. 20 (2018), p. 42.
Nesim Yilmaz, Tuncer Demir, Safak Kaplan, and Sevilin Demirci. “Demystifying Big Data Analytics in Cloud Computing”. In: Fusion of Multidisciplinary Research, An International Journal (FMR) 1.1 (2020), pp. 25–36.
Xing Liu, Bahar Farahani, and Farshad Firouzi. “Distributed ledger technology”. In: Intelligent Internet of Things: From Device to Fog and Cloud (2020), pp. 393–431.
Jürgen Bott and Udo Milkau. “Towards a framework for the evaluation and design of distributed ledger technologies in banking and payments”. In: Journal of Payments Strategy & Systems 10.2 (2016), pp. 153–171.
Marijn Janssen, Vishanth Weerakkody, Elvira Ismagilova, Uthayasankar Sivarajah, and Zahir Irani. “A framework for analysing blockchain technology adoption: Integrating institutional, market and technical factors”. In: International journal of information management 50 (2020), pp. 302–309.
Deniz Appelbaum and R Nehmer. “Designing and auditing accounting systems based on blockchain and distributed ledger principles”. In: Feliciano School of Business (2017), pp. 1–19.
DS Pradeepkumar, Kapil Singi, Vikrant Kaulgud, and Sanjay Podder. “Evaluating complexity and digitizability of regulations and contracts for a blockchain application design”. In: 2018 IEEE/ACM 1st International Workshop on Emerging Trends in Software Engineering for Blockchain (WETSEB). IEEE. 2018, pp. 25–29.
Friedrich Stephanie and Louisa Karl. “Incorporating Renewable Energy Systems for a New Era of Grid Stability”. In: Fusion of Multidisciplinary Research, An International Journal (FMR) 1.1 (2020), pp. 37–49.
Rainer Lenz. “Managing distributed ledgers: Blockchain and beyond”. In: Available at SSRN 3360655 (2019).
Stefan Geissler, Thomas Prantl, Stanislav Lange, Florian Wamser, and Tobias Hossfeld. “Discrete-time analysis of the blockchain distributed ledger technology”. In: 2019 31st International Teletraffic Congress (ITC 31). IEEE. 2019, pp. 130–137.
Simanta Shekhar Sarmah. “Understanding blockchain technology”. In: Computer Science and Engineering 8.2 (2018), pp. 23–29.
Wilson S Melo, Alysson Bessani, Nuno Neves, Altair Olivo Santin, and Luiz F Rust C Carmo. “Using blockchains to implement distributed measuring systems”. In: IEEE Transactions on Instrumentation and Measurement 68.5 (2019), pp. 1503–1514.
Giulio Coppi and Larissa Fast. Blockchain and distributed ledger technologies in the humanitarian sector. Tech. rep. HPG Commissioned Report, 2019.
Jeffrey M Lacker. “Clearing, settlement and monetary policy”. In: Journal of Monetary Economics 40.2 (1997), pp. 347–381.
Joseph Lee. “Distributed ledger technologies (blockchain) in capital markets: risk and governance”. In: Available at SSRN 3180553 (2018).
Nakamura Shuto, Akari Chiyo, Himari Ken, and Sato Tanaka. “Quantum Materials to the Pioneering Future of Computing and Communication”. In: Fusion of Multidisciplinary Research, An International Journal (FMR) 1.1 (2020), pp. 50–62.
Michel Rauchs, Andrew Glidden, Brian Gordon, Gina C Pieters, Martino Recanatini, François Rostand, Kathryn Vagneur, and Bryan Zheng Zhang. “Distributed ledger technology systems: A conceptual framework”. In: Available at SSRN 3230013 (2018).
Simon Pearson, David May, Georgios Leontidis, Mark Swainson, Steve Brewer, Luc Bidaut, Jeremy G Frey, Gerard Parr, Roger Maull, and Andrea Zisman. “Are distributed ledger technologies the panacea for food traceability?” In: Global food security 20 (2019), pp. 145–149.
