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Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing

Author

Listed:
  • Gousia Habib

    (Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, India)

  • Sparsh Sharma

    (Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, India)

  • Sara Ibrahim

    (Applied Sciences for Economics and Management, FOM University, 45127 Essen, Germany)

  • Imtiaz Ahmad

    (Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, India)

  • Shaima Qureshi

    (Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, India)

  • Malik Ishfaq

    (Department of Mathematics, University of Kashmir, Main Campus, Hazratbal, Srinagar 192101, India)

Abstract

The real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate digital money, but they have not been successful due to security and trust issues. However, blockchain needs no central authority, and its operations are controlled by the people who use it. Furthermore, it cannot be altered or forged, resulting in massive market hype and demand. Blockchain has moved past cryptocurrency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology’s desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. We first conduct a thorough analysis of blockchain technology in this paper, paying particular attention to its evolution, applications and benefits, the specifics of cryptography in terms of public key cryptography, and the challenges of blockchain in distributed transaction ledgers, as well as the extensive list of blockchain applications in the financial transaction system. This paper presents a detailed review of blockchain technology, the critical challenges faced, and its applications in different fields. Blockchain in the transaction system is explained in detail with a summary of different cryptocurrencies. Some of the suggested solutions are given in the overall study of the paper.

Suggested Citation

  • Gousia Habib & Sparsh Sharma & Sara Ibrahim & Imtiaz Ahmad & Shaima Qureshi & Malik Ishfaq, 2022. "Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing," Future Internet, MDPI, vol. 14(11), pages 1-22, November.
    • Handle: RePEc:gam:jftint:v:14:y:2022:i:11:p:341-:d:979004
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    References listed on IDEAS

    as
    1. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    2. Huanliang Xiong & Muxi Chen & Canghai Wu & Yingding Zhao & Wenlong Yi, 2022. "Research on Progress of Blockchain Consensus Algorithm: A Review on Recent Progress of Blockchain Consensus Algorithms," Future Internet, MDPI, vol. 14(2), pages 1-24, January.
    3. Pavel Baboshkin & Alexey Mikhaylov & Zaffar Ahmed Shaikh, 2022. "Sustainable Cryptocurrency Growth Impossible? Impact of Network Power Demand on Bitcoin Price," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 116-130, June.
    4. A. Shobanadevi & Sumegh Tharewal & Mukesh Soni & D. Dinesh Kumar & Ihtiram Raza Khan & Pankaj Kumar, 2022. "Novel identity management system using smart blockchain technology," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 496-505, March.
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    Cited by:

    1. Andry Alamsyah & Gede Natha Wijaya Kusuma & Dian Puteri Ramadhani, 2024. "A Review on Decentralized Finance Ecosystems," Future Internet, MDPI, vol. 16(3), pages 1-29, February.

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