INTRODUCTION TO BLOCKCHAIN TECHNOLOGY

NAME SHUBHAM DILIP KUBERKAR

REGISTRATION NO 202103428
SYMBIOSSIS CENTRE FOR DISTANCE LEARNING
ACADEMIC YEAR 21 22 

PROGRAM NAME CCBT

INDEX

Introduction of block chain

History of block chain
What is block chain
Features of block chain
Uses of block chain
Block chain architecture
Advantage of block chain
Disadvantage of block chain
Types of block chain
Practical applications of block chain
Uses of block chain various domain
conclusion

A blockchain is essentially a distributed database of records or public ledger of all

transactions or
digital events that have been executed and shared among participating parties. Each
transaction in
the public ledger is verified by consensus of a majority of the participants in the system.
And, once
entered, information can never be erased. The blockchain contains a certain and verifiable
record of
every single transaction ever made. Bitcoin, the decentralized peertopeer digital currency, is
the
most popular example that uses blockchain technology. The digital currency bitcoin itself is
highly
controversial but the underlying blockchain technology has worked flawlessly and found
wide rangof
applications in both financial and nonfinancial world.
The main hypothesis is that the blockchain establishes a system of creating a distributed
consensus in the digital online world. This allows participating entities to know for certain
that a
digital event happened by creating an irrefutable record in a public ledger. It opens the door
for
developing a democratic open and scalable digital economy from a centralized one. There
are
tremendous opportunities in this disruptive technology and revolution in this space has just
begun.
This white paper describes blockchain technology and some compelling specific applications
in both
financial and nonfinancial sector. We then look at the challenges ahead and business
opportunities
in this fundamental technology that is all set to revolutionize our digital world.

tremendous opportunities in this disruptive technology and revolution in this space has just
begun.
This white paper describes blockchain technology and some compelling specific applications
in both
financial and nonfinancial sector. We then look at the challenges ahead and business
opportunities
in this fundamental technology that is all set to revolutionize our digital world.

Blockchain technology is normally associated with cryptocurrencies such as Bitcoin. It is a

data base of record of transactions which is distributed, and which is validated and
maintained by a network of computers around the world. Instead of a single central
authority such as a bank, the records are supervised by a large community and no individual
person has control over it and no one can go back and change or erase a transaction history.
As compared to a conventional centralized database, the information cannot be
manipulated due to blockchain’s built in distributed nature of structure and confirmed
guarantees by the peers. In another words, when a normal centralized database is located
on an individual server, blockchain is distributed among the users of a software. Blockchain
allows anyone on the network to access everyone else's entries which makes it impossible
for one central entity to gain control of the network. Whenever someone performs a
transaction, it goes to the network and computer algorithms determine the authenticity of
the transaction. Once the transaction is verified, this new transaction is linked with the
previous transaction forming a chain of transactions. This chain is called the blockchain.

One of the most popular blockchain technology is Bitcoin which hosts a digital ledger.
Bitcoin provides the platform to mine, store and trade bitcoins via a complex computer
algorithm which is tied to a distributed network. Blockchains can be not only used for
transactions but it can be considered as registry and inventory for all assets.

. History of Blockchain
In the year 1976, a paper was released on “New Directions in Cryptography” discussed the
concept of distributed ledger. With the advancement in the field of Cryptography,
another paper entitled as “Hot to Time-Stamp a Digital Document” by Stuart Haber and
Scott Stornetta which laid out the concept to timestamp the data instead of the medium.
Another important concept called as “Electronic cash” or “Digital Currency” which came into
existence based on a model proposed by David Chaum also contributed towards he
development of the concept of Blockchain which was followed by Protocols such as e-cash
schemes that introduced double spending detection.In 1997, Adam Back introduced
another concept called “hashcash” which offered a solution to control spam emails. This
lead to the concept of creating money called as “b-money” by Wei Dai based on peer to
peer network.24 Simanta Shekhar Sarmah: Understanding Blockchain Technology Satoshi
Nakamoto is considered as the inventor of blockchain technology when he published a
paper on bitcoin in 2008 as “Bitcoin: A Peer-to-Peer Electronic Cash System,”. The abstract
of the paper was on the direct online payment from one source to another source without
relying on a third-party source. The paper described an electronic payment system based on
the concept of cryptography. Nakamoto’s paper provided a solution to the double spending
where a digital currency cannot be duplicated, and no one can spend it more than once. The
paper stated the concept of public ledger where an electronic coin transaction history can
be traced and confirmed if the coin has not been spent before and to prevent double
spending issue.An open source program to implement bitcoin system was released just after
a few months later and first bitcoin network was begun in early 2009 when Satoshi
Nakamoto created the first bitcoins. Although the inventor of the bitcoins remains
unanimous, bitcoins continued to be created and marketized and a large community was
there to support and address various issues with the code.There are hundreds of different
cryptocurrencies such as Litecoin, Dogecoin etc., but bitcoins hold the lion share of the
market it has become the most popular cryptocurrency among the others. It was able to
draw the attention of the users due to its ability to keep its users unanimous, but it became
real popular due its transparency. Bitcoin started toflourish since then and by the year 2013,
investors started to pour funds on the start-ups related to Bitcoin. Bitcoins can be
exchanged for regular currency, for any service or products. With the use of wallet software,
users can electronically transfer bitcoins using a computer, mobile or a web application. In
2015, Ethereum platform was launched which enabled blockchain to work with loans and
contacts. It was based on an algorithm called smart contract ensuring the implementation of
an action between the two parties. Due to Ethereum’s ability to offer a faster, safer and
efficient environment, the technology became widely popular.

Blockchain Architecture
Blockchain technology works on the concept of decentralized database where these
databases exist in multiple computers and every copy of these database are identical.
Organizations maintain their data in centralized database which makes them an easy target
for the hackers whereas due to decentralized structure of blockchain, it has made the
blockchain as a temper proof technology. Blockchain can be considered as a peer to peer
network that run on the top of the internet.Blockchain architecture can be mainly divided in
three layers which are Applications, Decentralized Ledger and Peer-to-Peer Network.
Applications is the top layer pf the network which is followed by the Decentralized Ledger
and the bottom layer is the Peer-to-Peer Network.Application layer contains the application
software of the Blockchain. For example, Bitcoin wallet software creates and stores private
and public keys enabling users to keep control over the unspent bitcoins. Application layer
provides a human readable interface where users can keep track of their
transactions.Decentralized Ledger is the middle layer in a blockchain architecture that
confirms a consistent and temper-proof global ledger. In this layer, transactions can be
grouped into blocks which are cryptographically linked to one another. Transactions can be
defined as the exchange of tokens between two participants and every transaction goes
through validation process before it is considered as a legitimate transaction. Mining is the
process of grouping transactions into a block that is added to the end of the current
blockchain. Blockchain uses a proof-of-work algorithm to decide thechain that has required
the most cumulative effort to build and to assure consensus among all the nodes to
determine the blockchain’s legit. The bottom layer in the blockchain
architecture is the Peer-to-Peer Network where Node types play different roles and various
messages are exchanged to main the Decentralized Ledger.

. Applications
It provides application interfaces on top of the blockchain and used for keeping the
cryptocurrencies secure. This software can be installed on your computer or mobile devices
or also can be hosted on a third-party platform.
Decentralized Ledger
A decentralized ledger is a shared and replicated database
which is synchronized among the members of the network. It
maintains the records of transactions among the participants
in the network. The ledger is responsible for keeping records
of transactions among the participants. Blockchain has a
property of a database except the fact that it stores the
information in the header and data is stored in the form of a
token or a cryptocurrency. It is required to group the newly validated transactions into block
as the first step of recording transactions in the ledger. Any participant in the blockchain can
gather new
transactions create blocks that can be appended to the blockchain. A block mainly consists
of transactions and the has pointer, timestamps and the nonce. Nodes perform various
functions depending on its role in the blockchain network. A node can be called a miner
when it proposes and validates transactions and perform mining to provide consensus to
secure the blockchain. It can perform
functions such as simple payment verification etc., and functions depending on the
blockchain used.
Proof of work is defined as a consensus algorithm that verifies the accuracy of data. For
example, Bitcoin uses hashcash as a proof of work for bitcoin transactions. Miners are
required to complete a proof of work to verify the transactions in the block so that it can be
accepted by the network.Proof of work ensures security and consensus in the blockchain
network. During the verification, a block receives a hash (id). To verify the next block, this
hash is added to the current block of transactions. In the next step, add a nonce-which is
defined as a random number that can be used only once, to the end of next block. Hash
function is used to change this random number to generate a string that contains number of
zeros in front of it.Proof of work is costly to maintain, and it can have future scalability and
security issues as it always relies on the miners’ incentives. There is an advanced solution
called as “proof-of-stake,” which is lucrative to enforce, and it who gets to update the
consensus and defers unwanted forking of the underlying block chain

Tiers of Blockchain following three tiers of blockchain technology were

originally described in the book ‘Blockchain, Blueprint for a

n new Economy’ by Melanie Swan based on the applications
in each category.

. Blockchain 1.0
This Blockchain is basically used for cryptocurrencies and it was introduced with the
invention of bitcoin. All the 26 Simanta Shekhar Sarmah: Understanding Blockchain
Technologyalternative coins as well as bitcoin fall into this tier of blockchain. It also includes
core applications as well.

Blockchain 2.0
Blockchain 2.0 is used in financial services and industries
which includes financial assets, options, swamps and bonds
etc. Smart Contracts was first introduced in Blockchain 2.0
that can be defined as the way to verify if the products and
services are sent by the supplier during a transaction process
between two parties.

. Blockchain 3.0Blockchain 3.0 offers more security as compared to Blockchain 1.0 and
2.0 and it is highly scalable and adaptable and provides sustainability. It is used in various
industries such as arts, health, justice, media and in many government institutions.

Generation X
This vision the concept of singularity where this
blockchain service will be available for anyone. This
blockchain will be open to all and would be operated by
autonomous agents.

 TYPES OF BLOCK CHAIN

Blockchain has evolved greatly in the last few years and
based on its different attributes, they can be divided in
multiple types.

Public Blockchains
Public blockchains are open to the public and any individual can involve in the decision-
making process by becoming a node, but users may or may not be benefited for
their involvement in the decision-making process. No one in the network has ownership of
the ledgers and are publicly open to anyone participated in the network. The users in the
blockchain use a distributed consensus mechanism to reach on a decision and maintain a
copy of the ledger on their local nodes.
Private Blockchain

These types of blockchains are not open to the public and

are open to only a group of people or organizations and the
ledger is shared to its participated members only.

. Semi-private Blockchains
In a semi-private blockchain, some part of the blockchain
is private and controlled by a group or organizations and the
rest is open to the public for anyone to participate.

. Sidechains
These blockchains are also known as pegged sidechains where coins can be moved from
blockchain to another one-way pegged sidechain and two-way pegged sidechain. One-way
pegged sidechain allows movement from one sidechain to another whereas two-way
pegged sidechain allows movement on both sides of two sidechain.

. Permissioned LedgerIn this type of blockchain, the participants are known and already
trusted. In permissioned ledger, an agreement
protocol is used to maintain a shared version of the truth rather than a consensus
mechanism.

. Distributed Ledger
In a distributed ledger blockchain, the ledger is distributed among all the participants in the
blockchain and it can spread
across multiple organizations. In distributed ledger, records are stored contiguously instead
sorted block and they can be both private or public.

. Shared Ledger
Shared ledger can be an application or a database that is
shared by public or an organization.

. Fully Private of Proprietary Blockchains

These types of Blockchains are not a part of any
mainstream applications and differ the idea of
decentralization. These type of blockchains come in handy
when it is required to shared data within an organization and
provide authenticity of the data. Government organizations
use private of proprietary Blockchains to share data between
various departments.

Tokenized Blockchains
These are standard blockchains which generate
cryptocurrencies through consensus process using mining or
initial distribution.

. Tokenless Blockchains
These blockchains are not real blockchains as they do not
have the ability to transfer values, but they can be useful
when it is not required to transfer value between nodes and there is only the need to
transfer data among already trusted parties.

7. Advantages of Blockchain
a. One of the biggest advantages of Blockchain is
Dissemination which allows a database to be shared
without a central body or entity. Because of the decentralized nature of the blockchain, it is
almost impossible to temper the data as compared to conventional database.

b. Users are empowered to control their information and

transaction.
c. Blockchains provide complete, consistent and up to date data without accuracy.
Computer Science and Engineering 2018, 8(2): 23-29 27

d. Since blockchain does not have any central point of failure due to its decentralized
network, it can
withstand any security attack.

e. As no central authority is required, users can be assured that a transaction will be

executed as protocol commands.

f. Blockchains provide transparency and immutability to the transactions as all the

transactions cannot be altered or deleted.

g. Blockchain’s peer-to-peer connections help to identify fraud activities in the network and
distributed consensus. It is almost impossible to invade a network
as attacker can impact the network only when they get control of 51% of the nodes.

h. By using blockchain, sensitive business data can be protected using end to end
encryption.

i. Users in a blockchain can easily trace the history of

any transaction as all the transactions a blockchain are digitally stamped.

j. Blockchain are resilient to cyber-attacks due to

peer-to-peer nature and network would operate even when some of the nodes are offline
or under security attack.

k. Multiple copies of the data can be stored in the

blockchain and hence users can avoid storing sensitive
data in one place.
l. Customers tend to trust more in the blockchain system
due to its enhanced security.

8. Disadvantages of Blockchain
a. Blockchains are expensive and resource intensive as
every node in the blockchain repeats a task to reach consensus.

b. In blockchain, users verify a transaction based on

certificate authentication, land titles, cryptocurrencies, etc. But there is no way to reverse a
transaction even if both the parties involved in the transaction are ready to do so or if the
transaction go sour due to some reason.

c. A transaction in the blockchain is settled only when all the nodes in the blockchain
successfully verifies the transaction. This could be a very slow process as the block inserted
needs to be verified to mark the transaction as authentic by all the nodes. A new concept
called as lightening network where transaction can be verified immediately could be good
solution to this issue.

d. The size of blockchain grows with an addition of a block. A node needs to store the entire
history of the blockchain to be a participant in validating transactions, causing the
blockchain to grow continuously. Blockchain will grow faster if it has large blocks and
thereby would separate the miners and this would impact the health of the blockchain as
the health is dependent on the number of nodes in the network.

e. One of the disadvantage of blockchain is its complexity and complicacy to understand for
a
general human being. Blockchain is full of complex concepts and processes which is not
yetrefinedsothat common man can easily digest and consume the
information on how to use it and hence it’s not yet ready for mainstream use.
f. In blockchain, all the transaction related information is available publicly which can
become a great liability
when distributed ledgers are used in sensitive environments such as dealing with
government data or
patients medical data. The ledgers need to be altered
and access should be limited with proper clearance
only.
9. Blockchain’s Industrial UseBlockchain’s transparent and decentralized platform has
attracted various industries and organizations are inclining
more and more towards using blockchain for various business purpose.
Bank and Payment systems have started using blockchain
to make their operations smoother, efficient and secure. Funds can be efficiently and safely
transferred with the
decentralization technology. Blockchain has become increasingly popular in healthcare
industries as it is able to restore the lost trust between the
customers and healthcare provides. With the help of
blockchain, authorization and identification of people have become easier and frauds and
records loss can be avoided.
Due it blockchain’s ability to store and verify documents efficiently, the legal industries have
started using blockchain
to verify records and documents securely. Blockchain can
significantly reduce the court cases and battles by providing an authentic medium to verify
and confirm truthfulness of
legal documents. Rigging of election results can be avoided with an
effective use of blockchain. Voter registration and validation
can be done using blockchain and ensure the legitimacy of
votes by creating a publicly available ledger of recorded
votes.Industries such as Insurance, Education, Private transport
and Ride sharing, government and public benefits, retail, real estate etc. have started
implementing blockchain to reduce
costs, to increase transparency and to build trust. Top market analysts predicts that
industries such as
Banking and Capital Markets, Government, Insurance,
Consumers would grow rapidly by 2020 and various other industries such as retail, health,
pha
 Practical Implementation of
Blockchain in Organizations
For an organization, the best area to start implementing Blockchain is a single
use independent application where no coordination is required among
different applications and third parties.An easy approach to implement
blockchain would be to introduce bitcoin as a payment system since bitcoin
has growing market.Another safe and effective approach would be introducing
blockchain as a database technology for managing and maintaining digital
transaction records. Testing out these single use independent applications
would give an organization the idea to implement blockchain as scaled
projects.As the next step, organizations can focus on the localized
applications such as Financial Service companies where
setting up private networks for transactions among the counterparts would
help the organizations to save huge
transaction costs. It is always a challenge to change the existing solutions and
implement a new and better solution which requires thorough planning and
execution. A good
approach would be without effecting the end users but by providing cost
effective and efficient solutions which should be easily adaptive.
Though Transformative applications are still futuristic, it’s
important to evaluate their possibilities and start developing them which can
unlock new future for companies. Public identity systems or algorithm driven
decision making
systems can be benefitted by the transformative applications and new
ecosystems will be governed efficiently with the support of these application l
applications using blockchain technology
Present blockchain applications in education
Blockchain in the Financial Industry
The global financial services industry is fraught with expensive
mistakes, human error, and, unfortunately, corruption. According to
research, the asset management industry could slash yearly costs by
upwards of $2.7 billion by embracing blockchain technology.

The practical applications of blockchain in the financial services

industry could include onboarding, recordkeeping, client screening,
data management, security, privacy and transaction and trade
processing.

The insurance industry is also subject to costly mistakes, scams,

and ingenuine claims. According to the FBI, more than $40 billion
vanishes through fraud across non-health insurance sectors.
Blockchain can streamline and secure the claims process by
shouldering the time-consuming burden of validation.

Blockchain and Smart Contracts

Legal contracts and agreements are often required in the business
world, whether that be transferring the title of a property or entering
into a partnership with a tech vendor.
Customizable, self-executing smart contracts powered by blockchain
technology can help parties maintain ownership rights and adhere to
privacy laws.

Smart contracts could be beneficial in the entertainment industry,

for example. Issues with royalties and ownership rights are
commonplace. Blockchain provides a traceable, real-time reporting
network that cannot be edited but can be accessed by all involved.

Blockchain for Identification

Did you know that more than 1.1 billion people worldwide have no
way to prove their identity? It is an incredible statistic, especially
when companies and financial organizations need to follow more
rigorous know-your-customer (KYC) policies than ever before. And,
to complicate things even further, rules and regulations vary
drastically from jurisdiction to jurisdiction. This often makes it
difficult for individuals to meet identification standards.

Blockchain has the potential to provide a standardized network of

identification information that can be stored securely, accessed by
select institutions, and validated in record time. This system could be
used across the financial, healthcare, travel, and education
industries.

Blockchain and the Internet of Things (IoT)

By the end of 2020, there will be more than 20 billion devices
connected to the Internet of Things, with some estimates suggesting
that the market will surpass $3 trillion annually by 2026. This
includes devices with some aspect of artificial intelligence.

However, there is still a long way to go before IoT systems are

adopted on mass across industries subject to stringent privacy and
security laws. The blockchain could be a viable solution, allowing IoT
devices to operate faster and more securely on both the business
and user end.

Blockchain and Disruptive Business Models

Blockchain’s potential ability to improve efficiency and security
within existing organizations is evident. But its true disruptive power
lies in creating brand-new business models.

For example, in the education industry, start-up Woolf University has

set out to become the world’s first blockchain-powered, non-profit,
borderless university. The innovators behind the project will use
smart contracts to manage relationships between learners and
educators.

The goal is to cut tuition fees and increase faculty remuneration by

automating expensive, time-consuming administrative tasks,
securing student and faculty information, and minimizing overhead
costs using the blockchain.

Supply Chain Management

Blockchain's immutable ledger makes it well suited to tasks such as
real-time tracking of goods as they move and change hands
throughout the supply chain. Using a blockchain opens up several
options for companies transporting these goods. Entries on a
blockchain can be used to queue up events with a supply chain -
allocating goods newly arrived at a port to different shipping
containers, for example. Blockchain provides a new and dynamic
means of organizing tracking data and putting it to use.
HEALTH CARE
Health data that's suitable for blockchain includes general
information like age, gender, and potentially basic medical history
data like immunization history or vital signs. On its own, none of this
information would be able to specifically identify any particular
patient, which is what allows it to be stored on a shared blockchain
that could be accessed by numerous individuals without undue
privacy concerns.

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FORECAST: Global Blockchain in Healthcare

As specialized connected medical devices become more common
and increasingly linked to a person's health record, blockchain can
connect those devices with that record. Devices will be able to store
the data generated on a healthcare blockchain and append it to
personal medical records. A key issue currently facing connected
medical devices is the siloing of the data they generate - but
blockchain could be the link that bridges those silos.

Real Estate
The average homeowner sells his or her home every five to seven
years, and the average person will move nearly 12 times during their
lifetime. With such frequent movement, blockchain could certainly
be of use in the real estate market. It would expedite home sales by
quickly verifying finances, reduce fraud thanks to its encryption, and
offer transparency throughout the entire selling and purchasing
process.

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Media
Media companies have already started to adopt blockchain
technology to eliminate fraud, reduce costs, and even protect
Intellectual Property (IP) rights of content - like music records.
According to MarketWatch, the global market for blockchain in
media and entertainment is estimated to reach $1.54 billion by 2024.

MGM
One platform that has taken the spotlight in leveraging blockchain
for media, is Eluvio, Inc. Formally launched in 2019, Eluvio Content
Fabric uses blockchain technology to enable content producers to
manage and distribute premium video to consumers and business
partners without content delivery networks.

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And recently, the platform has been tapped by media giant, MGM
Studios for "global streaming to web, mobile, and TV everywhere
audiences of 'certain properties.'"

Energy
Blockchain technology could be used to execute energy supply
transactions, but also to further provide the basis for metering,
billing, and clearing processes, according to PWC. Other potential
applications include documenting ownership, asset management,
origin guarantees, emission allowances, and renewable energy
certificates.

Blockchain Applications in Government

Record Management
National, state, and local governments are responsible for
maintaining individuals' records such as birth and death dates,
marital status, or property transfers. Yet managing this data can be
difficult, and to this day some of these records only exist in paper
form. And sometimes, citizens have to physically go to their local
government offices to make changes, which is time-consuming,
unnecessary, and frustrating. Blockchain technology could simplify
this recordkeeping and make the data far more secure.

Identity Management
Proponents of blockchain tech for identity management claim that
with enough information on the blockchain, people would only need
to provide the bare minimum (date of birth, for example) to prove
their identities.

Voting
Voters fill out their ballots at a primary polling place, Saturday, Feb.
29, 2020, in Charleston, S.C. (AP Photo/Patrick Semansky)
Blockchain technology has the ability to make the voting process
more easily accessible while improving security. Hackers would be no
match to blockchain technology, because even if someone were to
access the terminal, they wouldn't be able to affect other nodes.
Each vote would be attributed to one ID, and with the ability to
create a fake ID being impossible, government officials could tally
votes more efficiently and effectively.

Taxes
Blockchain tech could make the cumbersome process of filing taxes,
which is prone to human error, much more efficient with enough
information stored on the blockchain.

Non-Profit Agencies
Blockchain could solve the anti-trust problems charities are
increasingly facing through greater transparency; the technology has
the ability to show donors that NPOs are in fact using their money as
intended. Furthermore, blockchain tech could help those NPOs
tribute those funds more efficiently, manage their resources better,
and enhance their tracking capabilities.
Compliance/Regulatory Oversight
The majority of regulatory oversight stems from recordkeeping, but
the consequences of not maintaining records is inarguably much
worse. Thus, compliance is non-negotiable for companies. Blockchain
can make record updates available to regulators and businesses in
real time, in turn reducing time lags and allowing red flags and
inconsistencies to be spotted sooner.

Blockchain Applications in Other Industries

Primary Benefits Of Blockchain According To FIs Exploring Or Using
The Tech

Financial Management and Accounting

If the blockchain is truly as secure as it has shown itself to be in the
last several years, then such impenetrable security would be
tantalizing for customers concerned with financial fraud.

Record Management
As stated earlier, the encryption that is central to blockchain makes it
quite useful for record management because it prevents duplicates,
fraudulent entries, and the like.

Cybersecurity
The biggest advantage for blockchain in cybersecurity is that it
removes the risk of a single point of failure. Blockchain tech also
provides end-to-end encryption and privacy.

Big Data
The immutable nature of blockchain, and the fact that every
computer on the network is continually verifying the information
stored on it, makes blockchain an excellent tool for storing big data.

Data Storage
The same principles for big data apply to data storage, as well.

oTBlockchain is poised to transform practices in a number of IoT

ectors,including:

The supply chain: Tracking the location of goods as they are

shipped, and ensuring that they stay within specified
conditions.
Asset tracking: Monitoring assets and machinery to record activity
and output as an alternative to cloud solutions.
Despite these key areas where blockchain can be leveraged, the
technology in the IoT is still dependent on start-ups. In fact - only
17% of respondents to Business Insider Intelligence's survey of IoT
providers think that blockchain will become a universal standard in
the IoT.
Conclusion

blockchain technology’s many concepts and features might be

broadly extensible to a wide variety of situations. These features
apply not just to the immediate context of currency and payments
(Blockchain 1.0), or to contracts, property, and all financial markets
transactions (Blockchain 2.0), but beyond to segments as diverse as
government, health, science, literacy, publishing, economic
development, art, and culture (Blockchain 3.0), and possibly even
more broadly to enable orders-of-magnitude larger-scale human
progress.

Blockchain technology could be quite complementary in a possibility

space for the future world that includes both centralized and
decentralized models. Like any new technology, the blockchain is an
idea that initially disrupts, and over time it could promote the
development of a larger ecosystem that includes both the old way
and the new innovation.. , blockchain technology could exist in a
larger ecosystem with both centralized and decentralized models.