Review Study of Block Chain Technology and

their Applications

G.A.S. Fonseka
19517
1.What is Block Chain? - Introduction about the blockchain
technology.

You have likely heard the phrase "blockchain technology" in relation to

cryptocurrencies like Bitcoin over the past few years. In fact, you might be
wondering: "What exactly is blockchain technology?" As there is no concrete
meaning that the average person can readily understand, it appears that
blockchain is a platitude, but only in a hypothetical sense. It is essential to
provide an explanation of "what is blockchain technology," including the
technology involved, how it functions, and how it is becoming important in the
digital sphere.
Blockchain is a way of storing data that makes it difficult or impossible for the
system to be altered, hacked, or otherwise controlled. A blockchain is a type of
distributed ledger that distributes and copies transactions among the network
of computers involved in the blockchain.
Blockchain is a new technology with several benefits in a society that is
becoming more digital:
• High Security
It uses a digital signature function to execute fraud-free transactions,
making it difficult for other users without a specific digital signature to
corrupt or edit an individual's data.
 • Decentralized System
In the past, transactions required the approval of regulatory bodies like a
government or bank; but, with Blockchain, transactions are
completed by user consensus, resulting in smoother, safer, and faster
transactions.
• Ability to automate
When the trigger's requirements are satisfied, it can be programmed to
automatically generate a series of activities, events, and payments.
Blockchain technology is a framework for storing public transactional records
(sometimes referred to as "blocks") across multiple databases in a network
connected by peer-to-peer nodes. This type of storage is frequently referred to
as a "digital ledger."
Every transaction in this ledger is validated and protected against fraud by the
owner's digital signature, which also serves to authenticate the transaction. As
a result, the data in the digital ledger is quite safe.
In other words, the digital ledger can be compared to a Google spreadsheet
that is shared across several computers connected to a network and where
transactional data are kept in accordance with actual purchases. The data may
be seen by anyone, but nobody can alter it, which is an intriguing aspect.
2.Reasons for introducing new blockchain technology.
Whether a firm chooses to use a public blockchain network or chooses private
or permissioned blockchain-based applications, blockchain and its features can
offer a number of benefits.
1. Trust
In situations where trust is either absent or unproven, blockchain establishes
trust amongst several entities. Because of this, these organizations are open to
conducting business in ways that include transactions or the sharing of data
that they otherwise might not have done or that would have required a third
party. One of blockchain's most frequently stated advantages is its ability to
enable trust. Early blockchain use cases that facilitated transactions between
entities without a direct relationship but who nevertheless needed to share
data or pay bills demonstrate its value. The fundamental examples of how
blockchain fosters trust between people who do not know one another are
bitcoin and cryptocurrencies in general.
2. Decentralized structure
According to Daniel Field, head of blockchain at UST, a leading global provider
of digital technology and services, blockchain really displays its usefulness
when there isn't a central player that facilitates trust. Blockchain thus permits
data sharing across an ecosystem of enterprises where no single entity is solely
in charge, in addition to facilitating trust when players lack trust since they are
unfamiliar with one another. A good example is the supply chain: However, no
one is in charge of supporting all that information exchange. Various
businesses, from suppliers and transportation firms to producers, distributors,
and retailers, desire or require information from others in that chain. That
problem is resolved by the decentralized structure of blockchain.
3. Improved security and privacy
Another major advantage of this new technology is the security of systems that
use blockchain technology. Blockchain's increased security is a result of the
way the technology really functions: Blockchain uses end-to-end encryption to
generate an unchangeable record of transactions, preventing fraud and
unwanted activity. A network of computers is used to store data on the
blockchain, making it virtually impossible to hack (unlike conventional
computer systems that store data together in servers). Furthermore, by
anonymizing data and requiring permissions to limit access, blockchain can
better handle privacy concerns than conventional computer systems.
4. Reduced cost
The nature of blockchain can help enterprises save money. It improves the
efficiency of transaction processing. Additionally, it streamlines reporting and
auditing procedures and lessens manual activities like data aggregation and
amendment. Experts cited financial institutions' savings as evidence of the
effectiveness of blockchain, adding that the technology's capacity to simplify
clearing and settlement directly translates into process cost savings. More
generally, blockchain reduces costs for organizations by doing the processing
that it is capable of without the need for middlemen like suppliers and third-
party providers.
5. Speed
Blockchain is much faster at handling transactions than traditional techniques
since it does away with intermediaries and replaces any human processes that
are still present in transactions. Blockchain can sometimes complete a
transaction in a matter of seconds or less. The speed at which a blockchain-
based system can process transactions, however, can vary depending on a
number of variables, including the size of each data block and network activity.
However, experts have found that in terms of speed, blockchain often
outperforms traditional processes and technology. In one of the most well-
known uses of blockchain, Walmart used the technology to quickly identify the
origin of sliced mangoes, a task that had previously required seven days.
3.Architecture of blockchain

A client-server network is used in the World Wide Web's conventional

architecture. Because the server is a centralized database maintained by a
number of administrators with access rights, it saves all the necessary
information in one location so that it is simple to update.
In the case of the distributed network of the blockchain architecture, each user
within the network maintains, approves, and updates new entries. In addition
to specific people, the entire blockchain network as a whole controls the
system. To ensure the legitimacy and security of the data, each member makes
sure that all records and processes are in place. In this manner, parties that
may not always trust one another manage to agree.
In a nutshell, the blockchain is a decentralized, distributed record of many
types of transactions organized into a P2P network. It can be public or private.
Although there are numerous machines in this network, the data cannot be
changed without the network as a whole agreeing to it (each separate
computer).
A list of blocks with transactions in a specific sequence serves as a
representation of the blockchain technology's organizational structure. These
lists can be kept in a simple database or as a flat file (txt format). Blockchain
utilizes two significant data structures, including:
• Pointers - Variables that store details about where another variable is.
This is specifically indicating to where another variable is located.
 • Linked lists - Collections of blocks, where each block contains particular
information and connects to the block after it using a pointer

Since the Head block is the first in a chain, it makes sense that it does not
contain the pointer. At the same time, a final block with a pointer to a
valueless object may appear in the blockchain database.
The connected list of records in the blockchain sequence diagram below:

The following uses of blockchain architecture are possible for businesses and
organizations:
• Cost reduction - Keeping data current and secure against cybercrimes
and other corrupt intentions saves a lot of money on maintaining
 centrally maintained databases (such as those used by banks and
governmental entities).

• Data history - In a blockchain framework, it is always possible to look up

the past of every transaction. This is a continuously expanding archive,
whereas a centralized database is more of a snapshot of data at a single
point in time.

• Data security & validity - due to the nature of the blockchain, it is

difficult to tamper with data once it has been inputted. Record
validation takes longer to complete since it doesn't use a single pool of
processing power but rather takes place in each independent network
individually.
4.Applications of Block Chain Technology.
1.Internet of Things (IoT)
The next logical explosion in blockchain applications is the Internet of Things
(IoT). IoT offers a wide range of uses and several security issues, and as the
number of IoT products rises, hackers will have more opportunities to steal
your data via devices ranging from Amazon Alexa to smart thermostats.
Blockchain-infused Through the use of technology's transparency and
theoretical incorruptibility to keep things "smart," IoT adds an additional layer
of security to avoid data breaches.
2. Money transfer
Transfer apps for cryptocurrencies are now experiencing an explosion in
popularity, led by Bitcoin. Due to the time and money that blockchain may
save financial institutions of all kinds, it is highly attractive in the field of
finance. Blockchain can save the biggest banks a ton of money by decreasing
third-party fees, getting rid of bureaucratic red tape, and making ledger
systems real-time.
3.Smart Contracts
Smart contracts are similar to regular contracts, but they eliminate the
middleman and offer degrees of accountability for all parties involved that are
not feasible with conventional agreements. Instead, the rules of the contract
are enforced in real-time on a blockchain. This ensures compliance from all
parties involved while also saving businesses time and money. As industries
including government, healthcare, and real estate learn about the advantages,
blockchain-based contracts are growing in popularity.
4. Personal identity security
Up to 42 million Americans may have fallen victim to identity fraud in 2021
alone, according to AARP. Fraud on this scale can take many forms, from
falsifying documents to accessing private data. The government may see a
sharp decline in identity theft claims by storing social security numbers, birth
dates, birth certificates, and other sensitive information on a decentralized
blockchain ledger.
5. Healthcare
Despite its early usage, blockchain in healthcare is already showing some
potential. Early blockchain systems have really demonstrated the ability to
lower healthcare expenses, increase stakeholder access to information, and
simplify business procedures. To ensure that an already bloated sector can
reduce extravagant expenses, an innovative system for gathering and sharing
private information may be exactly what the doctor ordered.

5.How we can use block chain technology for ongoing projects and
identify them.
The blockchain system is not governed by a single entity. Project management
can be done on a blockchain platform because it is decentralized. The project
team will be able to make project-related activities public to everyone if they
can record them in blockchains.
Progress may be easily tracked by project managers. This indicates that any
bureaucratic environment in project management is disallowed by the
blockchain implementation. No one can bluff each other because everyone is
connected to each other via blockchain. The blockchain maintains the project
team members' accountability as a result.
Blockchain can be used for a variety of project management functions,
including funding distribution, task management via task management
software, payment processing, and much more.
Additionally, it enables other team members to see the task or project status.
This will make task dependencies simpler and further improve team
collaboration.
For instance, the sales team must respond appropriately if the marketing team
has produced leads and recorded the work completion in their blockchain. The
sales team cannot wait since they are already being held responsible.