Blockchain Technology in Cryptocurrency: A Literature Review

Running Head: RESEARCH PROPOSAL
Research Proposal
[Name of the Student]
[Name of the University]
[Author note]

RESEARCH PROPOSAL2
Table of Contents
INTRODUCTION...........................................................................................................................3
RESEARCH PROJECT BACKGROUND (Literature review) and OBJECTIVES.......................3
RESEARCH PROBLEMS..............................................................................................................7
RESEARCH METHODOLOGY....................................................................................................7
RESEARCH SIGNIFICANCE........................................................................................................9
CONCLUSIONS...........................................................................................................................10
RESEARCH PLANNING:............................................................................................................10
REFERENCES..............................................................................................................................11

RESEARCH PROPOSAL3
INTRODUCTION
The Blockchain technology is having the capability of streamlining the operations along
with the capability of reducing the cost. The blcokchain is considered to a particular type of
database which is very inefficient in many aspects. The blockchain is not used unless and until
there is a need of using all the advantages of the blockchain database like the decentralization
and the immutability. Cryptocurrency is considered to be a virtual monetary unit which is also
considered to be a digital asset. This digital asset is mainly for serving as a medium for the
exchanging. This in turn is associated with the usage of the string cryptography so as to provide
security to the different financial transactions along with helping in having a control of the
process of creating additional units. This is also used of the verification of the transfer of assets.
Cryptocurrencies are seen to be associated with the usage of decentralized controls as opposed
by to the centralized digital currency and the central banking systems.
RESEARCH PROJECT BACKGROUND (Literature review) and
OBJECTIVES
Satoshi Nakamato, the man behind Bitcoins was the one to describe the usage of the
blockchain technology in crypto currencies to resolve the problem regarding the order of
transactions and double spending (Bradbury 2013). The blockchain technology helps organizing
the transactions by linking each block in a chronological manner. Blockchains have disrupted the
entire traditional frame of business as the transactions that required confidential verification
could now be operated in a decentralized process retaining the level of certainty as before. The
distributed database characteristic of the blockchain technology is ideal for crypto currencies.

RESEARCH PROPOSAL4
The literature that already exists reveals that blockchain technology in crypto currencies can
resolve many complex financial problems. It is a solution to the traditional token-based payment
system as proposed in the journals of the Information System (Avital 2018). A crypto currency
loyalty program named Unify Rewards was also proposed and this program was analyzed at the
Sydney campus of the University of New South Wales. The program deals in a strategy that
requires engaging the participants in transactions providing them to choose from among twelve
retailers within the campus of the University. The participants upon becoming a part of the
program received an initial bonus in form of Ethereum cryptocurrency. Crypto currencies could
be earned by the members by two things, that is by completing a transaction or by giving correct
answers to the inquiries based on marketing and their amount could also be redeemed. It was
inferred from the project that loyalty programs using crypto currencies were highly engaging
(Shelper, Lowe and Kanhere 2018). The limitations of the system can be overcome by the
effective implementation of the blockchain system in crypto currency. The work was based on a
non-financial subject but still has link with financial terms as in the work Ether was used that is a
crypto currency. The project of the smart campus of the national Taiwan University of Science
and Technology was to create a rewarding system named NTUSToken within its organization.
The program requires the students to indulge in a context relating to games that earns them the
reward for their good behavior within the arena of the institution. The main purpose of the
program was to develop a decentralized system that has the potential to award or retrieve tokens
to the students of the university based on their behavior and they did not involve the crypto
currency (Ferreira et al. 2018). The blcokchain can be categorized into three different
generations which includes the Blockchain 1.0 and the version deals with the digital currency,
Blockchain 2.0 which is mainly used for the digital finance and Blockchain 3.0 is focused upon