Analysis of Blockchain Technology: Concepts, Applications, and Impact

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This report provides a comprehensive introduction to blockchain technology, beginning with its definition as a distributed, decentralized, and innovative common ledger used to document various dealings. It explores the structure of blockchain, highlighting its decentralized nature, transparency, and immutability. The report delves into the importance of blockchain technology, emphasizing its role in simplifying transactions, protecting intellectual property, preventing scams, and fostering a better sharing economy. It also discusses the advantages of blockchain, such as improved device communication, enhanced accountability, and the removal of intermediaries. The report concludes by emphasizing blockchain's potential to revolutionize various sectors by minimizing operational costs and improving efficiency, transparency, and cost-effectiveness, with references to relevant academic sources.
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BLOCKCHAIN TECHNOLOGY
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INTRODUCTION
structure of data that holds transactional
records
Each record within the database is described
to be the block
Blockchain is the progressive growing list of
different records in packages
economic dealings with great worth
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BLOCKCHAIN
Description of the democratized scheme
Blockchain has various effects on Big Data
comprise of the elimination of trusted third
parties, improved application of cloud
A description of the democratized scheme
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STRUCTURE OF BLOCKCHAIN TECHNOLOGY
distributed, decentralized, and innovative
common ledger applicable to document
various dealings
Verification and Auditing of business dealings
separately
Technology - mass partnership driven by
combined self-interests
acceptance together with the offer
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PILLARS OF TECHNOLOGY OF BLOCKCHAIN
1st pillar: Decentralization
Design is very easy regarding blockchain
technological usage
For an instance ancient model of client-
attendant
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2nd Pillar: Transparency
range of intelligibility
an individual’s distinctiveness is concealed
through complicate cryptography
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3rd Pillar: Immutability
When the block stores new information it is
added to the blockchain
comprises of multiple blocks
single module.
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IMPORTANCE OF BLOCKCHAIN TECHNOLOGY
utilizes the structure of data to simplify the
manner society transact
allow the intellectuals to protect their
intellectual property
prevents scams related to payment
network a coin cannot be reused
development of a better sharing economy
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offers a platform for the participants to trade
conveniently in the current time
The prices are relatively much cheaper and
the generation of revenues is huge.
offers a secure and transparent market
Ensures no more transactions will be easily
missed
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OTHER ADVANTAGES
Helps different smart devices to speak to
each other in a better and secured manner.
Brings highest degree of accountability
solving the problem of manipulation
Intermediaries removal
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CONCLUSION
other sectors that depend on virtual
transactions
change market scenario as it is efficient,
transparent, and cost-effective quality
revolutionizing the entire society
minimize the operational costs
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REFERENCES
Paech, Philipp. 2017. "The Governance Of Blockchain
Financial Networks". The Modern Law Review 80 (6):
1073-1110. doi:10.1111/1468-2230.12303.
Stratopoulos, Theophanis C. 2018. "Blockchain
Technology Adoption". SSRN Electronic Journal 2(1): 3-
30. doi:10.2139/ssrn.3188470.
Torukalo, Y. E., I, G. Yurieva, and V. V. Makrusev. 2019.
"Blockchain: The Essence Of Technology And The Ways
Of Its Application In The Field Of Customs". Business
Strategies, no. 4: 18-21. doi:10.17747/2311-7184-2019-
4-18-21.
Sun, Jianjun, Jiaqi Yan, and Kem Z. K. Zhang. 2016.
"Blockchain-Based Sharing Services: What Blockchain
Technology Can Contribute To Smart Cities". Financial
Innovation 2 (1). doi:10.1186/s40854-016-0040-y.
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