Blockchain Technology: Security, Applications, and Consensus

This report provides a comprehensive overview of blockchain technology, exploring its fundamental principles, operational mechanisms, and diverse applications across various sectors. The report delves into the core aspects of blockchain, including its role in ensuring data security, non-repudiation, and the implementation of consensus algorithms such as proof-of-work and proof-of-stake. It examines the advantages and disadvantages of blockchain technology, particularly focusing on its application in the healthcare sector. The report also addresses critical security issues associated with blockchain implementation. The investigation highlights the increasing importance of blockchain in banking and money transfer systems, emphasizing its potential to enhance data security and integration across various industries. The report concludes with an analysis of blockchain's impact on future technological advancements.

BLOCKCHAIN AND ITS APPLICATION
APPLICATION OF BLOCKCHAIN TECHNOLOGY
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EXECUTIVE SUMMARY
The block chain principal in the modern cryptography field is
discussed and how the block chain application in various
fields and sectors can be used in order to increase the
performance of the various fields of data transaction. The
operations of the blockchain is also described and the
consensus algorithm use by the block chain is also described
in the report. The blockchain is used in the various sectors
and departments in the modern world as because it provides
major data security and data integration to the data that are
present in the various sectors. The various applications of
blockchain technology is mentioned in the below discussions
and also the significant consensus models such as proof of
stake and proof of work are described here. The report also
emphasizes on the various advantages and disadvantages that
is provided by the blockchain technology to the data security
and other aspects to the companies that adapt the blockchain
technologies and the healthcare sector is identified here
where blockchain technology can be used. The various
security issues that are related to the blockchain
implementation in the various sectors are also highlighted in
the report. The fact that blockchain technology is adapted by
the banking and money transfer sectors in the recent days, the
importance and significance of the blockchain technology is
increasing day by day.
I. INTRODUCTION
The report emphasizes on the application of blockchain in
various fields and the use of blockchain in healthcare is
selected for further investigation. The modern world is
successfully implementing the concept of Bitcoin and it is
also regarded as one of the most successful crypto currencies.
The Bitcoin does not need the intervention of any third party
organization and it uses the technology of Block chain to
implement the crypto currencies [3]. The block chain can
also be referred to as list of books to store the transactions
that are committed during the execution of operation of the
crypto currencies. The block chain are used mostly in the
recent payment processing systems and transferring money
online. The blockchain can also be used to monitor the
supply chains as because the block chain allows the
customers as well as the business administrative to view the
result of quality control of a particular product. The use of
block chains can also be observed in the digital id processing
and also in the data sharing processes. The topic of block
chain has been selected in this paper so as to deeply
emphasize on the process of operation of block chains and
also to enlighten the security issues related to Block chain.
DISCUSSION
II. UNDERLYING BLOCKCHAIN
What is Block chain
Block chain can be defined as a block of entities,
comprising of the transactional records and each block chain
is linked to the another block chain and they form a serial
chain like structure and one block contains the hash of the
previous block and each and every block in the structure has
only one parent block. The first block in the list of blocks in
a block chain is regarded as the genesis block and this
particular block do not have any parent block [11]. The hash
blocks size is generally 256 bit and the maximum number of
operations and transactions of the bock chains depend on
these hash values. The blockchain also uses various kinds of
algorithms for the operation of the system and it also helps in
financial and technological fields. The blockchain plays an
immense role in the digital signature transactions and the
block chain uses an asymmetric cryptography technique to
validate the authentication mechanism of such digital
signatures. The use of block chains helps in developing a
centralized transaction and the intervention of any third party
is also not required in the blockchain systems. The
blockchain is also associated with many security and
maintenance issues of the data in a company and thus it can
be also stated that the blockchain are used in various sectors
in the modern finance, sales and marketing industries. The
blockchain is also considered to be secure in various sectors
and also used in many aspects [23]. The fact that blockchain
is used in banking and money transfer system throughout the
globe, thus it is adapted by many industries and organization
and the government organizations as well.
How block chain ensure non-repudiation
The non-repudiation in the information technology field is
the act of assuring that the validity of a piece of data or
anything cannot be denied. The non-repudiation is also the
proof that the data integrity is maintained and also that the
data is original. The blocks in a particular block chain has a
unique stamp of date and this stamp is used as the symbol for
data integrity and originality. The block chain uses the date
stamp of the individual blocks and ensures the non-
repudiation and thus it ensures data integrity. The attackers
also cannot tamper with any of the data due to presence of
this data stamp which again helps in ensuring the non-
repudiation. The copyright of a data can also be ensured with
the block chain technology as because it also provides a
unique fingerprint to the unique blocks of data and these data
are also made secured and integrated by these systems. Thus
the blockchain system can be used for the ensuring of the
non-repudiation.

BLOCKCHAIN AND ITS APPLICATION
How block chain ensures security
The block chains is used in ensuring the security and
integrity of the data in various sectors and as because the
block chain technology is a decentralized technique, it does
not depends on any particular point of control. The block
chain contains blocks of transactional data and these
transactional data cannot be changed from a single computer
and these transactional data are continuously updated and up
graded and thus the use of block chain ensures the data
security. The intruders of the network cannot break in with
the traditional breaching process and take all the data as
because the block are connected to each other and all the data
are not accumulated in to a single place [16]. The fact that
the computers can malfunction or fail at any point of time,
the data are kept secured using the blockchain technology as
because the data are generally saved in multiple number of
computers, therefore, the failure of one or two commuters
does not affect the data. Thus the use of the blockchain in the
various sectors are secured and it must be used in the future
in many more sectors.
The blocks in the block chain are connected with each
other and thus it is very much difficult to breach the records
stored in it and this makes the block chains a secured model.
The cryptographic constraints present in the blockchain
technology also helps in securing the blockchain and the data
present in it. The blockchain are also distributed and
decentralized across peer to peer networks that are
continuously synced and updated. The security is also
enhanced due to the presence of the hash functions of the
previous blocks. However, the security of the data with the
application of the blockchain is depended on the computing
power consumption [27]. The blockchain can be divided into
two segments the public blockchain and the private
blockchain and these two blockchain are different in terms of
providing security to the data. The two networks together
comprises the business network and also with the help of this
the security of the blockchain can be enhanced. The two
blockchain however differs in their operational purpose and
this can be verified by the transaction made. The block chain
also eliminates the use of a centralized system and it makes
the security enhanced as because the centralized systems can
be breached and once a centralized system collapse, the
entire application might collapse. The blockchain also
facilitates the use of code or smart contracts and not just data
and this helps in the enhancement of security of the data. The
security of the data by the application of block chain is also
enhanced as because various verification and encryption
methods are used in the blockchain. The modification of the
data is difficult as because the blockchain encrypts the data
using cryptographic encryption techniques [22]. The copying
of the data from the transaction ledger is also difficult in case
of the sectors which uses the blockchain technology due to
use of decentralized system in the blockchain technology.
The implementation of the innovative consensus protocols in
the various nodes of the blockchain in order to validate the
transactions and also to ensure data security. One of the most
significant application of blockchain in ensuring the security
is that the individual blocks are interconnected and they are
not situated in any central location and thus these data or
bocks of data cannot be tampered from a single computer or
from a single source of use. Thus blockchain technology can
be used for the handling and securing huge amounts of data
at a single point of time.
Proof-of-work and proof-of-stake
The proof-of-work and proof-of stake can be defined as the
consensus mechanism in the transaction procedures of the
blockchain system, without the intervention of any third
party organization or entity between them [2]. The
transactions that are carried out in the block chain technology
needs to be validated and this proof-of-work (PoW) process
helps in the validation process by gathering the blocks which
are linked toget5her to form a block chain. The use of proof-
of-work is increasing and it is used by many crypto currency
techniques and it is also widely referred to as the consensus
algorithm. The PoW also helps to protect any network
against a numerous kinds of attacks [6]. The mining power is
required in the proof of work as because it is consumes huge
amount of electricity and thus it also requires huge amount of
costs. However, the use of Proof-of-work requires expensive
computational hardware which again consumes a huge
amount of power. The
The proof-of-stake (PoS) states that the owners with
more number of bit coins can mine or validate the
transactions of the blocks and it works as an alternative for
the proof-of-work. The PoW is the original block chain
algorithm to validate and add ne blocks however, the PoS is
also used in the same process as an alternative to the PoW
[13]. The proof-of-stake is less risky in terms of the
attachment to the chain and also the miners have more
advantage by using the proof-of-stake tool for data mining or
validation.
However, the proof of work is regarded to be more
growing rather than the PoS and it includes consensus and
spv clients. The detection of mining support in the chains
attached to each other and the clients and user of the block
chain will follow this blockchain operation [18]. The
algorithms used in the proof of work is also used for the
inflation control and here the blocks are produced on a pre-
defined schedule and thus the use of proof of work is better
considered in the growth factor compared to the PoS.
III. BLOCKCHAIN APPLICATION
Blockchain operation
The blockchain mechanism is based on various algorithms
and whenever any transaction comes into the block chain to
be implemented, the block chain uses its algorithms to find
out the history associated with the particular blocks and then
evaluates the blocks of data. The new node or block if is
validated and recognized by the algorithms, then the block is
added to the chain of the blocks and if the algorithms fail to
identify the majority of the block, then the block is not added
to the chain. This is the reason that the block chain does not
need a centralized system to verify which transaction is valid
or not [14]. The mechanism of the ledger entry of the block
chain can be used in many ways, however, the most popular
block chain used is the Bitcoin and it uses an anonymous

BLOCKCHAIN AND ITS APPLICATION
public ledger. Many organizations also use the block chains
to control the number of participants performing in the
transaction activity. The block chains in the modern days are
using the consensus algorithm which is a more advanced
version to solve the problems related to the block chain [9].
Thus the block chain operation is dependent on the hash
value of the previous blocks and also the algorithms that are
used to identify the transactional values.
Fig 1: Operational process of blockchain
The following parameter-formula table can be related to the
mining and other parameters used in blockchain –
Table 1: Parameter and formula table of blockchain
Parameter Formula
Transaction per second (frequency of blocks/60) *
transaction per block
Block frequency Total power of mining /
difficulty cryptopuzzel
Number of transaction per
block
(block size – header size) /
transaction size
Total power of mining ∑ m(i), where i denotes
nodes
*The table denotes the parameters of block chain and their formula
Block chain application which needs further investigation
The block chains are used in the various sectors of the
society and the sector in which the application of block chain
needs more investigation is the health care sector as because
with the proper implementation of the blockchain function in
the health care industry, many more lives can be saved and
also the service in this particular sector can be improved. The
implementation of the block chain will help the doctors to
access the patient’s full record in an instance and the overall
health care transaction can also be revised using the
blockchain [12]. Thus the future of the health care industry
can be improved with the application of the block chain
technology and thus the controlling and monitoring of the
supply chain of drugs and also the adjustment of insurance
claims can be operated by the blockchain system. The block
chain can also provide supply chain integrity and clinical
trials in the health care industry. Thus this field of the
application of block chain needs further investigation as with
the proper study of the block chain in this field can help in
the development of the health care industry.
Apart from this there are various block chain
applications that needs more explorations. Firstly, there is the
payment processing with one transfers. It is argued by
various scholars that the most logical usage of block chain is
the way to expedite of the fund transfer from one single party
to other. Next, they must be monitoring the supply chains.
Though removing the trails that are paper-based, the
organizations must be pinpoint to the inefficiencies under the
supply chains. Next, the data sharing is to be investigated
more [37]. The crypto currency IOTA has launched the beta
version that demonstrates that the blockchain must use that
the marketplace for sharing and selling the unused
information. Having the blockchain, the laws of copyright,
the laws can beefed up in considerable way for downloading
the digital contents. Next, the digital voting can enhanced.
The block chain an offer the capability of voting in digital
way. However, this has been transparent sufficient that the
regulators can see that anything is hanged over the network.
This can assimilate the simplicity of digital voting having the
immutability of the blockchain for making the votes a true
count. Again, another use of the blockchain to is tracing the
food from the source of the plate. As the data is immutable,
one can trace the transport of food products from the source
of supermarket. Another smart application of it is the medical
record keeping. Apart from this it can also manage the Inter
of Things networks [36]. The IoT can demonstrate the
wirelessly connected devices that can receive and send data.
This type of application and determine the trustworthiness of
devices over the network. This can be constantly done for the
devices leaving an entering the networks like smart cars and
smartphones. Moreover, it can also be utilized in expediting
the trading and compliance of future trading. Besides, it can
also secure the access to different type of belongings. Next,
the smart contracts under block chains networks can have the
capability to get customized for consumer and business
needs. Lastly, one can track the prescription drugs. The
blockchain is the measure of tracking the prescription
medicines in transparent way. At the world where the
prescription has prescription never happen, the counterfeit
medications are the actual things. Here, the block chain has
provide the drug makers with the capability of tracking the
products on the basis of batch numbers. This is to assure that
the consumers to get actual deal as they pick up the medicine
from pharmacy.
Consensus blockchain in healthcare: The consensus model
in the blockchain technology is a method by which the blocks
are rejected in the chains and also imposes rules for
validation of transactions. The blockchain in healthcare
industry is necessary for discovery of drugs and in the
pharmaceutical research. The blockchain provides facility in
effectively tracking and managing clinical trials like
management of data and consent management. The supply
chain detection of drugs is also facilitated by the consensus
model as because it allows all the products to pass through its
tracing and tracking mechanisms.
BLOCKCHAIN IN SMART HEALTHCARE MANAGEMENT:
The block chain technologies has their ability of
disrupting the centralized operations of healthcare industry. It
opens the door for the service delivery and optimized
delivery. The DLT or Distributed Ledger technology is the

BLOCKCHAIN AND ITS APPLICATION
innovation fertile having the probability of developed
efficiency, security and transparency. Apart from this, the
smart contracts in block chains can operate in automatic way
despite any third-party kind of personnel required for
verifying the documents and particular stapes through the use
of paper-and-pen. Furthermore, immutable data stores can be
evaluated and then upgraded in real-time. They are working
for reshaping the overall healthcare landscape. The current
centralized models are proved to be not sufficient to provide
the affordable quality healthcare to the populations. The
highly effective applications of block chains and the already
ready to be implemented for redefining how the healthcare
institutions can operate from national level of healthcare
systems to various privatized hospitals. It can direct the
interventions of health care to get improved and can
prescribe the healthcare and compliance models of
insurances [33]. Further, the auditing and regulations turns to
be simpler to control. The introducing of the utmost line
technology can also develop the business activities and
provides the primary players of healthcare as the simple
benefit on the competitors of private sectors. As the current
framework of healthcare is costly slow and needs ten distinct
intermediaries, there can be an issue. Apart from this the
hospitals and government needs to deliver the comprehensive
type of care that can be affordable for administering as this
easy for the pubic to get access. With the block chain
innovation are tools in lace for making the mission turn into a
reality. Greater business and small startups are the most
prominent and early adopters to find out the ways of cutting
the overhead and then provide the better care. This also
involves the streamline process of coverage and thus can
develop the entire quality of life and then extend the
expectancy of life for the higher populations.
Again, it is seen that maximum of blockchain
consisted of many things in common along with same type of
functions. The transactions are legitimate and the
transactions can be included to the block chain. They can
perform that through the mechanisms of consensus. These are
the protocols assuring every nodes [39]. These devices on the
block chains can maintain the block chains the transaction of
process. These mechanisms of consensus are significant for
the blockchain to be active properly. Here, they can assure
that every people can utilize the similar blockchain. Here,
every people are able to submit the elements to be included
to the blockchain. Hence it is needed that the transactions are
checked constantly and the blockchain are audited constantly
by every nodes. Without any smart mechanism of consensus,
the blockchain are at risk with different type of attacks.
Moreover, it is seen that from idealistic perspective, the
consensus can be utilized b people scattered across the globe
for developing more amount of fair and equal society. The
measure through which the consensus decision-making can
be achieved is known consensus mechanism. There are many
type of consensus mechanisms. It includes the agreement
seeking. The consensus mechanisms to be brought regarding
the agreement from group as it is possible. Further, it should
be collaborative. Here, every participants must focus to work
together for gaining the outcome putting the best interest to
their initial group. It should be cooperative. Here, the
participants must place their interests initial and work as the
team to be more than the individuals [27]. Next, there is the
egalitarian, indicating the groups trying to gain the consensus
to be egalitarian as possible. This primarily indicates that
every each vote consists of same type of weightage. Here, the
vote of every person must be vital that the other. Besides,
they must be inclusive. Since many people has been possible
must be included in the process of consensus [29]. This must
be never like common voting where the people never feel
like voting. The reason is that they believe that the vote
never have the weightage in prolonged duration. Apart from
this, the participatory type of consensus mechanism must be
such that all the people must take part actively in the entre
process.
The future potential of blockchain found in the healthcare
sector of Australia:
It is nations like Estonia is found to be setting bar with the
rise in amount of national services. They are found to be
opting the usage of blockchain for carrying out the
transactions. Nevertheless, it has stayed as comparative
infancy in the land of Australia. This relatively slow uprising
of the innovation is catalyzed through recent declaration
done by DTA or Digital transformation Agency of Australia.
Through technology has efficiency [41]. This has remained
compelling proves that the blockchain can provide smarter
value for the government sectors. Apart from this, there are
issues about the security of digital records, various Australian
people are getting annoyed due to the expense of private
healthcare. Here, the time taken is to process that claims and
changeability of the insurance covers. Furthermore, the usage
of smart contracts that are powered by blockchain has the
efficiency in eradicating any middle person in those
transactions. This enables to be secured, effective and cost-
efficient outcomes for the customers at the endpoint. Further,
this supports the usage of blockchain in optimizing the
controlling of clinical data and delivering the results in the
healthcare sector [44].
How blockchain can address different type of challenges:
The blockchain can serve as the digital ledger of the
transactions. It can permit various members like healthcare
providers and researchers to access the data. A better
collaboration of the data can aid in proper diagnosis and
smarter patient treatment. Regarding smart contracts data of
patients can be captured totally through tailoring the
provisions. As the data recorded in Blockchain is immutable,
the professionals can trust the information. The records
obtained within the permission network can get accesses
through the private key of the patient. Here, he can provide
access to the 3rd parties like paramedics and medical
practitioners for accessing the information through the API.
Besides, blockchain also provides a smooth flow of the
billing cycle of the patient [43]. Next, the blockchain can
introduce the anti-tampering abilities at the phase of
productions for assuring the original outputs of the
pharmaceutical drugs. Again, the smart contracts can permit
some processing of fewer payments decreasing that from the

BLOCKCHAIN AND ITS APPLICATION
range of seven to fourteen minutes to that of about 7 to 14
minutes. Apart from this, the IoT enabled medical tools like
wearable sensors can give rise to a massive quantity of data
aggregated for providing holistic health that is related to data.
Again, the business such as blockchain health has been
working to ensure the industry with “Health Insurance
Portability and Accountability Act” or HIPPA act of 1996
[42]. Through the integrated platforms, the users can share
the health data with the researches. It generates the taper
proof chain of the custody of information. For instance, a
Paris based start-up named Blockpharma has been found to
be developing the Blockchain solution plugging to the
information system of pharmaceutical business. This makes
the business release the information of products with QR
codes that can recorded by Blockchain as subsequent
transactions.
Blockchain utilizes the technology of ECDSA for security
purpose as well. ECDSA includes vivid key types in its
operational process. The likes of private key, public key as
well as signatures have been in use in the blockchain for
increasing the security aspect. With the help of the keys, data
can be accessed. In case the private key is absent, one cannot
gain access to the data that are present in the database of the
health care unit. The private key acts as the sign of
transaction. The public key acts as the proof of whether the
private key is used or not. ECDSA is one of the safety
measurement that is used by blockchain and this technique
also help in storing of data in the health care [45]. Private
Key is a secret number that is known only by the person who
generates the same. This is generally a randomly generated
number that acts as an identity of the patients. ECDSA will
be ensuring that personnel who has the key are the only
genuine and hence only they will be given the accessibility to
data. Hence wise patient data can be accessed by the genuine
patients only and not by any other people. This will prevent
the imposters from accessing personal data of the patients.
Hashing is also implemented in blockchain for securing
the data that is being transacted. Hashing increases the
security of the data. Encrypting the data by looking at hash is
impossible. There are few techniques that are implemented in
hashing. It should be impossible to generate similar hash
value for indifferent inputs provided [46]. Another aspect that
is considered is that similar message will be generating
exactly the same hash value. This generation of exact same
hash value for same message and different hash value for
different message will ensure that security of the message
being transacted will be very high. Hence the message that
will be transacted in between different doctors regarding
patient information will stay secured and security breaches
will not be occurring. Usage of hashing in health care
department ensures that the data transaction process stays
secured.
ECDH can be considered as the alternate to ECDSA and
Hashing in the security section of Blockchain. With the help
of Elliptic curve Diffie Hellman acts as an anonymous key
agreement protocol which allows both the parties for having
Elliptic curve Diffie Hellman private key and hence
transaction process can be performed in between them
directly with the key that is present. Usage of a symmetric
key cipher along with the elliptic curve cryptography
protocol will be enhancing the security of the data sets that
are being stored or the data that are being transacted in
between 2 doctors or in between patient-doctor [47]. Hence it
can be stated that the data while the transaction process will
be staying secured. Usage of ECDH is in the emerging
section. This technology is highly being accepted and hence
wise this technology can be acting as an alternate to the 2
previously chosen technology.
Fig 2: Use of blockchain in healthcare industry
Other applications where Blockchain can be used
The blockchain is used in the healthcare industry as
described above but it has significant uses in other sectors as
well such as in banking, real estate and sports sectors [1].
The financial sectors are nowadays creating their own private
block chains and thus the distributed ledger system of such
sectors does not need to be decentralized. The use of
blockchain in the financial services also indicates the
improvement of the current infrastructure of the financial
markets. The use of the blockchain in the health care
department is helping the development of the automated
processes for the authentication and verification of the
documentation process without the need of any third party
intervention [4]. The blockchain also helps in the
development of the DLT (Distributed Ledger Technology)
which further helps in the security and efficiency
enhancement of the systems. The uses of the block chain in
the government departments helps the governments to
develop a more transparent service which in terms help to
improve the government-citizen relationship. The application
of the blockchain technology in the payment processing and
money transfer is used in the most significant manner and
also the banking and the financial sectors are adopting the
blockchain technology. The monitoring of the supply chain is
also done by the blockchain technology and thus it identifies

BLOCKCHAIN AND ITS APPLICATION
the various frauds and inefficiencies within the supply chain
of the businesses. The digital ID which gives the customers
with a new digital identity is facilitated by the blockchain
technologies and thus the blockchain uses the various
cryptographic algorithms and techniques in order to keep the
digital ID secure and also the various data sharing processes
are secured. The fact that the blockchain helps in the
prevention of the copyright and other protection of the data
situated within the blocks, the blockchain technology is
widely used in many sectors in the modern world [27]. The
use of blockchain can also be related to the various voting
techniques in order to prevent the fraud in the voting
systems. The blockchain technology is transparent to the
administrators and any change in the voting procedure can be
easily identified by the blockchain technology. The use of
blockchain is also seen in the land and real estate
departments and thus the blockchain eliminates the use of all
kinds of paper and the data of the land and real estate are
stored in the various blockchain networks. This facilitates a
clear view of the documents and also helps in the securing of
the data. The backup of data is an important aspect in the
modern world and thus the blockchain technology helps in
the data backup of data in the various sectors. The cloud
storage is considered for the backup of the data but is not
considered to be totally secure in terms of data backup and
hence the blockchain technology is used for the security in
the data backup methods. The tax regulation is also
monitored and controlled by the blockchain technologies and
the small and medium scale companies can use the
blockchain technologies in order to track their sales record
and maintain the legal contracts [28]. The blockchain
technology can also be used in the process of recordkeeping
of various important credentials of the company and also
keeping records of data of the companies which makes them
more secure and convenient for the customers to use. The
management of the internet of things is also facilitated by the
blockchain technology and as because the IoT is associated
devices that receives and send data and the data security is
maintained. Thus the blockchain technology is of immense
use in the modern
Use of the Blockchain by this application
The use of this in the health care industry is recently done
and as the hospitals and healthcare centers need to upgrade in
order to offer the customers a better service in terms of health
care. The Blockchain is also used in the wearable devices and
medical examination devices and thus cryptographic
concepts can be used in the working structure of the hospitals
[5]. The block chain also helps in the integrity of the health
care data of the patients and more and more number of data
can be managed on a regular basis. The areas in the health
care industry that are managed by the block chain application
are the electronic health records, patient health information
(PIH), insurance claims and the data collected from the
various health monitoring systems. The integrity and security
of data of the above mentioned areas are also done by the
block chain application in this particular areas of health care
industry [8]. Thus the block chain provides an overall secure
standards in managing the PHI, medical records and
insurance claims and also it is considered to be a more
secured encryption technique than the standard encryption
techniques.
The blockchain application has some significant
advantages and disadvantages which affects the organizations
and companies adapting it and the adaptation is mainly
associated with the private sectors as any external
interference is not required in the application of blockchain
technology [17]. The financial efficiency in the companies
adapting blockchain is also increased and thus it is being
adapted by many companies and organizations [20].
However, the blockchain has some significant disadvantages
such as in many perspectives it is extremely costly and also
requires continuous monitoring and control of the blockchain
technology.
Apart from this, there are many places where the
bock chains can be deployed. The first one is the digital ID.
There are more than one billion people throughout the world
witnessing the challenges. Having the blockchain technology,
one can have the permission networks. Here, the verification
is much secured and transparent on nature. This is an
innovative and trusted technology. Next, there is the
monitoring of supply chains. It is seen that the blockchain
has been coming specifically handy as the monitoring of
supply chains are considered [38]. This is one of the smartest
implementations for the block chain technologies. Having the
quantity of data of the supply chain, there is a high use of
sharing, linking, assigning, tracking and recording. There are
high benefits such a rise in innovations and higher
efficiencies. Next, it can be used in data sharing. At this case,
the blockchain is able to act as the intermediary for storing
and moving the data for developing the host of the industries.
Then, there is the digital voting. Here, the blockchain has
been offering the capability of voting in digital manner.
Nevertheless, it has enough transparent that the regulators
can see as anyone has changes the networks. Apart from this,
blockchain has been the record of transactions. This can work
with three primary steps. At first it can collect the data that
the users are able to provide in the format of contracts and
the transactions of IDs [40]. Then, one can order the data
received into blocks and ultimately chains together in
secured way through cryptography. This has been making
that decentralized and is accessible through mobile and the
computer devices around the networks. Thus it can be said
that the blockchain has the efficient and can be deployed
around various areas like insurance supply chains, real estate,
healthcare, education and banking along with voting. Here,
the for example that have been keeping the cash, assets and
savings with the banks since they are secured and
trustworthy. Nevertheless, the information is centralized and
c be made quite prone towards the errors and frauds. It is the
place where a single point is proved and there are many
points such there can change the daily life. Lastly, the
blockchain can reorient the system of education through
delivering the transparency of academic.
Comparison of the advantages and disadvantages of block
chain
Table 2: Pros and cons of blockchain technology

BLOCKCHAIN AND ITS APPLICATION
Advantages of blockchain Disadvantages of blockchain
The blockchain technology
does not need any
government interference.
The application of the
blockchain is extremely
volatile in various cases as
because the technology is
new to the market.
The use of blockchain in
digital currencies makes the
transaction faster.
Due to the presence of
anonymity in the
decentralized blockchain,
there is chance for illicit
transaction.
The ledger followed in
blockchain technology is an
open source one and thus
percentage of any fraud
decreases.
The network security is also
hampered due to the
application of blockchain due
to use of data mining.
The financial efficiency of
the companies are improved
as because it does not
require the intervention of
any 3rd party organization.
The cost of transaction is also
costly and each of the
transactions done costs about
$ 0.20.
*The pros and cons of blockchain technology
CONCLUSION
The blockchain system is described in this report and the
various applications and further research areas of the block
system has been discussed in the above report. The
blockchain system in the future can change the entire process
of data verification and validation of the transaction process.
The block chain technology will also provide a more secure
way for grouping the records and blocks within them are also
provided by strong cryptographic techniques. Thus the future
of the digital currency transaction is dependent on the block
chain technologies and the block chain will also help in the
other sectors like health care departments and financial
sectors. The block chain affecting the future of healthcare is
very much predictable however, there are also certain non-
crypto currency areas which might get benefited due to the
use of blockchain system. Thus the report deals with the
blockchain system and its uses in various sectors and also the
operational function of the blockchain system has been
discussed and it can be concluded that the use of blockchain
system is benefitting the human world and it should be
adopted in more areas in the near future.
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