COIT20250 Emerging Technologies in E-business: Blockchain Report

This report, prepared for the COIT20250 Emerging Technologies in E-business course, provides a comprehensive overview of blockchain technology. It begins with an introduction to blockchain, defining it as a growing list of records, or blocks, linked using cryptography. The report then explores various blockchain-based network applications, illustrating its versatility across different sectors. It also delves into the challenges of blockchain, such as scalability and interoperability issues, along with its advantages, like enhanced security and transparency, and disadvantages, such as the difficulty of data modification. The report references key sources to support its findings, covering topics from multimedia blockchain frameworks to the future of the internet with blockchain technology. The assignment covers working principles, functions, capabilities, utilities, impacts, advantages, disadvantages, and current and future applications of the emerging technology in e-business, as part of a group discussion assessment.

Running head: BLOCKCHAIN TECHNOLOGY
COIT20250 Emerging Technologies in E-business
Assignment 1
Week 5 Group Discussion
Block Chain Technology

1BLOCKCHAIN TECHNOLOGY
Table of Contents
Introduction................................................................................................................................2
Blockchain based Network Applications...................................................................................2
Challenges of Blockchain..........................................................................................................3
Advantages and disadvantages of Blockchain...........................................................................3
References..................................................................................................................................4

2BLOCKCHAIN TECHNOLOGY
Blockchain
Introduction
Blockchain is increasing list of the records, termed as blocks which are related by means of
cryptography. By means of project strategy, the blockchain is being unaffected to
modifications of data (Bhowmik and Feng 2017, pp-4). The blockchain is the distributed
software network which can function as digital ledger as well as mechanism to enable a
secured transfer of assets.
Blockchain based Network Applications
Blockchain found its applications in various fields, and required transparency as well as trust
in record keeping. Decentralized blockchain system is changing life from way of transact the
business and manage assets (Ul Hassan et al. 2019, pp-5). The network applications with
respective platforms are shown below:
Figure 1: Blockchain-based network applications

3BLOCKCHAIN TECHNOLOGY
(Source: Ul Hassan et al. 2019, pp.6)
Challenges of Blockchain
The main challenge of blockchain technology is technical one, like lack of interoperability as
well as scalability, complex integration in legacy systems, intricacy as well as lack of
assistances on the blockchain (Zheng et al. 2018, pp-369).
Advantages and disadvantages of Blockchain
The advantages of blockchain technology are that it allowed for verification without
dependent on the third parties. It used secured cryptography for protection of the data ledgers.
The existing ledger is created on adjacent finished block to complete cryptography processes
(Wagner 2019). All transactions as well as data are to be closed to block after processing of
trust confirmation. As the transaction is being documented in sequential way, therefore
blocks in blockchain are period stamped. Blockchain is focused on advanced security as
compared to any other platforms (Golosova and Romanovs 2018). Each of the transaction is
being encrypted as well as has efficient link to old transactions by means of utilizing hashing
method.
One of the main disadvantage of blockchain is that after data is added to blockchain, then it
is difficult to alter and do any modifications in it (Lacity 2018). Changing of blockchain data
is very demanding and requiring hard work, when one chain is to be abandoned as well as
new one is to be taken up.

4BLOCKCHAIN TECHNOLOGY
References
Bhowmik, D. and Feng, T., 2017, August. The multimedia blockchain: A distributed and
tamper-proof media transaction framework. In 2017 22nd International Conference on
Digital Signal Processing (DSP) (pp. 1-5). IEEE.
Golosova, J. and Romanovs, A., 2018, November. The advantages and disadvantages of the
blockchain technology. In 2018 IEEE 6th Workshop on Advances in Information, Electronic
and Electrical Engineering (AIEEE) (pp. 1-6). IEEE.
Lacity, M.C., 2018. Addressing key challenges to making enterprise blockchain applications
a reality. MIS Quarterly Executive, 17(3), pp.201-222.
Ul Hassan, F., Ali, A., Latif, S., Qadir, J., Kanhere, S., Singh, J. and Crowcroft, J., 2019.
Blockchain And The Future of the Internet: A Comprehensive Review. arXiv, pp.1904-
00733.
Wagner, G., 2019. Fundamentals of the Blockchain. BlockFacts.
Zheng, Z., Xie, S., Dai, H.N., Chen, X. and Wang, H., 2018. Blockchain challenges and
opportunities: A survey. International Journal of Web and Grid Services, 14(4), pp.352-375.