Blockchain Technology- A Conceptual Overview

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056
Volume: 09 Issue: 03 | Mar 2022 www.irjet.net p-ISSN: 2395-0072
© 2022, IRJET | Impact Factor value: 7.529 | ISO 9001:2008 Certified Journal | Page 1745
Blockchain Technology- A Conceptual Overview
Utkarsh Sharma
{B.Tech, CSE at MNNIT Allahabad(Prayagraj)}
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Abstract: It also discusses the most important aspects of blockchain technology and ideas, allowing us to assess the
study's application cases. There has always been evidence that a company's value may be altered throughout history. A
digital marketplace, an economic platform, and a storehouse for almost all human knowledge, the Internet provides these
functions today. By examining a prospective proposal using Blockchain's most essential qualities, the authors illustrate the
fundamental procedures necessary in conducting an analysis. Consequently, developing a precise model of blockchain
technology's viability becomes more apparent. Distributed network registers constructed on chains of cryptographically
protected blocks, which give a greater degree of information than now accessible, may be used to transmit growing
numbers of daily transactions involving money, stocks, and precious documents, according to the basic principle.
Keywords: Blockchain, Cryptographic, Money, Transactions, IoT, Digital, Network, Market, Technology.
1. Introduction:
In 2008, Satoshi Nakamoto invented the anonymous cryptocurrency [1]. The name "Bitcoin" is a pseudonym used to
conceal the person's identity or people who created the cryptocurrency. Bitcoin is a novel electronic payment system that
the essay explores. For the first time in 2009, the technology was successfully implemented to develop a First, a worldwide
peer-to-peer (P2P) network must be built to produce a currency that does not need the employment of intermediaries, as
the current conventional financial system requires.[2] Decentralization removes the need for intermediaries, allowing
Blockchain to disrupt a wide range of sectors by automating operations and cutting costs.[3] Despite its many advantages,
blockchain technology has its drawbacks.[4] As a result, a wide range of new applications is possible in various fields.[5] It
hasn't gained any traction yet.[6]
Blockchain refers to a decentralized public ledger replicated over a network of nodes, making it possible for anybody to
access the catalog. In the event of a partial system failure or breakdown, the dispersed network of identical databases
allows for smooth addition and removal of nodes, ensuring that the network continues to operate. Blocks are joined
together to create an immutable chain of information in a blockchain. Consensus must be established on how these
database entries may be authenticated [7]. A remarkable degree of resistance to manipulation has resulted.[8]
They say that blockchain technology has a few key characteristics that indicate that it might be a practical technological
solution. Transparency is one of these concepts. Every transaction and piece of data recorded on a blockchain is visible to
anybody having access to it. Thus, the technology is ideal for monitoring, reporting, and verification applications. Because
the Blockchain's data can be accessed and cannot be altered, its value is undeniable. However, once data has been stored
on a blockchain, it may be changed, but any changes must be verified and always leave a trail, as seen above. [9]
In addition, two further advantages of blockchain technology are its ability to authenticate and maintain identities. Using
the system's distributed ledger, everyone engaged can view and trace each other's transactions on the Blockchain. Because
how blockchains are designed does not always mean that an individual's identity has been made public. It is possible to
produce New public and private key pairs are created on a regular basis by the Bitcoin network. Individuals are commonly
identifiable simply by their public keys. Cryptocurrencies illustrate that blockchain technology is suitable for protecting
users' anonymity, except in cases where a considerable investment of time and money is required.[10]
Currently, it's one of the most intriguing uses for blockchain technology that's being worked on to facilitate safe and
secure money transfers. As a result of the Blockchain's design, transactions do not rely on the parties' trust.[11]
Increased efficiency and competitiveness of company operations, synergistic effects from network contact between market
players, and expanded business potential via digital payment systems are indisputable advantages of digital technology.
Despite the rapid expansion of digital technologies in many spheres of economic activity, little is known about their
capabilities, benefits, and drawbacks. Experts and practitioners are still debating the benefits and hazards of adopting
digital technologies in crucial areas of the economy, such as the financial and banking sector, where blockchain technology
is utilized to simplify transactions. Therefore, assessing the present status of blockchain technology and the characteristics
and potential applications of blockchain-based enterprises in different economy and finance sectors.

Some argue that the current economy is not post-industrial but rather a creative economy built on information,
competencies, and networked collaboration. Significant description of a the term "post-industrial economy" refers to
include the following: - the Cluster networks that are horizontally interconnected, linkages and spatial integration and
interaction mechanisms to create a network-based approach to coordinating economic interactions. For example,
 Diversification of operations to include services such as health care and financial services (among others)
 The most common kind of information is known as tacit knowledge.
 Technology and human capital have supplanted traditional sources of wealth in the economy.
Users can alter their private keys, limiting access to files rather than the whole Blockchain, by encrypting the Blockchain.
Encryption also makes it possible to maintain synchronized copies of a distributed chain of blocks, making them accessible
to all users simultaneously.[12]
The integrity of the data is protected by a database-level security measures when it refers to blockchain technology.
Blockchain technology uses the decentralized time-stamped server and peer-to-peer network connections used by
blockchain technology to help protect transactions from fraud and theft. Consequently, there is no single administrative
center for the database, and it is administered independently. The result is a scalable framework for storing events (for
example, bank customer records) and the capacity to manage identification and verify the source of information via
blockchain technology. As a result, the Blockchain is a network of interrelated components. Everyone involved in the
system has a stake in making sure that it is stable and functioning correctly.
Blockchain technology may be used in the business world by eliminating intermediaries between buyers and sellers.
Customers may now sell their excess electricity directly to other customers rather than via the intermediary role of energy
firms with a strong position in the electricity supply market. The most potential application of blockchain technology
seems to be in the financial industry. It's vital to know as little as possible about the payer while processing payments on
the Blockchain, such as whether or not he has sufficient cash in his account. The borrower's income, financial history, and
the property he owns must be gathered before a mortgage agreement can be signed.
We must work together to establish the necessary infrastructure to explore the basics of blockchain technology and take
advantage of its potential benefits by bringing together major financial institutions and government organizations.
Because of this, the R3 consortium was founded to further the development of Blockchain. As part of the agreement,
Goldman Sachs, JP Morgan, Credit Suisse, and Barclays, among others, were involved. Over a dozen of the major financial
institutions in the world have joined the consortium by the end of 2015. Banks are considering blockchain technology to
reduce or eliminate operational costs.
For this reason, the R3 consortium has set a goal to analyze the current financial system for future blockchain applications
thoroughly and identify the most promising ones. Experts in the databases established on the blockchain platform believe
that information on payments and foreign exchange transactions, credit and factoring activities, and other financial
training may be included.
It is feasible to identify three different degrees of deployment of blockchain technology in a wide range of contexts. Things
that improve the consumer's experience are found in the first-tier offerings. The intermediate level is a set of skills that
serves as a foundation for the items of the next level. This is the level of development and research that has been done. The
regulatory environment, infrastructure, and trained employees are the three core pillars. New digital technologies can only
be implemented and transformed at this level of the organization.. [13]
1.1. Centralized, decentralized, and distributed systems conduct transactions in the same way.
To understand why Blockchain is a disruptive technology, it is vital to grasp the difference between centralized,
decentralized, and distributed transactional systems. In today's culture, the development of financial institutions
necessitates using various transaction methods. Direct transactions are those in which data is sent directly from A to B
without the need for any intermediate entities. Intermediaries are involved in the vast majority of transactions. [14] A
bank ensures money is moved safely from the proper account to the intended report as an intermediary. In contrast, banks
aren't often the sole players in the game. Subtasks may be delegated to other parties, such as credit card firms or payment
processors. [15]
Credibility, reliability, and security are crucial in high-value transactions, and third parties must be trusted. If the sender or
recipient requires a certain transaction quality, such as speed, low cost, or transparency, the transaction may be
completed. [16] Due to the many parties involved in the transaction, it isn't easy to meet these standards. Each side has its
closed system to handle and administer the transaction. Because they hold records in their data storage, companies must

be trusted to provide sufficient data protection. [17] Transactional processes may be centralized or decentralized,
depending on the number of nodes involved in the transaction and how it is routed. Because of their star-network
architecture, centralized systems are particularly vulnerable. Consequently, mesh networks of star networks are often
used in practical settings. Because they do not rely on a single node, these systems are more secure than traditional ones,
but an assault on a few crucial nodes might significantly affect the system's function. [18].
A better solution is required because of the flaws in both decentralized and centralized systems. Due to recent technical
advancements, distributed systems are becoming viable alternatives to traditional computer systems. [19There is a
misconception that blockchains are only utilized to form cryptocurrencies; they may be used for smart contracts, data
sharing, and peer-to-peer trade. [20]
2. The components of the Blockchain
There must be both digital and physical components for a blockchain to function. Based on its purpose, the structure of a
Blockchain might vary greatly. To better understand the Blockchain, we've broken it down into its most important
components are as follows- hashing, mining, blocks, consensus algorithms, nodes and digital signatures.
A document's authenticity, validity, and integrity may be verified using “digital signatures." When it comes to digital
signatures, asymmetric cryptographic algorithms are often used. This makes it very difficult to decipher the private key
from the public key when using an asymmetric encryption method such as AES-256. In the case of digital signature
systems, the data recipient may check the signature computed over the data against the sender's public key to ensure the
signature's authenticity. Using this method, the sender and receiver may be sure that the data package was sent and signed
by both parties. [21] Transactions on the Blockchain are authenticated using digital signatures. These algorithms may be
downloaded for free, including the widely used DSA, RSA, elliptic curve digital signature algorithm, and many more,
including those used in the blockchains of Bitcoin, Ethereum, and other cryptocurrencies. [22]
Using a mathematical function known as the “hash” function, "hashing" refers to the process of transforming a variable-
length input to a fixed-length output, known as the "hash value." A consistent production as long as input changes are
notable, but it is not noteworthy that minor input changes may significantly impact production. Additionally, most
blockchains use cryptographic hash methods, which need computational power to calculate the appropriate input. [23]
It's easy to understand that a blockchain is nothing more than interconnected data blocks. The "blockhead" and the
"blackbody" make up each block.. [24] The blockhead includes information about the block that is not specific to the
league. Aside from that, it provides Node verification instructions, a hash value produced from a previous block, and the
chain that links all blocks in a blockchain are part of the block versions. [25] Since the league was introduced to the chain,
the block body has kept track of any transactions. The sender's and recipient's public keys, as well as the sender's and
receiver's digital signatures, compose a bitcoin transaction, transaction output, and data transmitted. This data represents
the amount of cryptocurrency provided. [26]
A blockchain's physical network is referred to as its "nodes" It is critical to distinguish between different sorts of nodes
since each one serves a specific purpose. The phrase "complete nodes" is often used while discussing nodes. Blockchain
network full nodes validate transactions and blocks ultimately to prevent them from being completed twice or inhibit the
execution of incorrect or corrupted transactions. A miner is a node that is fully loaded. They need specialized hardware
and may inject new blocks into the chain that distinguishes them. [27].
There are genuine "mining" that compete to solve a cryptographic challenge to determine who will be the first to add a
new block to the Blockchain, known as "mining." For every new block added to the chain by a miner, the miner has two
choices for claiming their reward. First, the parties seeking the transaction will pay a fee to the miner. It will also generate
new currencies and reward miners for their efforts.[28]
The consensus algorithm is a distinguishing feature of blockchain technology from other technology. To be considered
authentic, the whole network must agree on a sole version of the accuracy about the data sent. Consensus procedures
eliminate the necessity for a central authority in this process. This has led to the view that blockchains are distributed
control and energy systems. [29] It is possible for attackers to create many participants in an attack termed the Sybil
assault if a poorly validated identity system is used, such as one that lacks central identity validation.[30]
The authors claim that using a "technique" called "proof of authority" (PoA) makes attainment agreement in a system with
a limited number of nodes possible and straightforward. This is far more difficult in a distributed classification like a
public blockchain. Because of this, consensus “algorithms” employed in blockchains must be able to fulfill the following
five needs:

1. All honest nodes must agree on a value for consensus to take place.
2. Upon completing the consensus process and resolving, the operation is considered done.
3. At least one honest node must provide the beginning value for each value that all honest nodes agree on.
4. The consensus process must be fault-tolerant, implying that it can function even if there are defective or
malicious nodes in the network.
5. No node may decide more than once in a consensus cycle to maintain its integrity.
PoW and PoS algorithms are two of the most often used methods for obtaining consent in distributed systems with weak
identities. These techniques are widely utilized and provided for a variety of applications.[31]
All network nodes get hash values are included in blocks that include digitally signed transactions, which are the basic
building blocks of a blockchain. According to a consensus procedure, all nodes must maintain the network's typical state.
Miners may continue to contribute blocks to the Blockchain.
3. Many businesses use blockchain technology as an essential part of their business strategy.
Compared to previous disruptive technologies (such as the shipping container and the Internet), Blockchain is
unique in that it was built to promote cross-border transactions. As previously said, Bitcoin was created to eschew the
existing financial system throughout the world. As a result of its ability to transmit data and economic value across
national boundaries and established institutions, Blockchain was designed as a decentralized system. The rise of crypto-
assets and blockchain development results from globalization in the digital age.[32]
Blockchain technology may be regarded as a technological infrastructure because of its wide applications and global
scalability.[33] The Bitcoin blockchain serves as a "financial market infrastructure" for worldwide monetary
transactions.[34] A "trade infrastructure" for international commercial activities, such as logistics and transportation, is
also gaining steam on the Blockchain.,[35] A "single blockchain infrastructure for cross-border public services" might be
an alternative.[36] There is a wide range of uses for blockchain technology worldwide, from data storage and exchange to
financial services and the general supply of services.[37] As a result of Blockchain's global infrastructure, new
"polycentric" governance systems are being developed to partly replace current international law-based governance
systems. Due to the technology's worldwide infrastructure, multinational organizations have recently adopted it due to its
infrastructure-based nature. Part two explores how global corporations are using blockchain technology.[38]
3.1. Organizations throughout the world are using Blockchain in their daily operations.
Blockchain technology was pioneered by international and supranational organisations, both official and informal.
The success of the system is critical to international organisations, who are both regulators and customers of blockchain
technology. For example, according to the International Organization of Securities Commissions (IOSC), token secondary
markets should be regulated to safeguard investors.[39] It was established in 2019 by the G7 to evaluate the viability of
stable coin law and its practical implications in the real comfortableness Working Group..[40] According to the findings,
governments worldwide are quickly adopting and using blockchain technology to aid policymaking.
International organizations also use modern technologies to enhance their operations and achieve their goals. The United
Nations and its agencies are spearheading these initiatives. The United Nations Secretary-General released a "Strategy on
New Technologies" in 2018. Described in terms of how disruptive technologies can be help accomplish 2030 Sustainable
Development Goals and comply with UN Charter, Universal Declaration of Human Rights, and other basic international
legal principles by speeding up, the United Nations agencies are described in this document in this document. As a result of
these efforts, the United Nations Innovation Network (UNIN) has been developed, one of the most notable (UNIN).
Innovative institutions from inside the United Nations (UNIN) have formed an informal network to encourage and
promote innovation within the UN system. The UN Information Network (UNIN) has set up a Blockchain cluster to
encourage the adoption of blockchain technology across all UN organizations. Blockchain technology may be utilized for
several purposes, including money transfers and remittances when it comes to the UN. It can also be used for supply chain
monitoring and record keeping.[41] Sections 2 and 3 of this essay will explain how international organizations employ
blockchain technology in humanitarian and larger-scale commercial sectors and other fields to solve problems.

4. The use of blockchain technology in the Economic sector
Indirectly or directly, international economic organisations (IEOs) are also experimenting with blockchain technology.
There is an experimental mobile application that was established in 2017 by the Central Bank of Uruguay, state-owned
Uruguayan telecom carrier ANTEL, and private sector technology companies. Because of this, Uruguay overtook the United
States as the world's first country to issue digital banknotes. The e-Peso, on the other hand, was designed to increase
access to financial services for categories of people previously excluded from the conventional banking system. To
promote financial inclusion, the e-Peso (electronic payment system) was launched in 2014, even though Law No. 19210
(Financial Inclusion Law) was approved to promote universal banking services and boost payment system efficiency. The
International Monetary Fund is looking into whether CBDCs may be utilized to overhaul other nations' banking systems
even if the e-Peso does not employ blockchain technology.[42] IMF policy outputs for additional members are possible due
to this development.
Additionally, the World Intellectual Property Organization (WIPO) looks at possible Blockchain uses to improve its mission
while assisting its member organizations. Blockchain Task Force of the WIPO is studying the potential applications of
blockchain technology to help in the protection and administration of intellectual property rights and formulating guiding
principles and best practices for blockchain usage in intellectual property protection and management.[43]
This is the first time that a major multinational financial institution has tapped into the economic potential of blockchain
technology. As a means of promoting economic growth, the World Bank Group's predecessors were created in 1944. In
1945, the World Bank Group was established as we know it today. More than $1 trillion in combined financial and
knowledge-sharing capability distinguishes the World Bank Group, consisting of five international agencies. The World
Bank Group is a valuable resource for developing nations. Global poverty reduction and increased global wealth are among
their goals and support long-term development and the achievement of the Sustainable Development Goals of the United
Nations (SDGs). Bonds issued by the World Bank have been used for decades to support its development objectives and
projects and the World Bank's operations. Thanks to these bonds, the bank's programs and activities have received billions
of dollars.
While working to achieve the Sustainable Development Goals, the World Bank Group has begun recognizing the promise of
new technologies (SDGs). Founded in June 2017 as the World Bank Group Blockchain Lab, it was renamed the World
Bank's Technology and Innovation Lab in September 2018. Global poverty alleviation initiatives utilize the lab as an
innovation center for Blockchain and other disruptive technologies to examine how they may be used in supply chain
management, land administration, health and education, carbon market trading and cross-border payments.[44]
It is the goal of the World Bank Bond-i, a new blockchain-based bond, to help bring about global development and
accomplish SDGs. The Bond-i platform, which was created by Australia's Commonwealth Bank, a worldwide financial
institution, was used to issue bonds in Australian dollars. The bond was published in August of this year. Blockchain
technology will handle both the bond issue and the maintenance of investors' bonds over the bond's life. A blockchain-
based automated bond auction, book building, allocation, electronic bid capturing, real-time updates, and improved
transparency may be possible SUBJECT TO OBTAINING ALL NECESSARY LICENSES In the two years after the bond was
issued following a two-week consultation process, $110 million has been raised. The World Bank began recording
secondary bond trading on the Blockchain in May of this year, to the platform. Consequently, the World Bank bond was the
first to be issued and sold on a distributed ledger. For example, sovereign governments and other international
development banks may employ this method of capital production in the future, among other things.[45]
5. Effectiveness and legality of blockchain technology
Like other areas of international law, international organization law is often mired in a conflict between efficacy and
legitimacy that is difficult to overcome. Even while international organizations were acknowledged as essential elements
of the liberal international order and given extensive policymaking authority in almost every sphere of society, they were
not authorized coercive capabilities to carry out their purposes and agendas. A consequence of this was the early
establishment of alternate instruments for applying policy like P3s and more new technologies such as DLT (decentralized
ledger technology). Despite widespread trust in international institutions during World War II, the current global order is
built on the ideas of state sovereignty and consent, which presents a contradiction in international law. Destabilizing the
post-1945 global legal system is a severe risk posed by the use of emerging technologies such as the Blockchain.[46]
5.1. Effectiveness of the Blockchain
International organizations' ineffectiveness was a significant factor in the liberal international order that emerged
after World War II.[47] "Achilles' heel" is often used to describe the lack of enforcement mechanisms in international law

and organizations.[48] Functionalist views of international relations argue that legislation promotes rather than constraint
the creation and functioning of international organisations, their policies, and their operations. Comparable notions also
helped create a perspective of global organizations that were more "technical" and centered on technology rather than
politics.[49]
Internal and exterior operations of international organizations soon embraced privatization approaches in response to the
global community's perception of a need for enhanced efficiency. Domestic governments embraced privatization in the
same way that foreign organizations like the World Bank and the International Monetary Fund (IMF) were. SOE
privatization, PPPs, and New Public Management (NPM) were all gaining traction.[50] When it comes to attaining their
goals in all areas of activity, including policymaking, the United Nations and other international organizations have
repeatedly called on the private sector to support them by adhering to central precepts.[51] UNHCR and WHO pioneered
international refugee legislation, and NPM was one of the early public-private collaborations in the field.[52]
Due to their discontent with ineffectiveness, multinational businesses quickly embraced new technologies and Blockchain.
As soon as it was practicable, international organizations began using the latest technology, such as blockchains, to boost
the efficacy of their operations and policies. Professor Lawrence Lessig made a name for himself by explaining how the
Internet's artificial environment may function similarly to legislation in technical code.[53] Because code is the foundation
of the Internet, it has the power to impose rules on the behavior of its users. For example, the internet programmer is the
"rulemaking" of the Internet; the IT engineer is the "rulemaking" of digital platform behavior, and the blockchain software
designer and engineer is the "rulemaking" of the blockchain network. The lex cryptographic is a "new sort of legal system"
possibly created by blockchain technology.[54]
Lex Informatica is being phased out for a more self-contained version of the same concept that may be found on the
Internet. The tamper-proof characteristics of the blockchain ledger and its capacity to automate transactions make Lex
cryptographic and its statutory execution more effective than previous iterations of the law. Consequently, in the world of
cryptocurrencies, international organizations serve as legislators. Individuals who link to the blockchains that
international organizations create are under the watchful eye of these organizations. Real-world implications of
blockchain legislation are, of course, inevitable. Lessig's familiar refrain: "You are never just in cyberspace; you are never
just going to cyberspace." The author claims that "you are constantly in the actual world and the internet." This questions
international organizations' use of blockchain technology and their general effectiveness.[55]
5.2. The Legality of the Blockchain
Because of this, the paper now focuses on the validity of international organizations using Blockchain. As a first step, it
looks at whether current concepts of legitimacy are adequate to justify blockchain technology. For global organizations,
traditional conceptions of legitimacy prevent the broad implementation of blockchain technology, particularly in
applications that provide international agencies with direct contact with people. Due to this, much the extent to which
legitimacy theories may be utilised to legitimise the use of Blockchain by international organisations is addressed.
6. Blockchain's Potential Impact on the Future
By the end of 2021, the total market value of all cryptocurrency assets will exceed $3 trillion.[56] Blockchain
technology is used to create cryptocurrencies like Bitcoin and Ethereum. Business operations will continue to be
significantly impacted by the widespread use of blockchain technology and the goods and services it enables. On the other
hand, Blockchain is much more than just a secure means of exchanging digital cash. Additionally, it is used in healthcare,
voting, welfare benefits, and the payment of artists' royalties.[57] The global economy is preparing itself for the
approaching blockchain revolution because blockchain technology has already had a significant influence on business and
society on several levels. The word "revolution" is overblown if you consider that eight of the world's ten most giant
corporations are developing blockchain technology products.[58] Any industry or organization engaged in the recording
and monitoring of any transaction may profit from moving operations to a blockchain-based platform. Blockchain
technology is predicted to significantly influence a wide range of global issues in the following categories.
6.1. Blockchain technology has the potential to revolutionize the financial services industry.
One area where blockchain technology is expected to grow in the future is cross-border payments. Several recent
events have pushed development in this direction, including the following:
Banks could clear and settle cross-border transactions through the Stellar protocol in real-time using this blockchain-
powered conduit. Bank payment systems may be coupled with the World Wire API to convert the digital asset to cash and
the transaction completed. The COVID-19 epidemic prompted IBM to take network operations down and release the

source code as an open-source project, letting the developer community build on the company's findings and learn from its
mistakes.[59]
Paystack – Paystack, the Payment Infrastructure and Connectivity Initiative (PICI), create payment infrastructures and
links payment processors to increase online payment speed and accessibility. A fintech company called Stripe announced
in October 2020 that it would acquire Paystack for $200 million in cash. Online payments in Nigeria increased by 50%
when the company expanded into South Africa in May 2021; this growth came after the company was created
there.[60] The gateway now has access to 380 million customers in 60 countries, making it the first Nigerian payment
gateway to join the Apple Pay partner program in September.[61]
Ripple and Pyypl – San Francisco-based software vendor, The blockchain-based payment network Ripple has focused on
worldwide real-time payments since its launch in 2014. Paypal, a technology company, located in Dubai, has developed a
blockchain-based platform for mobile access to non-bank financial services, and they just teamed with them. With typical
cross-border payment methods requiring extra money to be held in a customer bank account, a lack of pre-funding is
partly to blame for the platform's liquidity-enhancing potential.[62]
AZA Finance – An African-focused firm uses blockchain technology to transfer money between Africa and the rest of the
globe. Additionally, dealing in non-US currency may lessen dependency on a dollar-dominated system, allow businesses to
do business during banking holidays, and boost trade efficiency, among other advantages.[63]
In addition to payments, blockchain technology may be used for various other purposes. The following is a list of other
instances of blockchain-based financial technology advances.
Securrency – This is a cryptocurrency and asset trading platform that accepts various currencies and assets, including
bitcoin. Tokens issued on cryptocurrency exchanges facilitate cryptocurrency trading outside of such businesses.[64]
ABRA – Using this wallet, you may buy and store 100 different cryptocurrencies worldwide. Customers will be able to
better manage their finances with the help of the company's new product line, which has already secured $55 million in
investment.[65]
Numerai – An open-source hedge fund is the goal of this group, which distributes encrypted datasets to thousands of
decentralized quantitative analysts who use the data to create prediction models. To build a trading meta-model, traders
earn Numerai's token for their success.[66]
Bloom – As part of its mission to revolutionize the credit scoring industry, this startup uses blockchain technology to
create a platform for managing risk, identification, and credit scores.[67]
7. Blockchain technology in the business sector
The significant reasons for adopting blockchain technology are higher revenue, decreased costs, and more effective
time use. Examples of how blockchain technology is being used in the business world include the following:
ConsenSys Quorum – Founded by JP Morgan, Quorum is an enterprise-level solution for managing extensive blockchain
networks.[68]
LVMH – The luxury goods industry uses blockchain technology to keep track of shipments and thwart counterfeiting. Ten
million objects have been recorded on a platform established with Prada and Cartier.[69]
MediaChain – Among other things, Spotify purchased this blockchain database to resolve rights holder disputes and
manage copyright and royalty payments.[70]
7.1. The business world's influence on the development of Blockchain
The technology will affect enterprises, businesses, and whole economies since CEOs, traders, and decision-makers
need to be educated in its workings.
Conclusion
This article shows that blockchain technology's many principles and characteristics may be used in various applications
despite their complexity. There is a wide range of applications for blockchain technology beyond currency and payments
(Blockchain 1.0), contracts, property, and all financial market transactions (Blockchain 2.0), and maybe even further to

enable orders of magnitude more human progress. Decentralized and centralized societies might greatly benefit from
blockchain technology, which is currently being researched. With each new technology, there is an initial period of
disruption, but as time passes, a more extensive ecosystem might emerge that incorporates both traditional and cutting-
edge practices. Several historical instances include how the arrival of radio and readers like the Kindle boosted sales of
records and books, respectively. The New York Times, blogs, Twitter, and customized drone feeds are just a few places we
get our news. A wide variety of sources, including big entertainment companies and YouTube, provide us with our media
material. So blockchain technology may be integrated into an ecosystem that uses both centralized and decentralized
methods in the future.
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