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Blockchain Technology
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Blockchain Technology
Due to the widespread use of Bitcoin as a money among academics, the blockchain has
become somewhat of a phenomenon inside the realm of technology (Zaytoun, 2019). Bitcoins
were the first of what are now well over 1,500 other cryptocurrencies that are accessible to the
public (Lee, 2018). Blockchain technology was used in the creation of cryptocurrencies as a way
of preventing fraudulent operations while simultaneously processing transaction data (Lee,
2018). The Blockchain is simply a public ledger that enables financial transactions to take place
between two parties who may or may not trust one another (Dinh et al., 2018). A distributed
ledger is another name that people often use to refer to a blockchain (Dinh et al., 2018). A
transaction may only be appended to a distributed ledger once it has been validated one node at a
time (Treleaven et al., 2017). The use of blockchain technology is becoming more widespread
among businesses, investors, and private people that prioritize the security of their financial
dealings (Zaytoun, 2019).
In a blockchain transaction, there is always both a sender and a receiver, and both of these
parties rely on encryption to protect their confidentiality (Zaytoun, 2019). Surprisingly, the initial
step in a transaction does not always have to take place online. There are other options (Zaytoun,
2019). This indicates that the transaction does not need access to the Bitcoin protocol or even the
usage of the internet in order to take place (Zaytoun, 2019). The word "blockchain" refers to the
way in which the technology manages blocks of transaction data that are uniquely recognized
and connected to one another, creating something like a chain (Treleaven et al., 2017).
The blockchain itself continues to expand in size, is decentralized, shares a ledger with
blocks that are encrypted, and generates a one-of-a-kind digital fingerprint via the use of a hash
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tagging mechanism (Treleaven et al., 2017). The hashtags make the development of the chain
easier by providing a reference to the hashtags used for each block (Treleaven et al., 2017).
Blockchain Components
Distributed ledger technology, often known as DLT, and smart contracts are the two
distinct categories of blockchain components (Treleaven et al., 2017). The usage of technology
known as distributed ledgers is becoming more popular as an additional means by which
businesses may conduct transactions and store data in a more secure manner, among a wide
variety of other possible advantages (Trump et al., 2018). According to Macrinici et al. (2018),
another reason why smart contracts are gaining in popularity is because users have the power to
tailor their transactions.
Distributed-ledgers
Transactions made using distributed-ledger technology are characterized by a number of
characteristics, including decentralization, replication, synchronization, sharing, and, most
crucially, cryptographic sealing (Treleaven et al., 2017). This component may be divided down
into more general classes (Treleaven et al., 2017).
There are two main categories of distributed ledgers: those that try to minimize the role of trusted
and identifiable third parties, and those that explicitly rely on identifiable third parties for some
subset of the system's properties. Those that try to minimize the role of trusted and identifiable
third parties are the first category (Treleaven et al., p.15, 2017).
Smart Contracts
Smart contracts are the other component of blockchain technology (Treleaven et al.,
2017). In contrast to the distributed ledger, smart contracts require all parties engaged in a
transaction to come to an agreement on a shared set of facts that will be governed by the
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distributed ledger (Treleaven et al., 2017). According to Macrinici et al. (2018), smart contracts
are quite similar to traditional contracts; however, the execution of smart contracts takes place in
the digital sphere. When using smart contracts, computer programs can be used to verify that the
transaction that takes place is compliant with all of the underlying agreements and that the
records are compliant with all of the standards that have been established by the distributed
ledger technology. This can be done to ensure that the smart contracts are used correctly
(Treleaven et al., 2017). When this component is combined with blockchain technology, it has
the potential to serve as a kind of packaging for the transactions that will automatically shift the
assets and carry out the stipulations of the contract (Treleaven et al., 2017). According to
Treleaven et al. (2017), "Smart contracts also have the ability to automate laws and regulations,
which might considerably enhance the efficiency and transparency of government services."
(p.15)
Who uses Blockchains?
Most people are familiar with the Blockchain technology because of its part in the
development of cryptocurrencies; however, this technology has now expanded beyond simply
cryptocurrencies (Treleaven et al., 2017).
The various advantages that this kind of technology has have been discovered by a variety of
different businesses, and these industries have discovered how this sort of technology may help
to the growth of their own fields. This technology may benefit businesses in many various
aspects of their operations, including as the storing of data and the processing of transactions,
amongst other things (Trump et al., 2018). For instance, the field of finance as well as the field of
healthcare have both discovered applications for this new kind of functional technology.
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Finance
The Financial Sector Has Taken Notice Of The Numerous Advantages That Blockchain
Technology Offers (Treleaven et al., 2017). According to Eyal (2017), the financial technology
(FinTech) sector has discovered that the blockchain technology has a significant deal of promise
and is attractive to the financial business. The financial industry has discovered that this
technology is reliable, and the fact that it can operate on a decentralized network rather than a
centralized network without the risk of having a single point of failure makes it a very appealing
technology (Treleaven et al., 2017). Because of the aforementioned advantages, banks and
financial institutions have the ability to streamline their procedures (Treleaven et al., 2017).
Blockchains have the potential to eliminate the need for people to be involved in the trust
relationship by shifting that obligation to a computer or machine (Treleaven et al., 2017).
The financial technology industry, including banks, insurance firms, and even the United States
Securities and Exchange Commission (SEC), has fast become interested in blockchain
technology (Eyal, 2017). They are more concerned about the protocols that drive blockchain
technology than they are with how blockchain technology is used with cryptocurrencies (Eyal,
2017). The most alluring aspect of the functioning of smart contracts is their high level of
confidentiality (Eyal, 2017). The demonstration that Bitcoin is capable of managing numerous
safe transactions across thousands of servers might potentially be utilized for interbank or bankto-bank (B2B) transactions, both of which make use of dedicated servers (Eyal, 2017). With the
present state of FinTech technology for conducting transactions, the completion of a transaction
might potentially take several days (Eyal, 2017). It may be possible to conduct transactions in a
fraction of the time required by the present FinTech infrastructure if blockchain technology is
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used (Eyal, 2017). Blockchain technology is nonetheless anticipated to revolutionize medicine,
despite the fact that there are a few obstacles that are likely to arise in the event that this
technology is put into practice (Yoon, 2019).
Healthcare
Blockchain technology may be advantageous to the healthcare business in a number of
ways, including aiding with the appropriate storage of their patients' medical information and
providing patients with access to their own information (Mertz, 2018). Patients now have access
to a wide variety of medical doctors who may prescribe medications, tests, and treatments
(Mertz, 2018). The technology of blockchain may contribute to a wide range of operations in the
healthcare industry, ranging from administrative processing to the filing of insurance claims. It
can also aid with the creation of health-related populations for biomedical researchers (Mertz,
2018).
Within the healthcare industry, the computer systems and software that are now used to
exchange and utilize data may adopt blockchain technology to simplify the transmission and use
of information in a more efficient way (Yoon, 2019). Blockchains have the potential to provide
patients with the opportunity to examine their data for a limited amount of time as well as the
capability of easily accessing their information from a variety of different medical institutions
(Yoon, 2019). The medical records would be kept in private blocks, although some information,
such as a patient's history of medication allergies, may still be kept in a public block (Yoon,
2019). Although there is some evidence to show that using this technology might be beneficial to
the healthcare sector, there are a number of obstacles that definitely must be overcome before
this technology can be used (Yoon, 2019). One of these problems is determining the degree to
which patient information will be both open and confidential (Yoon, 2019). According to Yoon
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(2019), one of the most significant concerns is the visibility on a public blockchain network.
Another problem that has to be overcome is determining how scalable and quick the technology
will be (Yoon, 2019). When compared to more traditional means of doing business, the speed of
a transaction is only marginally improved when using credit cards, in particular (Yoon, 2019).
Conclusion
The creation of a digital ledger system known as blockchain technology Despite the fact
that it is a technology that has been most often connected with cryptocurrencies, it is quickly
becoming a big advantage for more than just cryptocurrencies. This is because cryptocurrencies
are not the only thing that may benefit from it. The adoption rate of the technology is
skyrocketing throughout a huge range of different industries, including the financial and
healthcare spheres. It has recently come to light that making use of a distributed ledger or smart
contracts may enable financial institutions to carry out transactions in a manner that is both more
secure and more expedient than in the past. Because of the many benefits that come along with
using these technologies, this finding was made feasible. In a similar vein, the blockchain has
been proved to be advantageous in the healthcare industry in terms of the accessibility of patient
medical records by hospitals as well as by patients themselves. This may be said in reference to
the accessibility of patient medical records via blockchain. In spite of the fact that utilizing
blockchain technology presents a few challenges, the numerous potential benefits that can be
gained from putting it into practice have helped to establish it as a developing technology that
will continue to advance and have an effect on a wide variety of businesses. This is because
putting it into practice has helped to establish that there are many possible advantages that can be
gained from putting it into practice.
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Bible Integration
The technology of blockchain keeps hammering home the point to me that the
involvement of a third party is not necessary for anything to be preserved. To obtain salvation
does not need the participation of any members of the clergy. You will be saved if you confess
with your mouth, "Jesus is Lord," and believe in your heart that God raised him from the dead.
This verse can be found in Romans 10:9-10. It says, "That if you confess with your mouth,
"Jesus is Lord," and believe in your heart that God raised him from the dead, you will be saved."
Because it is with your heart that you believe, and it is with your lips that you confess, that you
are justified. And it is with your mouth that you are saved.
To be saved does not require anything more than a confession from the individual;
however, those who seek his salvation frequently have the misconception that they are required
to have clergy involved. In the same way that a blockchain does not require a third party, being
saved does not require anyone to have clergy involved. Your connection with Jesus will expand
in depth and breadth in the same linear fashion as the blockchain itself, block by block.
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References
Yoon, H. (2019). Blockchain Technology and Healthcare. Healthcare Informatics
Research, 25(2), 59-60. doi:10.4258/hir.2019.25.2.59
Zaytoun, H. S. (2019). Cyber Pickpockets: Blockchain, cryptocurrency, and the law of
theft. North Carolina Law Review, 97(2), 395.
Mertz, L. (2018). (Block) Chain Reaction: A Blockchain Revolution Sweeps into Healthcare,
Offering the Possibility for a much-needed Data Solution. IEEE Pulse, 9(3), 4-7.
doi:10.1109/MPUL.2018.2814879
Tien Tuan Anh Dinh, Liu, R., Zhang, M., Chen, G., Ooi, B. C., & Wang, J. (2018). Untangling
Blockchain: A Data Processing view of blockchain systems. IEEE Transactions on
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Treleaven, P., Gendal Brown, R., & Yang, D. (2017). Blockchain technology in
finance. Computer, 50(9), 14-17. doi:10.1109/MC.2017.3571047
Trump, B. D., Florin, M., Matthews, H. S., Sicker, D., & Linkov, I. (2018). Governing the use of
Blockchain and Distributed Ledger Technologies: Not One-Size-Fits-All. IEEE
Engineering Management Review, 46(3), 56-62. doi:10.1109/EMR.2018.2868305
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Eyal, I. (2017). Blockchain technology: Transforming Libertarian Cryptocurrency Dreams to
Finance and Banking Realities. Computer, 50(9), 38-49. doi:10.1109/MC.2017.3571042
Lee, J. (2018). Blockchain Technologies: Blockchain use Cases for Consumer Electronics. IEEE
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Macrinici, D., Cartofeanu, C., Gao, S., Örebro universitet, & Handelshögskolan vid Örebro
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