scholarly journals Blockchain Technology : A Tool to Secure Data

2021 ◽  
pp. 434-438
Author(s):  
Namrata Thakur ◽  
Dr. Vinayak D Shinde
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Point Of View ◽  
Internet Technology ◽  
Technological Innovations ◽  
Security Technology ◽  
Entertainment Media ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Block Chain

Data security is the key to the development of modern Internet technology. The distributed, decentralized, and secured hashed mechanism of the blockchain gives a complete new point of view for the evolution of data security technology. Block chain technology is one of the major technological innovations of this century. In the last couple of years, the interest around blockchain technologies is increasing. Many implementation of blockchain technology are widely available today. Blockchain,the foundation of Bitcoin, has gain much attention in this era. Blockchain is an encrypted, immutable, distributed ledger, which allows transactions take place in a decentralized manner. Blockchain based applications expected to alter numerous fields including financial services, health care, entertainment media, Internet of Things (IoT), and many more. The Blockchain technology plays important role in the process of data security. In this paper, we will discuss about the research being done on this new domain of Computer Science. It is not only the most popular topic to discuss about, but is the most technological innovation, that is all set to reform the entire world.

scholarly journals Security Issues in Blockchain based Applications

2019 ◽  
Vol 8 (6S3) ◽  
pp. 890-896
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Internet Technology ◽  
Future Research ◽  
Digital Information ◽  
Financial Applications ◽  
Security Issues ◽  
Blockchain Technology ◽  
Security Challenges ◽  
New Type

Data security is the key to the development of modern internet technology. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. It allows storage of all transactions into immutable records and every record distributed across many participant’s nodes. As there is huge increase in the use cases for blockchain technology, nowadays, the primary issue is to enable secure data sharing, data integrity and authentication. The goal of this study paper is to provide a systematic literature survey exploring the use of blockchain as a base technology for securing financial as well as non-financial applications. The purpose is to identify the whether blockchain technology is capable to provide the desired security solutions in various application. The advantages, challenges and the solution provided by previous research is discussed. The survey was focused on various security issues like Confidentiality, Integrity, Availability, Authenticity, Accountability, and Reliability. The study shows that the Blockchain technology is prospective for financial and non-financial services since it can provide solutions for majority of security issues. Future research needs to provide the implementations of desired solutions discussed in security challenges of Blockchain technology

scholarly journals Blockchain and insurance: a review for operations and regulation

2019 ◽  
Vol 28 (2) ◽  
pp. 215-234 ◽  
Author(s):  
Richard Brophy
Keyword(s):  
Financial Services ◽  
Insurance Industry ◽  
Point Of View ◽  
Current Status ◽  
Content Type ◽  
Regulatory Processes ◽  
Blockchain Technology ◽  
Current State ◽  
Regulatory Bodies ◽  
Central Resource

Purpose The purpose of this paper is to examine the operational and regulatory positions of the employment of Blockchain in the insurance industry. Blockchain technology has attracted wide interest from various stakeholders. Many theorists are predicting that this technology will disrupt financial services, including insurance. As stated that the development of blockchain is dependent on regulatory acceptance of this technology, it is essential to establish the current state of play with regard to the application and use of blockchain from a commercial and regulatory standpoints. Design/methodology/approach This review encompasses a number of approaches to view the current status of Blockchain applications. From a commercial approach, this research lists the current applications of blockchain within the insurance industry. From a regulatory point of view, the current positions of the EU and national regulatory bodies are enquired upon to establish how they are examining FinTech and Blockchain technologies within their regulatory processes. Findings This review illustrates a number of Blockchain applications in situ from a commercial point of view. From a regulatory setting and following a call from international and EU levels, it appears that various regulatory bodies have begun the process of formulating testing processes for FinTech applications. There are two predominant types in operation, while others are forming points of contact for advice for FinTechs and a small amount who have not begun the process at all. Research limitations/implications This review illustrates the current state of play of blockchain in insurance from a commercial and regulatory point of view. While this has been observational, this review pulls together information from various sources to encapsulate the regulatory positioning of evaluating FinTech and Blockchain technologies for academia, regulatory and industry audiences. Originality/value This review offers a central resource of information with regard to the current state of blockchain technologies in operation and regulatory approaches to this and other FinTech developments.

A Triplicate Smart Contract Model using Blockchain Technology

2017 ◽  
Vol DC CPS 2017 (01) ◽  
pp. 1-10 ◽  
Author(s):  
Peter Eze ◽  
Tochukwu Eziokwu ◽  
Chinedu Okpara
Keyword(s):  
Financial Services ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Current Implementation ◽  
Legal Model ◽  
Block Chain ◽  
Physical Assets ◽  
Technical Model ◽  
Digital Assets ◽  
New Framework

An emergent use of the blockchain technology is to enable the transfer of digital assets between two parties. An extension to this is the Smart Property in which physical assets could be transferred too. Another extension is the exchange of services of all kinds in form of digitally executed contracts. In this paper, the problems with existing attempts to implement an all-inclusive smart contract platform were identified and a new framework proposed. In this framework, the technical and legal terms of any contract could be executed digitally if prepared with appropriate legal prose and required parameters for each of the terms of the contract. The cores of the framework are the technical, business and legal models, which are connected to each other. The technical model adapts block chain technology while ensuring granularity in implementing the terms of the contract as presented by the legal model using legal prose and necessary parameters. Using the proposed framework, some questions that have persisted with current implementation of Smart contracts that involves the blockchain were answered. The framework improves the efficiency and practicability of using smart contract for physical assets and non-financial services with emphasis. The contribution is mainly on ensuring an adoptable and practicable smart contract platform.

Risk Management in the Era of Blockchain

2020 ◽  
pp. 128-148
Author(s):  
Mohammed Fisal Abu Khaled
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Financial Services ◽  
Future Research ◽  
Special Focus ◽  
Research Directions ◽  
Governmental Agencies ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Future Research Directions

This chapter intends to document the various ways that the nascent technology, blockchain, and other forms of distributed ledger technology (DLT) can provide both increased and decreased risk as well as offer FinTech industries a fertile environment to pursue key technological advancements that can help shape almost every facet of the financial world. Issues of trust, transparency, and privacy will be explored as it pertains to the execution of blockchain technology within financial sectors. Strengths and weakness will be explored within regulations, legal environments, risk management, and the environment. Based on the findings of a comprehensive literature review, possible solutions and recommendations will be provided for governmental agencies, regulators, and users of financial services with a special focus on Islamic FinTech. Future research directions will also be shared that can assist Islamic FinTech.

scholarly journals Survey on Applications of Blockchain in E-Governance

2021 ◽  
Vol 11 (4) ◽  
pp. 3807-3822
Author(s):  
Shabna Salam ◽  
K. Praveen Kumar
Keyword(s):  
Information And Communication Technologies ◽  
Communication Technologies ◽  
Governance System ◽  
Privacy And Security ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Information And Communication ◽  
Potential Risks ◽  
Block Chain ◽  
Fast Access

Block chain is a distributed ledger that offers secure and immutable storage. E–governance allows exchange of information between government and citizens or organizations through latest information and communication technologies. The E governance services facilitate efficient and fast access of services; on the other hand it raises potential risks of breaching into privacy and Security. Blockchain based e-governance system offers secure and transparent services without intermediary. This paper investigates the scope and challenges of adopting blockchain technology as a platform for E-Governance.

scholarly journals Smart Contracts to Support the Advancement of Blockchain Technology in the Security Integrity

2020 ◽  
Vol 2 (11) ◽  
pp. 31-39
Author(s):  
Sulistiawati Wati
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Energy Resources ◽  
Smart Contracts ◽  
Secure Storage ◽  
Blockchain Technology ◽  
Storage Media ◽  
Smart Contract ◽  
Problem Solvers ◽  
Effective Source

The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.  

scholarly journals Design of Blockchain Based Smart Contract for Tendering

2021 ◽  
Vol 10 (10) ◽  
pp. 222-225
Author(s):  
Denies Kiyeng ◽  
Simon Maina Karume ◽  
Nelson Masese
Keyword(s):  
Information Technology ◽  
Competitive Advantage ◽  
Customer Service ◽  
21St Century ◽  
Financial Services ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Challenges And Opportunities ◽  
Block Chain

Information technology is the backbone for all 21st century organizations that are looking forward to offer better customer service and gain competitive advantage. Today, blockchain technology is being adopted by a number of organizations such as financial services, healthcare, agriculture and even government. . However, the tendering sector have not been able to take advantage of the new blockchain technology, owing to the absence of blockchain based frameworks and a model for secure tendering. This study focuses on block-chain with its BYOE (Bring Your Own Encryption) concept in the procurement sector. The research comes up with a design of a blockchain based smart contract model for organizations in Kenya following ASD approach. In addition a discussion of challenges and opportunities of Blockchain based tendering is also presented.

scholarly journals Blockchain Technology: A Brief Overview

2021 ◽  
pp. 755-758
Author(s):  
H. R. Vyawahare
Keyword(s):  
Internet Of Things ◽  
Financial Services ◽  
Reputation System ◽  
Comprehensive Overview ◽  
Blockchain Technology ◽  
Distributed Ledger

Blockchain technology and distributed ledger has attracted massive attention and has triggered multiple projects in different industries. Blockchain is one of the most important technical invention in the recent years. It serves as an immutable ledger which allows transactions to take place in a decentralized manner. Blockchain based applications are springing up and are covering numerous fields including financial services, reputation system and Internet of Things (IoT), and so on. However, there are still many challenges of blockchain technology such as scalability and security problems waiting to be overcome. This paper presents a comprehensive overview on blockchain technology.

scholarly journals The Urgency of Law Establishment Regarding Block-Chain Technology in Indonesia Based on the Perspective of Dignified Justice (Keadilan Bermartabat)

2019 ◽  
Vol 6 (2) ◽  
pp. 177
Author(s):  
Teguh Prasetyo ◽  
Rizky P.P. Karo Karo ◽  
Vena Pricilia ◽  
Natasha Setiadinata
Keyword(s):  
Financial Services ◽  
Data Privacy ◽  
Banking Sector ◽  
Positive Impact ◽  
Legal Protection ◽  
Empirical Method ◽  
Decentralized System ◽  
Blockchain Technology ◽  
Block Chain ◽  
The Government

AbstractBlock-chain technology has been utilized in various countries in the world, specifically in Indonesia. Block-chain brings positive impact on the development of businesses in Indonesia, but it also has negative impacts if the government of Indonesia doesn�t keep an eye on it. The Positive impacts are that block-chain can improve the efficiency of time and transactions fee. But on the other hand, block-chain gives opportunity to the beginning of cybercrime, for example data theft, client�s financial data. The formulation of problems are: 1. What is the urgency of the establishment of law concerning block-chain technology utilization in Indonesia based on the perspective of dignified justice; 2. What kind of legal protection should be established concerning consumer and business founder protection on the utilization block-chain technology. This research method is a normative empirical method conducted the way of analyzing norms, the laws and regulation on regarding the topic and with profound interviews with experts/officials who has decent knowledge in this specific area. The purpose of this research is to analyze the consumer and founder protection related on the usage of block-chain and to give an input to the ministry on the urgency of the formation of the law on blockchain in Indonesia. The results of this study are that the blockchain technology has been used in various businesses, such as financial / banking sector, agriculture, etc. Blockchain technology can change the paradigm in the financial sector from a centralized system to a decentralized system and to improve system security. Blockchain must be monitored because the blockchain system contained data privacy, financial privacy to prevent the criminal acts. The conclusion is that the supervision of the blockchain system is carried out by forming special regulations on the blockchain or adding new norms which are based on the dignified justice about blockchain in Bank Indonesia Regulations or Financial Services Authority Regulations related to financial technology.Keywords: Blockchain, Consumers Protection, Money Laundering, Renewal Law, Justice Dignity (Keadilan Bermartabat)Urgensi Pembentukan Peraturan Perundang-Undangan Terkait Teknologi Blockchain di Indonesia berdasarkan Keadilan BermartabatAbstrakTeknologi blockchain telah banyak dimanfaatkan di berbagai negara di dunia, khususnya di Indonesia. Penggunaan blockchain membawa dampak positif bagi pengembangan dunia bisnis di Indonesia, namun juga memiliki dampak negatif jika tidak diawasi oleh baik oleh Pemerintah Indonesia. Dampak positif penggunaan blockchain dapat meningkatkan efisiensi waktu, biaya lalu lintas transaksi keuangan. Namun disatu sisi, blockchain menimbulkan dampak negatif yakni membuka peluang munculnya kejahatan dunia maya (cybercrime) misalnya pencurian data privasi, data keuangan nasabah. Adapun yang menjadi rumusan masalah adalah: 1. Apakah yang menjadi urgensi pembentukan peraturan perundang-undangan terkait manfaat teknologi blockchain di Indonesia berdasarkan perspektif keadilan yang bermartabat; 2. Apa jenis perlindungan hukum yang perlu dibangun tentang perlindungan konsumer dan pelaku usaha dalam penggunaan teknologi block chain. Metode yang digunakan ialah normatif empiris yang dilakukan dengan cara menganalisis norma, peraturan perundang-undangan terhadap topik yang diangkat dan dengan metode wawancara yang mendalam kepada narasumber/pejabat yang memiliki kompetensi di bidang tersebut. Tujuan penelitian untuk menganalisis perlindungan konsumen & pelaku usaha terkait penggunaan blockchain dan untuk memberi masukan bagi Kementerian terkait tentang urgensi pembentukan peraturan penggunaan blockchain di Indonesia. Hasil penelitian ini adalah teknologi blockchain telah dipergunakan di pelbagai usaha, baik di sektor keuangan/perbankan, pertanian dan lain sebagainya. Teknologi blockchain dapat merubah paradigma di sektor keuangan dari sistem sentralisasi menuju sistem desentralisasi dan untuk meningkatkan keamanan sistem. Blockchain wajib diawasi karena di dalam sistem blockchain terdapat privasi data, privasi keuangan dan agar tidak disalahgunakan untuk melakukan tindak pidana. Kesimpulannya adalah pengawasan sistem blockchain dilaksanakan dengan membentuk peraturan khusus tentang blockchain atau menambahkan norma baru yang berprinsipkan keadilan bermartabat tentang blockchain dalam Peraturan Bank Indonesia ataupun Peraturan Otoritas Jasa Keuangan yang terkait teknologi finansial.�Kata Kunci: Blockchain, Perlindungan Konsumen, Pencucian Uang, Pembaharuan Hukum, Keadilan Bermartabat

Blockchain

2022 ◽  
pp. 48-58
Author(s):  
Arish Sidiqqui ◽  
Kazi Jubaer Tansen
Keyword(s):  
Intellectual Property ◽  
Real Estate ◽  
Financial Services ◽  
Business Processes ◽  
The Internet ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology

Blockchain is distributed ledger technology. Its advancement has been compared to the rise of the internet with debate about the technology's probability to disrupt multiple industries including healthcare, transportation, real estate, public domains, manufacturing, intellectual property, education, and financial services. It is predicted that the blockchain will have a major impact on many trust-based environments due to its nature of recording any digital transaction that is secure, efficient, transparent, auditable, and resistant to the outage, thereby providing the much-needed security in the transfer of assets in cyberspace. This chapter will highlight some of the business processes that can be disrupted by blockchain technology.

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