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© 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

Abstract

The real-world use cases of blockchain technology, such as faster cross-border payments, identity management, smart contracts, cryptocurrencies, and supply chain–blockchain technology are here to stay and have become the next innovation, just like the Internet. There have been attempts to formulate digital money, but they have not been successful due to security and trust issues. However, blockchain needs no central authority, and its operations are controlled by the people who use it. Furthermore, it cannot be altered or forged, resulting in massive market hype and demand. Blockchain has moved past cryptocurrency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology’s desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. We first conduct a thorough analysis of blockchain technology in this paper, paying particular attention to its evolution, applications and benefits, the specifics of cryptography in terms of public key cryptography, and the challenges of blockchain in distributed transaction ledgers, as well as the extensive list of blockchain applications in the financial transaction system. This paper presents a detailed review of blockchain technology, the critical challenges faced, and its applications in different fields. Blockchain in the transaction system is explained in detail with a summary of different cryptocurrencies. Some of the suggested solutions are given in the overall study of the paper.

Details

Title
Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing
Author
Habib, Gousia 1 ; Sharma, Sparsh 1 ; Ibrahim, Sara 2 ; Ahmad, Imtiaz 1   VIAFID ORCID Logo  ; Qureshi, Shaima 1 ; Malik Ishfaq 3 

 Department of Computer Science and Engineering, National Institute of Technology, Srinagar 190001, India 
 Applied Sciences for Economics and Management, FOM University, 45127 Essen, Germany 
 Department of Mathematics, University of Kashmir, South Campus, Anantnag 192101, India 
First page
341
Publication year
2022
Publication date
2022
Publisher
MDPI AG
e-ISSN
19995903
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
2748280995
Copyright
© 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.