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Blockchain Technology: Research and Applied
Blockchain being a leading technology in the 21st century is revolutionizing each sector of life. Services are being provided and upgraded using its salient features and fruitful characteristics. Businesses are being enhanced by using this technology. Countries are shifting towards digital currencies i.e., an initial application of blockchain application. It omits the need of central authority by its distributed ledger functionality. This distributed ledger is achieved by using a consensus mechanism in blockchain. A consensus algorithm plays a core role in the implementation of blockchain. Any application implementing blockchain uses consensus algorithms to achieve its desired task.
2. Types of Blockchain
Public/Permissionless Blockchains for example Bitcoin and Ethereum etc.
Private/Permissioned Blockchains for example Hyperledger and R3 Corda etc.
Hybrid Blockchains for example Dragonchain etc.
3. Applications of Blockchain
4. Blockchain’s Architecture
5. Consensus Algorithms
6. Development Platforms
|Consensus Algorithms||Proof of Work (Currently used), Proof of Stake (In Future)||Tendermint (Byzantine Fault-Tolerant, Proof of Stake)||Proof of Stack||Delegated Proof of Stack||Proof of Work||Practical Byzantine Fault Tolerance||Pluggable Consensus|
|Transactions Per Second||25||10,000||n/a||Millions (theoretically)||1/3 to 1/7||More than 1000||Between 15 and 1678 TPS|
|Transaction Size||1 MB||250 bytes||n/a||n/a||1 MB||Changeable (depending on framework)||Maximum size in bytes|
|Pros||Anyone can write smart contract and anyone can view that contract||Works like a hub for blockchains, based on Tendermint||Scalability, Sidechain which reduces the risk of hacks.||Parallel processing, low latency, free usage (claimed not proven).||Safe and secure, High token value.||Don’t use cryptocurrency so it is ideal for business networks.||Designed specifically for financial applications|
|Cons||Scalability issue, 25 transactions per second is very slow||Complex technology may have compatibility issues with the latest technologies and new blockchains||Maintaining a side chain is complicated and it will require its own miners.||Never actually free, not fully decentralized, the free transaction fee are imposed on everyone who has EOS.||Very slow, not ideal for programming while there are other faster technologies.||There are a lot of frameworks to choose from and they all have different requirements to implement and setup.||Partially decentralized, not much suitable for IoT resource constrained networks|
7. Blockchain Challenges
Although blockchain has improved a lot of applications and has a fault-tolerant peer-to-peer network blockchain always comes up with its vulnerabilities. We discuss the possible attacks on a blockchain ledger.
7.1. Denial of Service (DoS) Attacks
7.2. Sybil Attacks
7.3. Eclipse Attacks
7.4. Routing Attacks
7.5. The 51% Attacks
7.6. Double Spending
7.7. Alternative History Attacks
7.8. Race Attacks
7.9. Finney Attack
8. Blockchain Research Issues
8.1. Blockchain-Based Research Issues in Healthcare
8.2. Blockchain-Based Research Issues/Future Work in Intelligent Transportation System (ITS) and Internet of Things (IoT)
8.3. Blockhain Research Issues/Future Work in Real Estate
9. Future Work
The entry is from 10.3390/app11146252
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