The road to the blockchain technology: Concept and types

Abstract

As the Bitcoin keeps increasing in value compared to other cryptocurrencies, more attention has given to Blockchain Technology (BT), which is the infrastructure behind the Bitcoin, especially on its role in addressing the problems of the classical centralized system. As a digital currency, Bitcoin is dependent on the decentralized cryptographic tools and peer-to-peer system. The digital currency implements a distributed ledger using Blockchain when verifying any type of transaction. In this paper, the aim is to describe how digital currency networks such as Bitcoin provides a "trust-less" platform for users to embark on money transfers without necessarily depending on any central trusted establishments such as payment services or financial institutions. Furthermore, this work comprehensively overviewed the basic principle that underly BT, such as transaction, consensus algorithms, and hashing. This study also provided a novel classification for blockchain types according to their system architecture and consensus strategy. For each type, our contribution was provided with an example, which clearly describes the blockchain features and the transaction steps. Our classification intended to help researchers understand and choose the blockchain for their application. The paper ends with the discussion of the differences between each type

Development of an Exploratory Blockchain for Enhanced Data Security in Smart Grids

“…There are five requirements for these algorithms: one-way operation, deterministic, fast computational rates, avalanche effect and collision resistance. The hash can be utilised to determine if data has been altered efficiently, thus serving a significant role in the reliability and accountability of blockchain technology [13].…”

“…Security is an area that often gets neglected. Proof-of-Work (PoW) and Proof-of-Stake (PoS) are the most common mechanisms for consensus [13]. PoW offers the most significant security at the expense of extensive energy usage and transaction processing rates.…”

From Bitcoin to Solana – Innovating Blockchain Towards Enterprise Applications

“…Also, a transfer can be initiated by changing UTXO's current address into the receiver's address. Only the sender with the private key can have access and transfer its UTXO to another address [10]. With UTXO, a transaction in Bitcoin network is just the change of balance's address.…”

Blockchain in oil and gas industry: Applications, challenges, and future trends

“…Through hybrid platforms, restricted access is granted to only a limited number of oil and gas industry users. The consortium or federated blockchain platforms involve several organizations and entities to control and govern the platform [17], [15], [9], [18]. The adaptability of a particular blockchain-based platform into the oil and gas industry is affected by the security and privacy requirements of participating organizations, blockchain de-ployment cost, platform scalability, and transaction execution throughput.…”