Blog

The Evolution of Blockchain: Transforming Industries with Distributed Ledger Technology

Book Title: Exploring the Frontiers of Artificial Intelligence and Machine Learning Technologies

Editors:  Mr. Agha Urfi Mirza and Dr. Balraj Kumar

ISBN:  978-81-970457-9-0

Chapter: 6

DOI: https://doi.org/10.59646/efaimltC6/133

Authors:   Dr. D. Poornima1 and Dr Vijayalakshmi chintamaneni2

1Assistant Professor, Department of Computer Science and Engineering, Sathyabama Institute of Science and Technology, Chennai, Tamil Nadu, India.
2Associate Professor, Department of Electronics and Communication Engineering, St. Peter’s Engineering College, Maisammaguda, Hyderabad, India.

Abstract:

This chapter explores the dynamic evolution of blockchain technology and its profound impact on diverse industries. The introduction provides a concise overview of key blockchain concepts, including distributed ledgers, cryptography, and consensus mechanisms. It traces the historical context of blockchain’s emergence, initially linked with Bitcoin, and underscores its broader potential beyond cryptocurrency applications. From enhanced transparency and efficiency in supply chain management to faster, secure financial transactions, secure healthcare data exchange, and verifiable voting systems, blockchain is shown to revolutionize diverse sectors. The safeguarding of intellectual property rights and efficient ownership management is also explored in the context of intellectual property. The chapter then looks ahead, examining emerging trends and potential future applications of blockchain technology. Topics include the development of a new financial ecosystem with Decentralized Finance (DeFi), the transformative impact of Non-Fungible Tokens (NFTs) on digital asset ownership and monetization, and the exploration of Central Bank Digital Currencies (CBDCs).

References

  1. World Economic Forum. (2023, January 11). Blockchain: Transforming trust and transparency.
  2. Ølnes, Svein & Ubacht, Jolien & Janssen, Marijn. (2017). Blockchain in government: Benefits and implications of distributed ledger technology for information sharing. Government Information Quarterly. 34. 10.1016/j.giq.2017.09.007.
  3. Saeed H, Malik H, Bashir U, Ahmad A, Riaz S, Ilyas M, Bukhari WA, Khan MIA. Blockchain technology in healthcare: A systematic review. PLoS One. 2022 Apr 11;17(4):e0266462. doi: 10.1371/journal.pone.0266462. PMID: 35404955; PMCID: PMC9000089.
  4. Silva C. A., Aquino G. S., Melo S. R., & Egídio D. J. (2019). A fog computing-based architecture for medical records management. Wireless Communications and Mobile Computing, 2019.
  5. Angelis J., & da Silva E. R. (2019). Blockchain adoption: A value driver perspective. Business Horizons, 62(3), 307–314. 
  6. Mendling J., Weber I., Aalst W. V. D., Brocke J. V., Cabanillas C., Daniel F., et al. (2018). Blockchains for business process management-challenges and opportunities. ACM Transactions on Management Information Systems (TMIS), 9(1), 1–16.
  7.  Abou Jaoude J., & Saade R. G. (2019). Blockchain applications–usage in different domains. IEEE Access, 7, 45360–45381
  8. Gatteschi, V.; Lamberti, F.; DeMartini, C.; Pranteda, C.; Santamaria, V. Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough? Future Internet 2018, 10, 20.
  9. Dr. E. Praynlin, Dr. S. Karthik, Mr. K. Shankar and Ms. Monika Singh, Basics of Machine Learning, San International Scientific Publications, ISBN: 978-81-968148-3-0, DOI: https://doi.org/10.59646/bmachlearn/100.
  10. Dr. Namita Chawla, Prof. Dhananjay Narayan Bhavsar, Dr. Vaishali Jawale and Dr. Nilesh Anute, Artificial Intelligence and Machine Learning, San International Scientific Publications, ISBN: 978-81-967968-8-4, DOI: https://doi.org/10.59646/aiml/098.