A Technical Seminar

Report on
“BLOCKCHAIN TECHNOLOGY”
Submitted to The

JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY

HYDERABAD
In partial fulfillment of the requirement for the award of the degree of

BACHELOR OF TECHNOLOGY
In

COMPUTER SCIENCE AND ENGINEERING

(DATA SCIENCE)
By

VEMU CHAMINDAVASS (20TP1A6718)

DEPARTMENT OF CSE(DATA SCIENCE)

SIDDHARTHA INSTITUTE OF ENGINEERING AND

TECHNOLOGY
(Approved by AICTE, Accredited by NBA & NAAC A+, Affiliated to JNTU Hyderabad)
Vinobhanagar (V), Ibrahimpatnam (M), R.R. Dist. 501506.

2023-2024
 SIDDHARTHA INSTITUTE OF ENGINEERING
AND
TECHNOLOGY
(Approved by AICTE, Accredited by NBA & NAAC A+, Affiliated to JNTUH)

DEPARTMENT OF CSE(DATA SCIENCE)

CERTIFICATE
This is to certify that the Technical seminar entitled “ BLOCKCHAIN
TECHNOLOGY ” is being submitted by VEMU CHAMINDAVASS – 20TP1A6718
in Partial fulfillment for the requirement of the award of BACHELOR OF
TECHNOLOGY in CSE( DATA SCIENCE) of the Jawaharlal Nehru Technological
University, Hyderabad, during the academic year 2023-2024.

TECHNICAL SEMINAR CO-ORDINATOR HEAD OF THE DEPARTMENT

Dr.T.Lakshmi Devi Dr.S.V.Pavan kumar
B. Tech, M. Tech, Ph. D, M. Tech, Ph.D.
Assistant Professor Associate Professor
 INTRODUCTION TO METAVERSE

INDEX

INDEX 3

LIST OF FIGURES 4

CHAPTER NO. TOPIC PAGE

1 Abstract 5

2 Introduction 6

3 History 7

4 Working 9

5 Types of 13
Blockchains
6 Advantages and 18
Disadvantages

7 Application 20

8 Conclusion 22

References 23

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LIST OF FIGURES
S NO. NAME OF THE PAGE NO
FIGURE
1 Blockchain technology 6

2 Operation of blockchain 11

3 Applications of 20
blockchain

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CHAPTER 1

ABSTRACT
Blockchain technology has been described as the biggest technical revolution since the Internet. The
technology – which is the basis for the cryptocurrency Bitcoin, but which can be used for much more –
enables digital transactions without the use of intermediaries, which are much faster and also more secure
than has previously been possible. Blockchain technology is expected to change a wide range of business
sectors fundamentally, such as banks and finance, consumer goods, supply chain, automotive, energy,
legal services, etc.

With Blockchain technology in financial sector, the participants can interact directly and can make
transactions across the internet without the interference of a third party. Such transactions through
Blockchain will not share any personal information regarding the participants and it creates a transaction
record by encrypting the identifying information.

The most exciting feature of Blockchain is that it greatly reduces the possibilities of a data breach. In
contrast with the traditional processes, in Blockchain there are multiple shared copies of the same data
base which makes it challenging to wage a data breach attack or cyber-attack . With all the fraud resistant
features, the block chain technology holds the potential to revolutionize various business sectors and
make processes smarter, secure, transparent, and more efficient compared to the traditional business
processes.

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CHAPTER 2
INTRODUCTION

The Blockchain is an encrypted, distributed

database that records data, or in other words it is a
digital ledger of any transactions, contracts - that
needs to be independently recorded. One of the key
features of Blockchain is that this digital ledger is
accessible across several hundreds and thousands of
computer and is not bound
Fig 1: blockchain technology
to be kept in a single place. Blockchain chain has already started disrupting the financial services sector,
and it is this technology which underpins the digital currency- bitcoin transaction.

Blockchain is an open and distributed ledger that can be used to record transactions between two parties.
This way of recording a transaction is both permanent as well as verifiable, which makes it one of the
best ways to keep transactions. Blockchains are built on the open-source platform. So different versions
of these blockchains are possible, which are developed as per the needs of different industries.

As blockchain is a distributed ledger, hence every transaction is stored on more than one computer,
which makes us sure that every transaction is going to be permanent without any fear of loss. As
blockchain is distributed, it can neither be owned nor be fully controlled by a single entity. Transactions
are between two parties, and no other parties are involved, this results in lower cost, and once a
transaction is performed, it cannot be changed under any circumstances.

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CHAPTER 3
HISTORY
Although blockchain is a new technology, it already boasts a rich and interesting history. The following
is a brief timeline of some of the most important and notable events in the development of blockchain.

2008
• Satoshi Nakamoto, a pseudonym for a person or group, publishes “Bitcoin: A Peer to Peer Electronic
Cash System."
2009
• The first successful Bitcoin (BTC) transaction occurs between computer scientist Hal Finney and the
mysterious Satoshi Nakamoto.
2010
• Florida-based programmer Laszlo Hanycez completes the first ever purchase using Bitcoin — two
Papa John’s pizzas. Hanycez transferred 10,000 BTC’s, worth about $60 at the time. Today it's worth
$80 million.
• The market cap of Bitcoin officially exceeds $1 million.
2011
• 1 BTC = $1USD, giving the cryptocurrency parity with the US dollar.
• Electronic Frontier Foundation, Wikileaks and other organizations start accepting Bitcoin as
donations.
2012
• Blockchain and cryptocurrency are mentioned in popular television shows like The Good Wife,
injecting blockchain into pop culture.
• Bitcoin Magazine launched by early Bitcoin developer Vitalik Buterin.
2013
• BTC market cap surpassed $1 billion.
• Bitcoin reached $100/BTC for first time.
• Buterin publishes “Ethereum Project" paper suggesting that blockchain has other possibilities besides
Bitcoin (e.g., smart contracts).
2014
• Gaming company Zynga, The D Las Vegas Hotel and Overstock.com all start accepting Bitcoin as
payment.

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• Buterin’s Ethereum Project is crowdfunded via an Initial Coin Offering (ICO) raising over $18 million
in BTC and opening up new avenues for blockchain
• R3, a group of over 200 blockchain firms, is formed to discover new ways blockchain can be
implemented in technology. • PayPal announces Bitcoin integration.
2015
• Number of merchants accepting BTC exceeds 100,000.
• NASDAQ and San-Francisco blockchain company Chain team up to test the technology for trading
shares in private companies.
2016
• Tech giant IBM announces a blockchain strategy for cloud-based business solutions.
• Government of Japan recognizes the legitimacy of blockchain and cryptocurrencies.
2017
• Bitcoin reaches $1,000/BTC for first time.
• Cryptocurrency market cap reaches $150 billion.

• JP Morgan CEO Jamie Dimon says he believes in blockchain as a future technology, giving the ledger
system a vote-of-confidence from Wall Street. • Bitcoin reaches its all-time high at $19,783.21/BTC. •
Dubai announces its government will be blockchain-powered by 2020.
2018
• Facebook commits to starting a blockchain group and also hints at the possibility of creating its own
cryptocurrency.
• IBM develops a blockchain-based banking platform with large banks like Citi and Barclays signing
on.

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CHAPTER 4
WORKING
COMPONENTS
A Blockchain comprises of two different components, as follows:
Transaction:
A transaction, in a Blockchain, represents the action triggered by the participant.
Block:
A block, in a Blockchain, is a collection of data recording the transaction and other associated details
such as the correct sequence, timestamp of creation, etc.
The Blockchain can either be public or private, depending on the scope of its use. A public Blockchain
enables all the users with read and write permissions such as in Bitcoin, access to it. However, there are
some public Blockchains that limit the access to only either to read or to write. On the contrary, a private
Blockchain limits the access to selected trusted participants only, with the aim to keep the users’ details
concealed. This is particularly pertinent amongst governmental institutions and allied sister concerns or
their subsidies thereof. One of the major benefits of the Blockchain is that it and its implementation
technology is public. Each participating entities possesses an updated complete record of the transactions
and the associated blocks. Thus the data remains unaltered, as any changes will be publicly verifiable.
However, the data in the blocks are encrypted by a private key and hence cannot be interpreted by
everyone.

WORKING
The whole point of using a blockchain is to let people — in particular, people who don't trust one another
— share valuable data in a secure, tamperproof way.Blockchain consists of three important concepts:
blocks, nodes and miners.
Blocks:
Every chain consists of multiple blocks and each block has three basic elements:
• The data in the block.
• A 32-bit whole number called a nonce. The nonce is randomly generated when a block is created,
which then generates a block header hash.
• The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes (i.e., be
extremely small).

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When the first block of a chain is created, a nonce generates the cryptographic hash. The data in the
block is considered signed and forever tied to the nonce and hash unless it is mined.

Miners:
Miners create new blocks on the chain through a process called mining.In a blockchain every block has
its own unique nonce and hash, but also references the hash of the previous block in the chain, so mining
a block isn't easy, especially on large chains.Miners use special software to solve the incredibly complex
math problem of finding a nonce that generates an accepted hash. Because the nonce is only 32 bits and
the hash is 256, there are roughly four billion possible noncehash combinations that must be mined
before the right one is found. When that happens miners are said to have found the "golden nonce" and
their block is added to the chain.
Making a change to any block earlier in the chain requires re-mining not just the block with the change,
but all of the blocks that come after. This is why it's extremely difficult to manipulate blockchain
technology. Think of it is as "safety in math" since finding golden nonces requires an enormous amount
of time and computing power.

When a block is successfully mined, the change is accepted by all of the nodes on the network and the
miner is rewarded financially.

Nodes:
One of the most important concepts in blockchain technology is decentralization. No one computer or
organization can own the chain. Instead, it is a distributed ledger via the nodes connected to the chain.
Nodes can be any kind of electronic device that maintains copies of the blockchain and keeps the network
functioning.
Every node has its own copy of the blockchain and the network must algorithmically approve any newly
mined block for the chain to be updated, trusted and verified. Since blockchains are transparent, every
action in the ledger can be easily checked and viewed. Each participant is given a unique alphanumeric
identification number that shows their transactions.

Combining public information with a system of checks-and-balances helps the blockchain maintain
integrity and creates trust among users. Essentially, blockchains can be thought of as the scalability of
trust via technology.
Another major advantage of the Blockchain technology is that it is decentralized. It is decentralized in

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the sense that:
• There is no single device that stores the data (transactions and associated blocks), rather they are
distributed among the participants throughout the network supporting the Blockchain.
• The transactions are not subject to approval of any single authority or have to abide by a set of specific
rules, thus involving substantial trust as to reach a consensus.
• The overall security of a Blockchain eco-system is another advantage. The system only allows new
blocks to be appended. Since the previous blocks are public and distributed, they cannot be altered or
revised.

Fig 2. operation of blockchain

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For a new transaction to be added to the existing chain, it has to be validated by all the participants of
the relevant Blockchain eco-system. For such a validation and verification process, the participants must
apply a specific algorithm. The relevant Blockchain eco-system defines what is perceived as “valid”,
which may vary from one eco-system to another. A number of transactions, thus approved by the
validation and verification process, are bundled together in a block. The newly prepared block is then
communicated to all other participating nodes to be appended to the existing chain of blocks. Each
succeeding block comprises a hash, a unique digital fingerprint, of the preceding one. Figure 2.2
demonstrates how Blockchain transactions takes place, using a stepby-step example. Bob is going to
transfer some money to Alice. Once the monetary transaction is initiated and hence triggered by Bob, it
is represented as a “transaction” and broadcast to all the involved parties in the networks. The transaction
now has to get “approval” as being indeed “valid” by the Blockchain eco-system. Transaction(s) once
approved as valid along with the hash of the succeeding block are then fed into a new “block” and
communicated to all the participating nodes to be subsequently appended to the existing chain of blocks
in the Blockchain digital ledger.

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CHAPTER 5
TYPES OF BLOCKCHAINS

At a glance, there are four different major types of blockchain technologies. They include the following.
• Public
• Private
• Hybrid
• Federated

PUBLIC BLOCKCHAIN
A public blockchain is one of the different types of blockchain technology. A public blockchain is the
permission-less distributed ledger technology where anyone can join and do transactions. It is a non-
restrictive version where each peer has a copy of the ledger. This also means that anyone can access the
public blockchain if they have an internet connection.
One of the first public blockchains that were released to the public was the bitcoin public blockchain. It
enabled anyone connected to the internet to do transactions in a decentralized manner.
The verification of the transactions is done through consensus methods such as Proof-ofWork(PoW),
Proof-of-Stake(PoS), and so on. At the cores, the participating nodes require to do the heavy-lifting,
including validating transactions to make the public blockchain work. If a public blockchain doesn’t
have the required peers participating in solving transactions, then it will become non-functional. There
are also different types of blockchain platforms that use these various types of blockchain as the base of
their project. However, each platform introduces more features in its platform aside from the usual ones.
Examples of public blockchain: Bitcoin, Ethereum, Litecoin, NEO
Advantages:
Public blockchains are good at what they do. Its advantages include the following.
• Anyone can join the public blockchain.
• It brings trust among the whole community of users
• Everyone feels incentivized to work towards the betterment of the public network
• Public blockchain requires no intermediaries to work.
• Public blockchains are also secure depending on the number of participating nodes
• It brings transparency to the whole network as the available data is available for verification purposes
Disadvantages:
Public blockchain does suffer from disadvantages. They are as follows:

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• They suffer from a lack of transaction speed. It can take a few minutes to hours before a transaction is
completed. For instance, bitcoin can only manage seven transactions per second compared to 24,000
transactions per second done by VISA. This is because it takes time to solve the mathematical problems
and then complete the transaction.
• Another problem with public blockchain is scalability. They simply cannot scale due to how they
work. The more nodes join, the clumsier, and slow the network becomes. There are steps taken to solve
the problem. For example, Bitcoin is working on lighting the network, which takes transactions off-chain
to make the main bitcoin network faster and more scalable.
• The last disadvantage of a public blockchain is the consensus method choice. Bitcoin, for example,
uses Proof-of-Work (PoW), which consumes a lot of energy. However, this has been partially solved by
using more efficient algorithms such as Proof-of-Stake (PoS). Use Cases: There are multiple use-cases
of the public blockchain. To get a better idea, let’s list some of them below.
• Voting: Governments can do voting through public blockchain employing transparency and trust.
• Fundraising: Companies or initiatives can make use of the public blockchain for improving
transparency and trust.

PRIVATE BLOCKCHAIN
A private blockchain is one of the different types of blockchain technology. A private blockchain can be
best defined as the blockchain that works in a restrictive environment, i.e., a closed network. It is also a
permissioned blockchain that is under the control of an entity.
Private blockchains are amazing for using at a privately-held company or organization that wants to use
it for internal use-cases. By doing so, you can use the blockchain effectively and allow only selected
participants to access the blockchain network. The organization can also set different parameters to the
network, including accessibility, authorization, and so on! So, how is it different from a public
blockchain? It is different in the way it is accessed. Otherwise, it offers the same set of features as that
of the public blockchain, providing transparency, trust, and security to the selected participants.
Another major difference is that it’s kind of centralized as only one authority looks over the network.
So, it doesn’t have a decentralized theoretical nature. There are also various types of blockchain
platforms that use private blockchain as the base of their platform. More so, each one of them tends to
be unique and offer different features.In many cases, a private blockchain is considered permissioned
blockchain. But the concept of permissioned blockchain is much broader as it can include public
blockchain as well.

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Examples of Private blockchain: Multichain, Hyperledger Fabric, Hyperledger Sawtooth, Corda
Advantages:
• Private blockchains are fast. This is because there are few participants compared to the public
blockchain. In short, it takes less time for the network to reach consensus resulting in faster transactions.
• Private blockchains are more scalable. The scalability is possible because, in a private blockchain, only
a few nodes are authorized to validate transactions. This means it doesn’t matter if the network grows;
the private blockchain will work at its previous speed and efficiency. The key here is the centralization
aspect of decision making.
Disadvantages:
• Private blockchains are not truly decentralized. This is one of the biggest disadvantages of private
blockchain and goes against the core philosophy of distributed ledger technology or blockchain in
general.
• Achieving trust within the private blockchain is tough because the centralized nodes make the last call.
• Lastly, as there are only a few nodes here, the security isn’t all that good. It is important to understand
that it is possible to lose security if a certain number of nodes go rogue and compromise the consensus
method utilized by the private network.
Use Cases:
There are multiple private blockchain’s use-cases. Some of them are listed below.
• Supply chain management: Organizations can deploy a private blockchain to manage their supply
chain.
• Asset ownership: Assets can be tracked and verified using a private blockchain.
• Internal Voting: Private blockchain is also effective at internal voting. Anyhow, you can use the
article as types of blockchain technology pdf when in need.

CONSORTIUM BLOCKCHAIN
A consortium blockchain is one of the different types of blockchain technology. A consortium
blockchain (also known as Federated blockchains) is a creative approach to solving organizations’ needs
where there is a need for both public and private blockchain features. In a consortium blockchain, some
aspects of the organizations are made public, while others remain private.The consensus procedures in
a consortium blockchain are controlled by the preset nodes. More so, even though it’s not open to mass
people, it still holds a decentralized nature. How? Well, a consortium blockchain is managed by more
than one organization. So, there is no one single force of centralized outcome here.

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To ensure proper functionality, the consortium has a validator node that can do two functions, validate
transactions, and also initiate or receive transactions.
In comparison, the member node can receive or initiate transactions. In short, it offers all the features
of a private blockchain, including transparency, privacy, and efficiency, without one party having
consolidating power.
Examples of Consortium Blockchain: Marco Polo, Energy Web Foundation, IBM Food Trust.
Advantages:
• It offers better customizability and control over resources.
• Consortium blockchains are more secure and have better scalability.
• It is also more efficient compared to public blockchain networks.
• Works with well-defined governance structures.
• It offers access controls.
Disadvantages:
• Even though it is secure, the whole network can be compromised due to the member’s integrity.
• It is less transparent.
• Regulations and censorship can have a huge impact on network functionality.
• It is also less anonymous compared to other types of blockchain.
Use Cases:
There are multiple use-cases of consortium blockchain. Some of them include the following • Banking
and payments: A group of banks can work together and create a consortium. They can decide the nodes
that will validate transactions.
• Research: A consortium blockchain can be used to share research data and results.
• Food tracking: It is also great for food tracking.

HYBRID BLOCKCHAIN
Hybrid blockchain is one of the different types of blockchain technology. More so, Hybrid blockchain
is the last type of blockchain that we are going to discuss here. More so, hybrid blockchain might sound
like a consortium blockchain, but it is not. However, there can be some similarities between them.
Hybrid blockchain is best defined as a combination of a private and public blockchain. It has use-cases
in an organization that neither wants to deploy a private blockchain nor public blockchain and simply
wants to deploy both worlds’ best.
Example of Hybrid Blockchain: Dragonchain, XinFin’s Hybrid blockchain

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Advantages:
• Works in a closed ecosystem without the need to make everything public.
• Rules can be changed according to the needs.
• Hybrid networks are also immune to 51% attacks.
• It offers privacy while still connected with a public network. • It offers good scalability compared to
the public network.
Disadvantages:
• Not completely transparent.
• Upgrading to the hybrid blockchain can be a challenge.
• There is no incentive for participating and contributing to the network.
Use Cases: Some of the best use-cases of the Hybrid blockchain are as follows:
• Real estate: You can use hybrid networks for real-estate purposes where real-estate companies can use
it to run their systems and use the public to show information to the public.
• Retail: Retail can also use the hybrid network to streamline their processes.
• Highly regulated markets: Hybrid blockchains are also ideal for highly regulated markets such as
financial markets.

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CHAPTER 6
ADVANTAGES AND DISADVANTAGES
ADVANTAGES
The crucial advantages of implementing Blockchain Technology for the industry are:
• Decentralization : This is one of the primary benefits of this technology because, in a Blockchain-
powered system, the need for third-party or intermediaries is eliminated by its working mechanism that
manages the process of validating, verifying, and clearing the various transactions.
• Process Integrity : Due to the security reasons, this program was made in such a way that any block
or even a transaction that adds to the chain cannot be edited which ultimately provides a very high range
of security.
• Traceability : The format of Blockchain designs in such a way that it can easily locate any problem
and correct if there is any. It also creates an irreversible audit trail.
• Trustworthy: A distributed ledger in blockchain technology records all crucial transactions in such a
manner that they are readily available to all the blockchain members. As now the ledgers are being
shared publicly, this brings more transparency and trust in the entire system.
• Simplification: Present working model in various organizations, in whichever sector like an
automobile, healthcare, banking, etc. every department is maintaining their own databases. Blockchain
technology serves a single shared ledger that makes data sharing fast and simpler involving all
departments.
• Faster Trades: Any kind of trade or contract has to pass through various verification processes before
reaching its final destination. Blockchain technology can assist in saving time here, by offering a single
ledger to all the associated parties by providing faster settlement of trades.

DISADVANTAGES
Of course, every system has both merits and drawbacks.With some crucial advantages, Blockchain
Technology has some drawbacks too for an industry:
• Nascent Technology: With having several benefits of Blockchain Technology, the primary
disadvantage of this cutting-edge technology is that there are some nasty challenges like transaction
speed, the verification process, and data limits that should be resolved before making blockchain widely
applicable.
• Uncertain: As most of the modern currencies of today have been created and regulated by national
governments, financial institutions, etc. Blockchain or bitcoin faces a hurdle in widespread adoption as
their financial transactions would be restricted because not authorized by the government institutions
and as a result remain unsettled.
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• Higher Costs: Developing a Blockchain into your organization is not an easy task, it involves massive
energy consumption, a decent amount, colossal capital cost, etc. that might be not possible for medium-
scale as well as low scale businesses. It is a fact that it offers tremendous savings in transaction costs,
but at the same time, its implementation cost is too high.
• Power Use: The consumption of power in the implementation of Blockchain Technology is
comparatively high. Keeping a real-time ledger is one of the underlying reasons for this higher
consumption because every time it produces a new node, it communicates with every node at the same
time. Despite all these drawbacks, blockchain is one of the most advanced and secured technologies of
the decade. If you are struggling while deciding whether to adopt blockchain or not, shade-off your
doubts and integrate the blockchain technology into your business infrastructure. If you are finding it
difficult to get a blockchain development company that can help you create a highly functional and
feature-rich blockchain-enabled solution, then SARA could be a one-stop destination.

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CHAPTER 7
APPLICATIONS
Blockchain has a nearly endless amount of applications across almost every industry. The ledger
technology can be applied to track fraud in finance, securely share patient medical records between
healthcare professionals and even acts as a better way to track intellectual property in business and music
rights for artists.

Fig 3. Applications of blockchain

Blockchain technology can be utilized in multiple industries including Financial Services, Healthcare,
Government, Travel and Hospitality, Retail and CPG.
• Financial Services: In the financial services sector, Blockchain technology has already been
implemented in many innovative ways. Blockchain technology simplifies and streamlines the entire
process associated with asset management and payments by providing an automated trade lifecycle
where all participants would have access to the exact same data about a transaction. This removes the
need for brokers or intermediaries and ensures transparency and effective management of transactional
data.
• Healthcare: Blockchain can play a key role in the healthcare sector by increasing the privacy, security
and interoperability of the healthcare data. It holds the potential to address many interoperability
challenges in the sector and enable secure sharing of healthcare data among the various entities and
people involved in the process. It eliminates the interference of a thirdparty and also avoids the overhead
costs. With Blockchains, the healthcare records stored in distributed data bases by encrypting it and
implementing digital signatures to ensure privacy and authenticity.
• Government: Blockchain technology holds the power to transform Government’s operations and
services. It can play a key role in improving the data transactional challenges in the Government sector,
which works in siloes currently. The proper linking and sharing of data with Blockchain enable better

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management of data between multiple departments. It improves the transparency and provides a better
way to monitor and audit the transactions.
• CPG and Retail: There is a huge opportunity for Blockchain technology to be applied in the retail
sector . This includes everything from ensuring the authenticity of high value goods, preventing,
fraudulent transactions, locating stolen items, enabling virtual warranties, managing loyalty points and
streamlining supply chain operations.
• Travel and Hospitality: It can be applied in money transactions, storing important documents like
passports/ other identification cards, reservations and managing travel insurance, loyalty and rewards.

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CHAPTER 8
CONCLUSION
The application of the Blockchain concept and technology has grown beyond its use for Bitcoin
generation and transactions. The properties of its security, privacy, traceability, inherent data provenance
and time-stamping has seen its adoption beyond its initial application areas. The Blockchain itself and
its variants are now used to secure any type of transactions, whether it be human-to-human
communications or machine-to-machine. Its adoption appears to be secure especially with the global
emergence of the Internet-of-Things. Its decentralized application across the already established global
Internet is also very appealing in terms of ensuring data redundancy and hence survivability. Thus the
invention of the Blockchain can be seen to be a vital and much needed additional component of the
Internet that was lacking in security and trust before. BC technology still has not reached its maturity
with a prediction of five years as novel applications continue to be implemented globally.

THE FUTURE OF BLOCKCHAIN

According to the Gartner Hype Cycle for Emerging Technologies 2017,
shown in Figure 2, below, Blockchain still remains in the region of “Peak
of Inflated Expectation” with forecast to reach plateau in “five to ten years”.
However, this technology is shown going downhill into the
region of the “Trough of
Disillusionment”. Because of the wide adoption of the Blockchain in a wide
range of applications beyond cryptocurrency, the authors of this paper are forecasting a shift in
classification from “five to ten years” to “two to five years” to reach maturation. Blockchain possesses
a great potential in empowering the citizens of the developing countries if widely adopted by e-
governance applications for identity management, asset ownership transfer of precious commodities
such as gold, silver and diamond, healthcare and other commercial uses as well as in financial inclusion.
However, this will strongly depend on national political decisions.

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REFERENCES

• Blockchain Technology Explained: The Ultimate Beginner’s Guide About Blockchain Wallet,
Mining, Bitcoin, Ethereum, Litecoin, Zcash, Monero, Ripple, Dash, IOTA and Smart Contracts, Alan
T. Norman

• Blockchain: Blueprint for a New Economy, Melanie Swan

• https://builtin.com/blockchain

• https://www.computerworld.com/article/3191077/what-is-blockchain-the-completeguide.html

• http://graphics.reuters.com/TECHNOLOGY-BLOCKCHAIN/010070P11GN/index.html

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