Abstract
Financial technology is the next generation emerging technology, which has drawn the attention of most of the business enterprises. Both blockchain and cloud computing are the two main contemporary parts of Financial technologies. Blockchain provides security for the data through authentication of peers in order to share digital cash, encryption and hash value generation. As per the global financial industry’s prediction, the security related blockchain technology will be increasing beyond 20 billion by 2020. Blockchain technology is used beyond crypto currency and cloud computing is also shifting to meet the changing requirements of industry revolution 4.0. Since Cloud Computing has deployed all its platform for availability and efficiency. This paper discusses about blockchain technology and also enlighten how it’s features can be adopted in cloud computing.
Highlights
Blockchain will be the generation industry revolution for financial sector and the applications of blockchain has reached beyond crypto currency [1]
In blockchain each peers maintains a public ledger which consists of all the transactions that are performed within the network and this helps to avoid hacks made during the virtual cash transactions
Cloud computing has been implemented by many companies because of its efficiency, in which security and privacy are the two important buzz words that are widely discussed in terms of confidentiality, authentication, integrity and so on [3]
Summary
Blockchain will be the generation industry revolution for financial sector and the applications of blockchain has reached beyond crypto currency [1]. In blockchain secure communication takes place between the peers who are participating in the network without the involvement of third party authority as performed in cloud computing. In blockchain each peers maintains a public ledger which consists of all the transactions that are performed within the network and this helps to avoid hacks made during the virtual cash transactions. Once the block is created, all the nodes will append the block to their chain, in turn updating their ledgers. This acts as a trusted mechanism [2] which eliminates single point failure, need for third part authority by ensuring security for virtual cash. BaaS can be adopted by all the companies which have adopted cloud environment without any involvement of an IT expert, which in turn can benefit their business needs
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