Abstract
The blockchain technology has a potential to be applied in a variety of areas of our daily life. From the original Bitcoin cryptocurrency to the current smart contracts, the blockchain has been applied to many domains. Its numerous applications result in much ongoing research in different practical and scientific areas. This new technology is being seen as a revolutionary solution in finance, decentralization, trust, identity, data ownership and data-driven decisions. This paper presents the novel solutions associated with some of the big data areas that can be empowered by the blockchain technology such as healthcare, decentralized personal data protection, digital property, Internet of Things, digital identity, financial services and infrastructure, e-commerce, educational records, knowledge sharing, insurance, food industry, accounting, auditing and e-voting. Blockchain technology could be used in electronic health records and in the establishment and maintenance of birth registers, deaths, marriages, registration of business activities, but also in the organization of elections. The features of this technology can actually be the redefinition of Internet 3.0 defined as a new type of decentralized infrastructure or network of networks.
Highlights
In 2008, powerful American financial institutions and insurance companies were on the edge of bankruptcy
This paper describes the interesting implementations of blockchain technology in various domains such as healthcare
The consortium blockchain allows a group of individual organizations to validate blocks, instead of having everyone participate in the process, or having only a single entity to decide the validation process
Summary
In 2008, powerful American financial institutions and insurance companies were on the edge of bankruptcy. This paper depicts the decentralization of Wikipedia's knowledge base This is followed by applications of blockchain technology in the insurance sector, the food industry, accounting, auditing and election management. Blockchain technology covers techniques from several disciplines: cryptography, mathematics, algorithms and economic theory They are combining P2P networks and use a distributed consensus algorithm to solve traditional distributed database synchronize problem. Blockchain technologies solve the trust problem between a node to node, so data transfer or even transaction can be anonymous. Blockchain removes the features of endless duplication of digital assets This forms a consensus system which ensures that each unit of value is transferred only once, solving the longstanding problem of double spending and blockchain-based value exchange system can be faster, safer and cheaper than traditional systems
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