Blockchain use cases in 2022 real world industry applications

This document discusses blockchain technology and its potential applications. It defines blockchain as a shared, distributed ledger that allows participants in a business network to view transaction records. Blockchain addresses the problem of difficulty monitoring asset ownership and transfers in a trusted network by providing a permissioned, replicated shared ledger. The key properties that enable this are decentralization, strong authentication, and tamper resistance. The document also discusses public versus private blockchains and the challenges and opportunities blockchain poses for financial institutions in validating transactions without third parties.

This document provides an overview of blockchain technology, how it works, and its applications. It defines blockchain as a decentralized digital ledger consisting of blocks that record transactions across networks so past transactions cannot be altered. The document outlines the history of blockchain, how it provides security through hashing and proof-of-work algorithms, and how cryptocurrencies use blockchain to be immune from counterfeiting without central authorities. It then provides an example of how a basic bitcoin transaction occurs between parties on the blockchain network.

Blockchain technology is gaining significant attention and investment from major banks and financial institutions. Banks are projected to invest $400 million in blockchain by 2019, and over 30% of firms surveyed have annual blockchain budgets over $5 million. Blockchain uses distributed ledger technology to securely record transactions in digitally recorded "blocks" that are linked together, allowing participants on a blockchain network to reach consensus on a single view of the truth. This consensus-based approach provides advantages over traditional centralized databases by enabling trustless verification and transparency across organizations without the need for intermediaries.

Murughan Palaniachari presents information on blockchain concepts. He discusses how blockchain enables a decentralized future (Web 3.0) with distributed and individual ownership of data. Blockchain uses distributed ledgers and cryptography to securely record transactions in an immutable, transparent and verifiable way without centralized control. Key concepts covered include how blockchain works, the structure of blocks and blockchains, consensus mechanisms, smart contracts, and examples of blockchain use cases.

Blockchain technology was first introduced with the Hashcash algorithm in 1997 and later developed by Satoshi Nakamoto in 2008 to power bitcoin transactions via a consensus algorithm. It consists of blocks of information linked through cryptography to form a distributed ledger managed by a peer-to-peer network, allowing information to be recorded immutably. Participants approve transactions and add verified blocks to the chain through a consensus process. It provides high security, transparency, and accessibility without a central authority through cryptographic linking of chronological blocks.

Blockchain technology allows participants to interact without a central authority by maintaining a distributed ledger of an shared database. It has applications beyond digital currencies like voting, smart contracts, and digital property records. Blockchains use cryptography and consensus to securely add transactions in blocks to an immutable chain. There are public, private, and consortium blockchains depending on who can read/write to the ledger. Blockchain technology has evolved from currency in Blockchain 1.0 to supporting smart contracts in Blockchain 2.0 and now decentralized applications in Blockchain 3.0.

This document discusses blockchain technology and provides examples of its applications. It begins by defining blockchain as a continuously growing list of records called blocks, linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This makes blockchain resistant to modification of past data. The document then provides examples of how blockchain is being used in various industries like healthcare, finance, manufacturing, government, and more. It aims to show the vast potential applications of this new technology.

A presentation given by Bohyun Kim at the 2019 SLA (Special Libraries Association) Conference in Cleveland, OH on June 18th, 2019.

Unblocking Blockchain technology to understand how it can help a country’s governing body leapfrog delivery models and improve like never before.