A Study of Emerging Areas in Adoption of Blockchain Technology and it’s Prospective Challenges in India

2019 Women Institute of Technology Conference on Electrical and Computer Engineering (WITCON ECE) Pub Date : 2019-11-01 DOI:10.1109/WITCONECE48374.2019.9092935

Sumaiya, A. Bharti

{"title":"A Study of Emerging Areas in Adoption of Blockchain Technology and it’s Prospective Challenges in India","authors":"Sumaiya, A. Bharti","doi":"10.1109/WITCONECE48374.2019.9092935","DOIUrl":null,"url":null,"abstract":"Blockchain technology is a decentralized distributed system meant for secure computation and information sharing platform free from any central authority that enables multiple authoritative domain which do not trust each other, to cooperate, coordinate and collaborate in rational decision-making process. Bitcoin is pioneer crypto currency platform that uses blockchain technology but over the time it has moved beyond Bitcoin and has successfully bypassed to other application domain. Beside Bitcoin, Ethereum, Hyperledger and Corda, Quorum have emerged as a successful distributive computing platform. Major consortium like Enterprise Ethereum Alliance, Hyperledger and R3 are formed with aim to come up with business solution. Today we have different blockchain application in public sector, finance, supply-chain, healthcare and IoT. In many industries people think blockchain will be transformative. Financial sector is most enthusiastic in adopting blockchain followed by supply chain management. Blockchain is closely looked at in India too. In 2018 Reserve Bank of India (RBI) has issued a white paper in order to identify the potential application areas of blockchain in Indian banking. NITI Aayog is working on national strategy for blockchain which will identify the area where country can implement blockchain. Blockchain is still new and has issues like scalability, security and privacy breaches, limited transaction loads, and high (computational) costs, besides its technical problem, adopting blockchain into Indian market system has its own specific challenges. This paper discusses the prospect of blockchain technology in India, its current position and likely problem in its adoptation to Indian market place. This paper also give overview about blockchain and its fundamental technologies and prominent blockchain platform, it also gives account of application area’s in which blockchain is implemented successfully around the world.","PeriodicalId":350816,"journal":{"name":"2019 Women Institute of Technology Conference on Electrical and Computer Engineering (WITCON ECE)","volume":"14 6","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2019 Women Institute of Technology Conference on Electrical and Computer Engineering (WITCON ECE)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/WITCONECE48374.2019.9092935","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}

引用次数: 3

Abstract

Blockchain technology is a decentralized distributed system meant for secure computation and information sharing platform free from any central authority that enables multiple authoritative domain which do not trust each other, to cooperate, coordinate and collaborate in rational decision-making process. Bitcoin is pioneer crypto currency platform that uses blockchain technology but over the time it has moved beyond Bitcoin and has successfully bypassed to other application domain. Beside Bitcoin, Ethereum, Hyperledger and Corda, Quorum have emerged as a successful distributive computing platform. Major consortium like Enterprise Ethereum Alliance, Hyperledger and R3 are formed with aim to come up with business solution. Today we have different blockchain application in public sector, finance, supply-chain, healthcare and IoT. In many industries people think blockchain will be transformative. Financial sector is most enthusiastic in adopting blockchain followed by supply chain management. Blockchain is closely looked at in India too. In 2018 Reserve Bank of India (RBI) has issued a white paper in order to identify the potential application areas of blockchain in Indian banking. NITI Aayog is working on national strategy for blockchain which will identify the area where country can implement blockchain. Blockchain is still new and has issues like scalability, security and privacy breaches, limited transaction loads, and high (computational) costs, besides its technical problem, adopting blockchain into Indian market system has its own specific challenges. This paper discusses the prospect of blockchain technology in India, its current position and likely problem in its adoptation to Indian market place. This paper also give overview about blockchain and its fundamental technologies and prominent blockchain platform, it also gives account of application area’s in which blockchain is implemented successfully around the world.

查看原文本刊更多论文

印度采用区块链技术的新兴领域及其未来挑战的研究

区块链技术是一种去中心化的分布式系统，是一种不受任何中央权威影响的安全计算和信息共享平台，使互不信任的多个权威领域能够在理性决策过程中进行合作、协调和协作。比特币是使用区块链技术的先驱加密货币平台，但随着时间的推移，它已经超越了比特币，并成功绕过了其他应用领域。除了比特币、以太坊、超级账本和Corda之外，Quorum已经成为一个成功的分布式计算平台。企业以太坊联盟(Enterprise Ethereum Alliance)、超级账本(Hyperledger)和R3等主要联盟成立，旨在提出商业解决方案。今天，我们在公共部门、金融、供应链、医疗保健和物联网等领域都有不同的区块链应用。在许多行业中，人们认为区块链将具有变革性。金融部门最热衷于采用区块链，其次是供应链管理。区块链在印度也受到密切关注。2018年，印度储备银行(RBI)发布了一份白皮书，以确定区块链在印度银行业的潜在应用领域。NITI Aayog正在制定区块链国家战略，该战略将确定国家可以实施区块链的领域。区块链仍然是新的，存在可扩展性，安全和隐私泄露，有限的交易负载和高(计算)成本等问题，除了技术问题外，将区块链引入印度市场体系也有其特定的挑战。本文讨论了区块链技术在印度的前景、目前的地位以及在印度市场上采用区块链技术可能存在的问题。本文还概述了区块链及其基础技术和突出的区块链平台，并介绍了区块链在世界范围内成功实施的应用领域。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

2019 Women Institute of Technology Conference on Electrical and Computer Engineering (WITCON ECE)

自引率

0.00%

发文量