A Comparative Analysis of Potential Factors and Impacts that Affect Blockchain Technology in Software: Based Applications

Abstract

A new technology that considerably provides help in case of application of distributed ledger system by use of decentralized transactional databases is introduced as Blockchain. The functions of Blockchain can be categorized into three phases: Firstly, it emphasizes on decentralization i.e. no centralized body can dictate on other blocks. Secondly, it emphasizes on transparency i.e. easy validated transactions take place through it permits verifiable transparency in case of each mechanism. Finally, it has an immutable feature which never permits tampering of database/data as any change in data may affect or agitate the entire data-chain. For the purpose of security, the immutable pillar is basically used in this technology. In Blockchain technology, generally the peer to peer network is applied that allows new block to join in the chain without affecting all other blocks in the system. It is a well accepted view or proposition that for obtaining block chain of a high quality some basic attributes like security, privacy, input, size and bandwidth, usability, performance, scalability and data integrity are highly essential. Block chain based applications across multiple domains or in other words across diverse sectors such as Medical care, Agriculture, Social medias, Banking sector, Education, Digital voting, Travelling, Crypto-currency, Information Technology and Data management along with the limitations of this technology-a-viz a systematic literature review of Blockchain enabled applications is altogether an interesting field of analysis as well as a predominant area of research for scholars and software industries.