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1 Email: [email protected]
2
The Scope for Blockchain Ecosystem
Manisha Suri
K.L. Mehta Dayanand College for Women, Faridabad, India
Abstract
As the up gradation in modern technologies has not only resulted in an eruption of huge data sets being captured and recorded in various fields, but also turn up to the security of records to avoid forge during depository, transportation, processing, updating and accessing. Transactions can be a commutation of an asset, the execution of the terms of a self-executing script-smart contract, or an updation into anecdote. Vital exposure of blockchain ecosystem and its comprehensive danger are entrenched in its ecosystem – the hub of miners, developers, suppliers, consumers, shareholders or stakeholders, and actors. Latterly blockchain technology is not limited to crypto currency but operating on financial and business applications. Decentralization, non changeable and clarity are the base on which blockchain technology working. This ecosystem is propagating with involvement from both sectors actors-public & private. This chapter deals with delineation of the foundation of the blockchain ecosystem in businesses, starting with the definition then blockchain act as a game changer and drilling down to a level of detail about effect of energy production from business ecosystem on the planet. In order to explicate the components of the blockchain ecosystem, this chapter provides examples of companies currently operating in different areas. However, blockchain companies (Bloq, Factom, Symbiont, Blockstream, PayStand, tZERO, Skuchain.) may function in more than one zone as they do not easily accommodate into one area of ecosystem, develop in capabilities and transition between areas over period of time.
Keywords: App-decentralized application, BCD-blockchain development, Baas-blockchain as a service, KYC—know your customers, actors—users
2.1 Introduction
Blockchain is a type of database that is shared across a network of computers, by allowing the transparency of transaction. Records containing information are added to the database, bundled together into what called as blocks. These blocks are then linked together to form a chain—hence blockchain. When we talk about blockchain ecosystems (a group of organisms interacting with one another within their surroundings), there are the groups of actors (users, miners, developers & researchers, etc.) interacting with each other within the world of blockchain and with the encompassing off-chain world. The core interactions between these actors take place in the form of transactions, but these transactions are almost entirely limited to the blockchain itself. In lay man language to understand blockchain-at present some of the countries already adopted an online ballot voting system which includes a voting registration database, electronic devices and software. For voting, firstly individual has to register himself which includes his identity number, name, phone number and personal information then it is stored in the software. From the cyber security perspective it is easy to disrupt the software by just attacking on the voter’s registration database. Each part in the election process whether it is hardware or software is at major risk of hacking. When the software system is manipulated it can lead to the inappropriate election result. Not limited to that, after hacking the database of voters they can easily access their social media accounts. So, the sufferers at the end are the common people. To solve this issue the new technology blockchain can be used to provide security during voting time. With its transparency, immutability and accountability properties this can be attained up to some exact level. It ensures that digital data must come from the trusted source by using cryptography.
Blockchain’s property once data is entered can never be destroyed enables it to store individual’s identity records such as biometrics, iris scanning and many more for authentication voters and to record their records in the tabulation format. Blockchain technology is like having public key—visible to anyone, can help each individual voters and election conducting officials in counting number of votes without any malfunctioning in the system and which tends to a fair election outcome. Basically, this new technology has completely eradicated the third party i.e. electronic devices (Hardware), hence does not involve disturbance in the entire system. Moreover it enhances the security level of the entire system by providing copy of data to other nodes existing in the network. If hacker tries to modify the record of one node then it has to manipulate the data on the other nodes too on which same information exists which is quite complicated. Thus blockchain acts as a shield for preventing the system against cyber-attacks. Fraudulency can be minimized as the data has been copied to more than one place.
Like in Crypto currency, its ecosystem is based on Blockchain and has four parts or elements: the users who use crypto currencies to receive and send currency, crypto currency miners who produce the crypto currency, investors who buy crypto currency and
