Review on Blockchain Technology : Architecture, Characteristics, Benefits, Algorithms, Challenges and Applications

Over the last decade, information technology has contributed significantly to the evolution of financial markets, without, however, revolutionising the way in which financial institutions interact with one another. This may be about to change, as some market players are now predicting that new database technologies, such as blockchain and other distributed ledger technologies (DLTs), could be the source of an imminent revolution. This paper analyses the main features of DLTs that could influence their potential adoption by financial institutions and discusses how the use of these technologies could affect the European post-trade market for securities. The original protocol underlying DLTs has its roots in the anarchic world of virtual currencies, which operate outside the conventional financial system. The public debate on DLTs has also been very much focused on the revolutionary potential of the technology. This paper concludes that, irrespective of the technology used and the market players involved, certain processes that feature in the post-trade market for securities will still need to be performed by institutions. DLTs could, however, stimulate a reorganisation of financial markets, which could in turn: (i) reduce reconciliation costs, (ii) streamline the post-trade value chain, and (iii) allow more efficient use to be made of collateral and regulatory capital. It should, nevertheless, be remembered that research into DLTs and their uses is at an early stage. The scope for financial institutions to adopt DLTs and their potential impact on mainstream financial markets are still unclear. This paper discusses three potential models of how market players could adopt DLTs for performing core post-trade functions. The DLT could be adopted either: (i) in clusters, (ii) collectively, or (iii) peer to peer. The evaluation of the three adoption models assumes that they are all equally compatible with the regulatory framework. It shows that, assuming this to be the case, they would each have different advantages and costs.

ObjectivesTo introduce blockchain technologies, including their benefits, pitfalls, and the latest applications, to the biomedical and health care domains.Target AudienceBiomedical and health care informatics researchers who would like to learn about blockchain technologies and their applications in the biomedical/health care domains.ScopeThe covered topics include: (1) introduction to the famous Bitcoin crypto-currency and the underlying blockchain technology; (2) features of blockchain; (3) review of alternative blockchain technologies; (4) emerging nonfinancial distributed ledger technologies and applications; (5) benefits of blockchain for biomedical/health care applications when compared to traditional distributed databases; (6) overview of the latest biomedical/health care applications of blockchain technologies; and (7) discussion of the potential challenges and proposed solutions of adopting blockchain technologies in biomedical/health care domains.

The convergence of blockchain, artificial intelligence (AI), and cloud computing is catalyzing a paradigm shift in developing secure, intelligent, and scalable digital infrastructures. This triad of technologies is increasingly utilized to improve performance, transparency, and trust in engineering-driven and socio-technical environments. This study systematically reviews the evolution, integration strategies, and applications of blockchain, AI, and cloud computing in digital ecosystems. The analysis is based on 108 peer-reviewed studies spanning the years 2012 to 2025. A comprehensive literature analysis was conducted to identify trends, synergies, and sector-specific implementations of these systems. The review explores how their integration supports real-world engineering and operational use cases. Blockchain contributes to decentralized architectures, secure data exchange, and identity verification. AI supports adaptive behavior, autonomous decision-making, and predictive analytics. Cloud computing offers the scalable infrastructure necessary for deployment. Key challenges addressed include interoperability, latency, security trade-offs, and resource allocation. Use cases in digital finance, supply chain management, and industrial automation demonstrate the effectiveness of this integration in building resilient, ethically aligned, and high-performance infrastructures. The findings offer valuable insights and technical considerations for engineers and architects seeking to design next-generation cyber-physical systems that are secure, intelligent, and socially responsive. Clinical Trial Number Not applicable. This article accentuates the extensive use of blockchain, cloud computing, and AI principles, emphasizing their crucial significance in the contemporary digital environment and paths in which blockchain technology may be employed to automate financial transactions, enhance the security of personal data and records, facilitate cross-border transactions, verify identities, execute smart contracts, utilize cryptocurrencies, and manage supply chains. This research systematically assesses the development and practical application of blockchain, cloud computing, and artificial intelligence technologies over the past decade. This study primarily focuses on monitoring the progress, practical applications, and benefits of blockchain technology in the context of financial transactions. This article probes the symbiotic relationship between artificial intelligence, cloud and blockchain technology, analyzing the evolution and fundamental concepts of their integration from 2012 to 2025. This paper also presents a detailed analysis of 108 research works acquitted over the past decade. The study provides a comprehensive examination of the current state and fundamental principles related to the integration of artificial intelligence, cloud, and blockchain technology. This paper offers a comprehensive analysis of the major obstacles confronted by blockchain technology, examining its wide-ranging applications over several industries and its socko role in transaction systems and the domain of cryptocurrencies.

In India with the population of 1.39 billion a Unique Identification i.e. AADHAAR Identification is a major project. This ID is common for personal and Business usage. In 2009 Government of India by Ministry of Electronic & Information Technology established UIDAI(Unique Identification Authority of India). An Integrated approach to secure Aadhaar Identity using Block chain Technology and Convolution Neural Networks. Model is being proposed using Distributed Ledger Technology(DLT) of Block chain Technology(BT) comprised of 3 phases, In first phase Biometric data and Demographic data of AADHAR is used and data reduction is done. In second phase Convolution Neural Networks( CNN)of Deep Learning with ReLU model to secure biometric data from data cloning and face verification. In 3rd phase Block chain Technology(BT) using Distributed Ledger Technology( DLT) is added to have more security to the proposed model. Thus the Security in Aadhaar Identity can be achieved.

The Internet of Things (IOT) is integrated with supply chain management process to track the product. To track the product smart tags is used. The smart tags like QR code and NFC is used. But with the technology enhancement the block chain is introduced into the supply chain management process. The block chain is the great revolution that data in the centralized form is transformed in to a decentralized manner. The distributed Ledger Technology (DLT) is one of the method used in ethereum block chain. The main advantage of using DLT is, it offers decentralized, privacy-preserving and verifiable process in the smart tags. In existing system only single server was used to maintain all the process like supplier, manufacturer and distributor. In this application we are using different server which was more secure than existing system. The proposed solution in this paper is it checks the product evidence during the entire lifecycle of the product by using the smart contract. The data can be immutable by using smart contract with ethereum block chain. The duplication is manipulated by the block chainserver.

A phenomenon-based approach is used to learn more about how blockchain technology could improve Ghana’s economic sectors in terms of cost savings, efficiency, and reliability with reduced risks. With our proposed blockchain-enabled frameworks, we describe how blockchains’ Internet-of-Things (IoTs) and Distributed Ledger Technologies (DLTs) might reduce transaction, contract, and monitoring-related costs in the Agriculture & Agro-processing sector’s supply chains. We also demonstrate how Smart Contracts (SMCs) and Distributed Ledger Technologies (DLTs) can improve time and cost-based efficiencies in local procurements, logistic contract execution, and supply chains across the Mining & Minerals processing sector. With the help of IoTs, DLTs, and SMCs, information asymmetries in the finance sector can be reduced to improve the financing for Small and Medium-sized Enterprises (SMEs). The Technological-Organizational-Environmental (TOE) elements remain crucial in the adoption of blockchain technology. As a result, it’s critical to provide adequate frameworks for blockchain adoption.

The latest study sheds light on distributed ledger technologies (DLTs) outside blockchain systems. The first section of this article introduces DLTs, focusing on blockchain as the main paradigm. It highlights three critical characteristics of blockchain: decentralisation, transparency, and security, and emphasises how blockchain is transforming various industries, including supply chain management and finance. Subsequently, the discussion shifts to new developments and approaches in the DLT space. It introduces next-generation ledgers designed to address traditional blockchains' scalability, energy efficiency, and interoperability challenges. The study delves into modern innovations that achieve higher transaction speeds and greater flexibility, such as hybrid models and directed acyclic graphs (DAGs). A significant portion is dedicated to how these advanced DLTs are used to transform sectors like healthcare government, secure patient data management, and enhance transparency and citizen participation. The article also addresses the challenges and ethical considerations of using these technologies. Finally, the paper predicts that DLTs will improve efficiency and innovation in industries outside blockchain technology. To maximise these new technologies' potential, research and interdisciplinary collaboration are essential.

Improving supply chain sustainability is an essential part of achieving the UN’s sustainable goals. Digitalization, such as blockchain technology, shows the potential to reshape supply chain management. Using distributed ledger technology, the blockchain platform provides a digital system and database to record the transactions along the supply chain. This decentralized database of transactions brings transparency, reliability, traceability, and efficiency to the supply chain management. This paper focuses on such novel blockchain-based supply chain management and its sustainability performances in the areas of environmental protection, social equity, and governance efficiency. Using a systematic literature review and two case studies, we evaluate whether the three sustainability indicators can be improved indirectly along supply chains based on blockchain technology. Our study shows that blockchain technology has the potential to improve supply chain sustainability performance, and we expect blockchain technology to rise in popularity in supply chain management.

Purpose- Within the scope of this study, it is to conduct a comprehensive literature review on the conceptualisation, functioning, historical process, types, basic features, areas of use of blockchain technology and finally the relationship of blockchain technology in terms of an audit. Methodology- A comprehensive literature review was conducted on the concept relationship of blockchain technology in terms of auditing. Findings- The biggest feature of blockchain technology is that it has a decentralized verification system. In this respect, it is shown as one of the most effective areas where digital transformation is experienced. The usage areas of blockchain technology can be summarized as shown: Finance, public service, health, supply chain, education and auditing. The main impact of blockchain technology on the audit profession is to reduce the cost of monitoring and control as blockchain technology becomes more common in organizations thanks to the reliability, transparency and timeliness of the data used in auditing. Blockchain creates a more robust audit trail by using multiple sibling databases instead of a single and central database. The most important part that distinguishes blockchain technology from other technologies is that this technology is far from a centralized structure. Conclusion- With the blockchain technology, which emerged to question the need for intermediary institutions that provide trust and to show that there is no need for trust in intermediary institutions, it is expected that many sectors from the banking and finance sector, logistics and supply chain to the health sector will be affected, especially cost and time savings. With the increasing number of blockchain technology, the existing risks both continue and new technology brings new risks. This technology inevitably affects audit activities as it does all sectors. Businesses should identify these risks and take the necessary precautions. Internal audit departments should develop themselves on blockchain, and businesses should allocate an additional budget for those working in this department and ensure that they receive training on this subject. Keywords: Blockchain, audit, database security, distributed ledger technology, digital transformation. JEL Codes: G10, M10, O10

Abstract. In recent years, geospatial big data has been generated at a very high speed, and the data volume is becoming increasingly massive. In order to realize the full potential of geospatial big data, there has been a strong requirement and push to embrace the value of open science. However, it is still challenging to preserve the privacy and integrity of geospatial data in data sharing and management. Blockchain as d distributed ledger technology has a series of good characteristics, such as decentralization, trust-free, transparency, tamper-free, consensus and security, etc. These characteristics of blockchain are beneficial for facilitating geospatial data sharing and management, and hence promoting the development of open GIS. In this paper, we provide a comprehensive review on the literature that involves how blockchain technology is applied to geospatial data, especially in geospatial data privacy and integrity preservation. First, the background knowledge on geospatial data privacy and blockchain technology are introduced. Then, we reviewed how blockchain technology is applied to geospatial data, followed by the conclusion of the topic. This review is beneficial for understanding how blockchain technology can be applied to geospatial domain by integrating geospatial technologies like GIS and remote sensing.

The current electoral system faces various challenges such as vote rigging, hacking of electronic voting machines, and election manipulation, leading to a lack of faith in the system among citizens. The adoption of an electronic voting system based on block chain technology could potentially address these issues. This paper proposes a model of e-voting based on popular block chain frameworks that provide block chain as a service, which maintains participant confidentiality while still being open to public scrutiny. The paper presents a comprehensive analysis of the theme, demonstrating the usefulness of block chain technology in the design of a secure and transparent e-voting system. Distributed ledger technology is a powerful tool in the world of information technology, with the potential to revolutionize various applications. Block chain offers advantages such as cryptological underpinnings and transparency, making it a disruptive technology in modern times. The proposed e-voting system based on block chain technology offers the potential to improve the resilience of e-voting systems, and ensure the integrity of the election results. Overall, this paper provides insights into the potential of block chain technology to tackle the challenges facing the current electoral system and improve the transparency and security of e-voting systems. Key Word: Iblock chain, confidentiality, Distributed ledger, transparency, security, metamask, solidity, Ethereum, Decentralization, testnet, Hardhat, Dapp, Consensus, immutability, blocks.

There are currently different views in the scientific community on how the distributed ledger technology (DLT) relates to the blockchain technology. Some view them as synonyms, whereas others view DLT as the umbrella term for all blockchain related technologies. This paper approaches this topic by deriving definitions and core characteristics of DLT and blockchain technology. By using these definitions and an additional market research, a categorization for DLT and blockchain can be created. This categorization will operate as an additional component for IT-architects to decide on appropriate DLT solutions for their specific distributed ledger use cases.

The oil and Gas industry has recently transformed itself into a data-intensive industry – artificial intelligence, machine learning and internet of things. With such growth and expansion, distributed ledger technology, commonly known as blockchain, can carry the industry's transformation forward. This technology can help the industry to overcome various challenges such as price volatility, supply chain, accounting, data management and security. It can also help in streamlining various engineering and technical decisions. Technologically, the oil and gas industry has been very innovative – 3-D seismic, hydraulic fracturing, geosteering, imaging beneath salt, etc. However, the administrative and managerial functions are still done in a somewhat traditional way. The Blockchain technology can help the industry become more efficient by streamlining these traditional methodologies. This paper presents the four major areas where the blockchain technology can help the industry overcome various day to day challenges – (1) Supply Chain and Trading, (2) Regulatory, (3) Database Management and (4) Cyber Security. Like any new technology, the blockchain technology might not get a full embrace at the beginning, but the idea is to present a qualitative study about its benefits. The industry currently has little or no knowledge about this technology, which is expected to bring transparency, security and convenience in one place. The objective of this paper is to help the industry peers understand the idea behind this technology and how it can transform the way the industry currently operates. It provides a frame of reference for the industry to realize the potential of this technology and assess its benefits.

Blockchain is an emerging technology that offers the possibility of re-engineering economic models and enabling the creation of markets and products that were previously unavailable or unprofitable across emerging markets. This report is intended to introduce readers to current developments in distributed ledger technology, or blockchain, with the vantage point of possible benefits to emerging markets. The first six chapters were written a year ago, while the last three are more recent and bring the perspective of a year of development in the nascent technology. Chapter 1 provides an overview of blockchain technology, followed by a look at its unfolding applications in emerging markets in Chapter 2. Chapter 3 examines whether blockchain can be used to mitigate de-risking by financial institutions. Chapters 4 and 5 look more closely at the financial services sector, including an overview of how blockchain fits into the spectrum of financial technology (fintech) innovations and the resulting provision of financial services (Chapter 4), and an analysis of blockchain’s contribution to reaching the unbanked and underbanked in various emerging markets, including in Latin America, Asia, and Sub-Saharan Africa (Chapter 5). Chapter 6 looks beyond fintech to explore how developments in applied blockchain technology can impact agribusiness, drug safety, and more generally provide enforcement tools to promote the reach of sustainable and inclusive business. Chapter 7 discusses the proper regulatory environment needed to stimulate competition and investment in blockchain technologies in emerging markets and beyond. Chapter 8 examines the potential of blockchain to accelerate the transition to low-carbon energy solutions in these countries. Chapter 9 offers a review of legal issues associated with the use of blockchain and how these can be addressed.

In order to move towards a CryptoSure regime, systems based on blockchain and distributed ledger technology have to give up the fiction of ‘consensus trustless mechanisms’, and, if they are to provide socially and legally acceptable security, privacy and trust, within the Rule of Law, have to accept the necessity of a Trusted Third Party. For example, the General Data Protection Regulation (GDPR) includes in its provisions Article 17, the Right to be Forgotten, which could potentially be a formidable barrier to the ubiquitous introduction of cryptographic blockchain software and technology outside of a CryptoSure regime. The investment mania that there has been for blockchain technology, with much money having gone into bitcoin and other cryptocurrencies, blockchain, smart contracts and distributed ledger technology, has been significantly fuelled by the ‘black cash’ of drug-dealers, money-launders, traffickers and the like. Crypto Dragons, the many and varied Financial Disputes over Crypto Assets, have arrived, with legal actions mounted by those defrauded increasing. This is not surprising, given that in Q2 2019 alone, misappropriation of cryptocurrency funds netted criminals some $4.26 billion. The foundations of global digital currencies go back well before the Satoshi bitcoin paper of 2008, and those early digital e-commerce visions did not require a cryptographic blockchain ‘mining’, or ‘distributed consensus’, existential model and were not intentioned of being so readily riven with the criminal black market profiteering of money-launders, scammers and fraudsters that bedevil much current cryptocurrency activity. Looking ahead, Facebook’s Libra digital currency could establish a new global e-commerce paradigm much closer to the pre-bitcoin electronic cash visions, and one more compliant with the existing norms and customs of the Rule of Law, where a responsible Trusted Third Party, in this case, Facebook, is fundamental. Cryptocurrencies apart, some blockchain applications more generally are likely here to stay, and the majority will be robust implementations by established major corporations, with most of us, as consumers, hardly needing to know any of the details. For the properly cautious ICT expert and professional, when considering the use of blockchain for any proposed use case, the ‘fundamental things apply’. There is always the need for Trusted Third Parties, and for probative Electronic Evidence. A key point in any court trial will be examination of the Digital Evidence and, although a Crypto Asset may essentially be ‘decentralised digital vapour’, a Court of Law can make a binding order to get forensic traction on it, because of the legally well-established Obligation of Disclosure. This article concludes with a Checklist giving practical, generally applicable wording for an effective Digital Asset Disclosure exercise.