The Opportunities and Benefits in Migrating to Blockchain Based Services
Sean Blain
School of Computing, Engineering & Intelligent Systems, Faculty of Computing, Engineering & Built Environment, Ulster University, Northern Ireland, United Kingdom.
Kevin Curran *
School of Computing, Engineering & Intelligent Systems, Faculty of Computing, Engineering & Built Environment, Ulster University, Northern Ireland, United Kingdom.
*Author to whom correspondence should be addressed.
Abstract
The migration towards blockchain based services is already underway. With many of the world’s leading companies offering blockchain as a service to operational businesses and prospective start- ups. This disruptive technology is tightening its grip across multiple industry sectors, as a greater understanding of its operation and transformative potential is attained. This realization in potential has led to the creation of blockchain networks such as Ethereum and EOS which offer systems that facilitate in the building of decentralized applications. which in turn has led to the founding of ambitious projects that are striving to change how we interact and conduct business. The operation of smart contracts and decentralized applications through protocols built on the blockchain are examined here in addition to the integration of blockchain technology in major industries. We also examine the current technologies utilized for data storage which exposes aspects that justify the migration towards blockchain technology. Conditions that may inhibit blockchain adoption are also reviewed as part of an investigation into the technology.
Keywords: Blockchain, distributed ledger technology, Ethereum, cryptocurrencies