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Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system

Salil Abrol1 , Ajay Dureja2

Section:Research Paper, Product Type: Journal Paper
Volume-7 , Issue-5 , Page no. 263-271, May-2019

CrossRef-DOI:   https://doi.org/10.26438/ijcse/v7i5.263271

Online published on May 31, 2019

Copyright © Salil Abrol, Ajay Dureja . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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IEEE Style Citation: Salil Abrol, Ajay Dureja, “Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system,” International Journal of Computer Sciences and Engineering, Vol.7, Issue.5, pp.263-271, 2019.

MLA Style Citation: Salil Abrol, Ajay Dureja "Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system." International Journal of Computer Sciences and Engineering 7.5 (2019): 263-271.

APA Style Citation: Salil Abrol, Ajay Dureja, (2019). Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system. International Journal of Computer Sciences and Engineering, 7(5), 263-271.

BibTex Style Citation:
@article{Abrol_2019,
author = {Salil Abrol, Ajay Dureja},
title = {Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system},
journal = {International Journal of Computer Sciences and Engineering},
issue_date = {5 2019},
volume = {7},
Issue = {5},
month = {5},
year = {2019},
issn = {2347-2693},
pages = {263-271},
url = {https://www.ijcseonline.org/full_paper_view.php?paper_id=4234},
doi = {https://doi.org/10.26438/ijcse/v7i5.263271}
publisher = {IJCSE, Indore, INDIA},
}

RIS Style Citation:
TY - JOUR
DO = {https://doi.org/10.26438/ijcse/v7i5.263271}
UR - https://www.ijcseonline.org/full_paper_view.php?paper_id=4234
TI - Exploring the concept of Blockchain in Cryptocurrency and its uses in decentralizing banking system
T2 - International Journal of Computer Sciences and Engineering
AU - Salil Abrol, Ajay Dureja
PY - 2019
DA - 2019/05/31
PB - IJCSE, Indore, INDIA
SP - 263-271
IS - 5
VL - 7
SN - 2347-2693
ER -

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Abstract

The term blockchain emerged in trend with the popularity of the cryptocurrency called the Bitcoin, which also got the name tag “Digital Gold’. The idea of the cryptocurrency was to decentralize the currency system by establishing transactions over distributed peer to peer network. The technology of Blockchain was adopted to achieve this motive. The term blockchain comes from the idea of list of blocks, growing continuously over time wherein every block carries the data relating to the transactions and data regarding the cryptographical linkage using secure hash algorithms and the protocols. The idea was adopted from the paper that described about timestamping of digital document published by two people named S. Haber and W. S. Stornetta. The blockchain concept helped to revolutionize the system so as to prevent accidental leak and updation of confidential data, as there is no central authority or central server in this system that can be bribed to achieve the falsely motive. Through this paper, there is a lot to learn about the blockchain technology, its working and its applications

Key-Words / Index Term

Blockchain, Bitcoin, Distributed P2P network, Blocks, Transactions, Timestamping, Digital Document, Cryptographical linkage, Secure hash algorithms, Protocols

References

[1] S. Haber, W.S. Stornetta “How to timestamp a digital document”, Journal of cryptology, Vol.3, no. 2, pp.99-111, 1991.
[2] S. Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” 2008.[Online]. Available: https://bitcoin.org/bitcoin.pdf
[3] L. Lamport, R. Shostak, and M. Pease, “The byzantine generals prob-lem,” ACM Transactions on Programming Languages and Systems(TOPLAS), vol. 4, no. 3, pp. 382–401, 1982.
[4] C. Miguel and L. Barbara, “Practical byzantine fault tolerance,” inProceedings of the Third Symposium on Operating Systems Design andImplementation, vol. 99, New Orleans, USA, 1999, pp. 173–186.
[5] Z. Zheng, S. Xie, H. Die, X. Chen, H. Wang, “An Overview of Blockchain Technology:Architecture, Consensus, and Future Trends”, In the Proceedings of the 2017 IEEE 6th International Conference on Big Data, Honolulu, HI, USA.