Scott Ruoti
Jeremy Clark
Robert Cunningham
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Index Terms
- Blockchain technology: what is it good for?
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Reviews
Mohammad Sadegh Kayhani Pirdehi
Cryptocurrency has been the origin of an evolution in financial and monetary relations the world over, and its domain of influence continues to spread. Bitcoin is its well-known symbol. In addition to security, trust is a key criterion in these trading interactions. Without the governance of a third-party entity to reduce the dependency of the trust relationship, blockchain technology was established. The paper tries to explain the pivotal features of this technology. Blockchain is a decentralized method based on consensus protocols and shared governance. The article covers blockchain's technical aspects-"shared governance and operation, verifiable state, and resilience to data loss"-and features mechanisms to prevent malicious actions. Newly discovered capabilities like auditability, access control, and automatic execution using functions are discussed. The complexity of decentralized governance and operation, ledger rollback mechanism issues when a bug occurs, security, privacy, usability, and legality problems are also discussed. The last section covers use cases. While the article is a good collection of topics related to the blockchain technology, there is not enough information about its architecture and structure.
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