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Promoting Trustless Computation Through Blockchain Technology.

Prateek Pandey1, Ratnesh Litoriya1

  • 1JAYPEE University of Engineering and Technology, Raghogarh, Guna, India.

National Academy Science Letters. National Academy of Sciences, India
|August 25, 2020
PubMed
Summary
This summary is machine-generated.

Blockchain technology offers a secure solution against fraud in various sectors. By enabling trustless computing, it protects sensitive data and improves business transactions, enhancing security and efficiency.

Keywords:
BlockchainCOVID-19Proof of workTrustless computing

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Area of Science:

  • Computer Science
  • Information Security
  • Business Technology

Background:

  • Records, both digital and physical, are susceptible to fraud, endangering personal information, finances, and health.
  • Technological advancements have unfortunately facilitated forgery, increasing risks across various aspects of life.
  • Existing systems often lack robust security measures against sophisticated fraudulent activities.

Purpose of the Study:

  • To present blockchain technology as a viable solution to combat forgery and fraud.
  • To explore the application of blockchain in diverse fields, promoting trustless computing in business.
  • To demonstrate the potential of blockchain for enhancing security in critical record management.

Main Methods:

  • Explanation of core blockchain technology principles.
  • Analysis of five distinct use cases: drug supply chain, health insurance, land records, courier services, and immigration.
  • Implementation and testing on IBM's Hyperledger Fabric and the Ethereum public platform.

Main Results:

  • Blockchain technology effectively mitigates forgery risks by ensuring data integrity and transparency.
  • Successful implementation across multiple sectors, including a proposed immigration blockchain for pandemic control.
  • Encouraging results indicate blockchain's capability to replace conventional business operations.

Conclusions:

  • Blockchain technology provides a robust framework for secure and transparent record management.
  • Its implementation can significantly reduce fraud and enhance trust in business transactions.
  • Blockchain offers a promising technological advancement for securing sensitive data and improving operational efficiency across industries.