163
10 Blockchain Technology
Myths, Realities and Future
Ashish K Sharma, Durgesh M Sharma,
Neha Purohit, Sangita A. Sharma and Atiya Khan
CONTENTS
10.1 Introduction...................................................................................................164
10.2 Blockchain..................................................................................................... 165
10.2.1 Blockchain Architecture.................................................................. 167
10.2.1.1 Transactions....................................................................... 167
10.2.1.2 Block.................................................................................. 168
10.2.1.3 P2P Network...................................................................... 168
10.2.1.4 Consensus Algorithm........................................................ 168
10.2.2 Types of Blockchain......................................................................... 169
10.2.2.1 Public................................................................................. 169
10.2.2.2 Federated........................................................................... 169
10.2.2.3 Private............................................................................... 169
10.2.3 Benefits of Blockchain..................................................................... 169
10.2.3.1 Better Transparency.......................................................... 169
10.2.3.2 Improved Security............................................................. 169
10.2.3.3 Better Efficiency and Speed.............................................. 170
10.2.3.4 Cost Effective.................................................................... 170
10.3 Literature Survey........................................................................................... 170
10.4 Myths and Realities or Facts......................................................................... 171
10.4.1 Myth 1: Blockchain Is a Magical Database in the Cloud
or Blockchain Does Not Store Any Type of Document................... 171
10.4.2 Reality.............................................................................................. 171
10.4.3 Myth 2: Blockchain Will Transform the World............................... 172
10.4.4 Reality.............................................................................................. 172
10.4.5 Myth 3: Blockchain Is Free.............................................................. 172
10.4.6 Reality.............................................................................................. 172
10.4.7 Myth 4: There Is Only One Blockchain........................................... 172
10.4.8 Reality.............................................................................................. 172
10.4.9 Myth 5: Blockchain Can Be Used for Anything and
Everything, or Blockchains Can Be Used Everywhere................... 173
10.4.10 Reality.............................................................................................. 173
10.4.11 Myth 6: Blockchain Can Be the Backbone of a Global Economy......173
DOI: 10.1201/9781003138082-10