Survey of Industrial Applications Using Blockchain and Sixth Generation Network Technology

Introduction

In recent decades, the commercial word “Bitcoin” has entered the well-known lexicon, presenting as many things as possible in business process automation. It describes as a currency, a cryptocurrency, an alternative currency, and technological and social innovation. However, bitcoin has been a vehicle for a technology that demonstrates how technological innovation transforms cultural change in daily industrial business operations. Although business finance, wealth management, and commerce sit on the surface of the main discussion, the more powerful subtext is the notion of the decentralization of business process operations. The underlying technology system, known as the “blockchain”, can potentially disrupt the intermediaries, authorities, owners, and arbiters of judgment (bankers, judges, attorneys) who make the business and financial world tick. It is worth noting that blockchain technology is helping industrial applications in allocating the peer-to-peer (P2P) network in which non-trusting members swap the data without an intermediary. Trust is an essential blockchain achieved through the resulting hash of the preceding block for generating the subsequent block. The minor nodes authenticate the resulting hash for finding the hash for the subsequent block.

Blockchain’s potential extends beyond currency, money, or anything financial. At its core, blockchain provides a public ledger maintained by the collective activity of its users – with no central servers or clearing authorities required. Advocates are convinced that applying blockchain to various transactions and non-financial activities could lead to an entirely new economic system. Academics and practitioners argue that the blockchain offers an incorruptible technology that serves truth and transparency while discarding oppressive centralized authority.

The blockchain is a shared public ledger that records of all confirmed transactions. A range of potential uses of the blockchain has been identified, including commercial information exchange, healthcare applications, medical records management, and industrial scale buying and selling records maintenance are a few examples of non-financial applications. This way, a range of historically necessary business functions could cease to exist while others will entirely evolve into new roles. Sectors affected could include:

• (i)

  Banks – Major financial institutions could face the most significant disruptions. The sector is already wrestling with the unsettling arrival of Bitcoin and a range of over 500 alternative currencies. At the same time, Ecuador has launched its own digital currency, and some suggest cyber currency could eliminate paper cash within decades. A range of blockchain-based FinTech (financial technology) ventures are now emerging, which seek to remove banks from a range of financial transactions – speeding up the process and reducing the cost for the parties involved. Often, these start-ups receive funding from the banks they seek to disrupt.

• (ii)

  Records Management – Anyone whose job revolves around checking and maintaining records is at risk of being replaced by a blockchain ledger that could do the work cheaper, faster, and error-free. For example, blockchain could be used to coordinate public healthcare record management systems, which would cut red tape when local health authorities are involved with patients’ information exchange with other administrations.

• (iii)

  Supply Chain Management – Blockchain would automate transactions across the supply chain from ordering to delivery. The counterfeiting and theft of goods would also be much less feasible, and property ownership transactions would become more transparent and incorruptible. Blockchain technology offers the potential to make fraud impossible, and would also provide accurate inventory records management and reduce the spread of underground goods.

In order to suggest the extinction of the “authenticating” occupations like bankers and supply chain administrators assumes a considerable leap of faith by the public is possible. One of blockchain's most significant selling points is that it serves the greater good and higher purpose, turning the entire network into its source of truth. It is the mechanism for industries to confer legitimacy on one another collectively, and a blockchain creates an operating environment where transactions are conducted automatically without third-party intervention.