Evolution of Blockchain Technology: Principles, Research Trends and Challenges, Applications, and Future Directions

Evolution of Blockchain Technology: Principles, Research Trends and Challenges, Applications, and Future Directions

Oluwaleke Umar Yusuf, Maki K. Habib
Copyright: © 2023 |Pages: 38
DOI: 10.4018/978-1-6684-7684-0.ch004
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Abstract

This chapter presents a detailed introduction to the decentralized data processing and storage paradigm called blockchain technology, delving into its fundamental concepts, foundational principles, and advantages. A literature review is conducted, detailing existing research areas, and enabling technologies driving further research and development into the technology. The two-way fusion of machine learning – another data-driven technology – is considered, wherein one technology addresses limitations and drawbacks within the other. The existing applications of blockchain technology within various domains are discussed, along with some identified research challenges and future trends. A case study is also provided to demonstrate the integration of blockchain technology into the internet of vehicles domain.
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Fundamental Concepts Of Blockchain Technology

Blockchain Technology is built upon three fundamental concepts – blocks, nodes, and consensus protocols. The blockchain consists of blocks distributed across connected nodes governed by consensus protocols (Chandrayan, 2020; Malcom, 2021).

Blocks

The blockchain is a literal chain of blocks, each containing a block header and (transaction) data. The block header consists of metadata for identifying blocks in the chain and verifying the integrity of the blockchain using the hashes contained in each block. Depending on the application, the block data contains the actual system and user data. A block consists of three core elements, as demonstrated in Figure 1, as follows:

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    Data: the data (or metadata) stored on the blockchain for a specific application.

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    Nonce: a unique, randomly generated 32-bit number that contributes to the hash generation.

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    Hash: a 256-bit number generated from the nonce, data, and the previous block’s hash (denoted as prev). The blockchain is created and made immutable by including the prev value in the current hash.

Figure 1.

Elements of a blockchain block

978-1-6684-7684-0.ch004.f01
(Hassan et al., 2020)

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