Smart Blockchain: A Formidable Combination of Analytics and Blockchain – A Survey

Smart Blockchain: A Formidable Combination of Analytics and Blockchain – A Survey

Gutha Jaya Krishna (Institute for Development and Research in Banking Technology, India), Vadlamani Ravi (Institute for Development and Research in Banking Technology, India), Bheemidi Vikram Reddy (Institute for Development and Research in Banking Technology, India) and Mohammad Zaheeruddin (Institute for Development and Research in Banking Technology, India)
Copyright: © 2020 |Pages: 20
DOI: 10.4018/978-1-7998-2112-0.ch003
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Abstract

A blockchain is a digitized, decentralized, open system of records. Of late, there is a phenomenal spurt in the research and application activities of the catch-all phrase analytics, which subsumes machine learning, text mining, classical optimization, artificial intelligence, evolutionary computing, visual analytics, big data analytics, etc. in many a diverse field. Consequently, even new technology like blockchain is not left behind. This chapter presents a comprehensive survey of 33 papers that appeared between 2016 and 2018 under the theme, ‘Analytics and Blockchain', which focuses on how analytical approaches and blockchain implementation are symbiotically related to improve their overall performance in solving various real-world problems. The core idea behind the survey is to facilitate the reader to appreciate the utility of analytical methods to the design, implementation, and application of blockchain and suggesting future directions for further research.
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Motivation And Contribution

Motivation for the Survey

The motivation for the current survey is as follows:

  • Lack of a single survey article, where the bidirectional relationship between and blockchain and analytics is reviewed and discussed

  • To highlight possible issues and solutions with analytical techniques applied for/with blockchain.

  • To showcase the phenomenal role played by analytics in solving the implementation and operational issues of blockchain

  • To highlight the importance of blockchain in carrying out analytics projects in some application areas.

Contribution of the Survey

The contribution of the current survey is as follows:

  • This is the first-of-its-kind survey involving blockchain and analytics.

  • Providing readers, a critical analysis of the research studies reported at the intersection of analytics and blockchain highlighting their mutual importance.

  • Presenting the issues and possible solutions in the relationship that analytics and blockchain seem to exhibit. By employing analytics, blockchain indeed becomes smart.

  • Presenting a few future research directions in this area, which will be useful to the novice researchers and practitioners alike.

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Overview Of Blockchain And Applications

The working principle of the blockchain includes 1) keeping record of all data or transactions that are to be included in the ledger, 2) utilize a distributed system to verify the data or transactions, and 3) once verified, the data or transaction are added to the blockchain as blocks and can never be deleted or altered (Pierro, 2017).

When you hear of blockchain the terminology of “key” comes into picture for any data or transaction you feed into the blockchain. The data or transaction receives two keys. One is a public key, and another is a private key. These two together form a digital signature. These two keys are required to unlock the data held in a block of the blockchain. Apart from the public and private keys (i.e. digital signature), a timestamp and a unique coded identification number are also stored.

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