AN EXPLORATORY STUDY IN BLOCKCHAIN TECHNOLOGY

Abstract

Blockchain is a new technology, which has a huge potential for implementation in a variety of industries. It is commonly discussed merely as an underlying technology to support the Bitcoin (digital currency). However, the Blockchain is actually something deeper: A novel solution to the age-old human problem of trust, fundamentally changing the way Internet transactions can be implemented by ascertaining trust between unknown parties. In addition, they ensure immutability (once information is entered it cannot be modified), incorporate disintermediation (as trust is assured, no third party is required to verify transactions) and results in lower costs (lesser fees are paid to third parties). These advantages and others can produce disruptive changes when properly exploited, inspiring a large number of applications to be developed and implemented. These applications are forming the backbone of what can be called the Internet of value, bound to bring as significant changes as those brought during the last twenty years by the traditional Internet. Yet, we are still at the beginning to fully understand its potential, impact, challenges and possible future directions. Therefore, this exploratory research investigates the Blockchain technology based on a profound literature review. This study explains the technologies behind it and provides an examination of Blockchain’s implementation areas and possible implications and outstanding potentials. However, this work will focus on smart contract as one of the potential future research direction in Blockchain technology.

Date of Award	1 Aug 2019
Original language	English
Awarding Institution	The University of Manchester
Supervisor	Liping Zhao (Supervisor) & Kung-Kiu Lau (Supervisor)