Blockchain is one of the key technologies on which decentralized forms of systems and cryptocurrencies are built. In blockchain technology, a system is designed in such a way that the information in the form of a database or transactions of public ledgers is available for view by everyone in the chain. Blockchain technology research topics are nowadays the most chosen field of study and research among students.
The blockchain system is highly secured as it does not involve a third-party intervention for approval. The most admiring characteristics of blockchain technology are as follows.
- Consensus by everyone (distributed)
- Mechanism of incentive
- Encrypting data safely
- No third party involvement
In this article, we are going to give you a detailed description of blockchain technology and its research. Our experts are in the field of guiding research projects in blockchain technology since its rollout. So we can render you complete research proposal help on blockchain technology . Let us first start by understanding the basics of blockchain technology.
WHAT IS BLOCKCHAIN?
Blockchain is the record of information that is stored in the form of independent blocks available to everyone.
- The record is stored as ledgers which grow in size as the entries expand
- All the computers in the network have copies of these records
- The records are then made available to the required parties with the secured setup where they cannot change any of the records.
- As the information is present in multiple devices the hackers will be lead helpless since they cannot alter the information present in every device
- The data cannot be changed that is no addition or deletion of information cannot happen which is due to the structure of mathematical algorithms by which the system is designed.
The above properties of blockchain make it the most useful component in most of the advanced and day-to-day applications. In the coming years, we would see a maximum hike in the use of technology everywhere around us. Blockchain technology is broadly divided into two categories.
- Permissioned blockchain (can be accessed only by authorized parties)
- Permissionless blockchain (open access)
It appears to be quite common to ensure safety when blockchain is used in a permissioned manner. Even in the other aspect, the technology does not compromise safety and privacy. Containing the information without leaving space to make changes to it individually, hold the information intact.
Our technical team has gained expertise over time guiding blockchain technology research topics on a customized basis. We never shunned ensuring the utmost security to our customers using the projects developed with this technology. As we had handled projects on different types of blockchain technology we have gained knowledge to guide you along this path. Let us explain in detail the types in the next section.
DIFFERENT TYPES OF BLOCKCHAIN
Blockchain technology can be subdivided into the following categories
- Public blockchain
- Private blockchain
- Consortium blockchain
To encourage diversification our experts engaged with researchers from various domains that showed interest in blockchain technology. When the core field varied, expectations and objectives of people also got varied. When we attempted to fulfill those aims of our customers we started gaining more knowledge and get ourselves updated regularly to sufficiently support them.
Therefore, we are very much experienced and qualified regarding blockchain technology research. So you can approach us for your project irrespective of your field and the field in which you wish to continue your research. Our experts can guide you to craft novel blockchain technology research topics. Now let us have some idea on the techniques used for creating a blockchain.
WHICH TECHNIQUE IS USED TO CREATE VIEWS IN BLOCKCHAIN
Mining is the technique used for this purpose. An important aspect of blockchain technology called proof of work is used to confirm the process.
Upon successful completion of transactions and getting them confirmed, all nodes are brought under a consensus. For this action to take place, many components become essential. Let us see them below.
- Ensuring privacy (as the data is distributed over all nodes, maintaining its authenticity becomes a question)
- The consensus among all nodes (in blockchain the data is copied and updated to every party in the chain where the matter of consensus should be given priority)
- Commitment protocols (as transactions take place the details must be added to the blockchain in a particular time frame)
- Maximum security (every node must be equally protected and no compromise can be encouraged at all)
The currently implemented blockchain technology applications as well as the research topics that have the potential to be implemented on large scale in the future must satisfy the above aspects while creating views in it. We have created successful methods that worked out at all circumstances ensuring that the above objectives are met completely.
Just get in touch with our technical team and get the information about our projects and successful techniques that we adopted. We will provide you with any kind of assistance regarding the implementation of your blockchain technology research topics in real-time too. So you can rely on us with elevated levels of confidence. Now let us see about the research challenges in blockchain technology.
RESEARCH CHALLENGES IN BLOCKCHAIN TECHNOLOGY
The very nature of blockchain technology creates several questions on security and privacy unless we take a step forward to understand it deeply. Real-life applications as per our expectations can be mirrored using blockchain whereas there are some challenges associated with its development too. Let us see them in detail below.
- Consensus has to be achieved by including every node which comprises of the threatening ones too (so algorithms to identify and ignore them have to be developed)
- Smart contract design based on blockchain technology
- Storage and verification of each node as the number of nodes increase
- Ensuring system scalability inefficient manner (the distribution of data is one of the important aspects of blockchain)
- Reduced power of computation for the mining process
- Tasks are to be scheduled effectively in the distributed system
These research challenges are not hard to overcome. There are also many other challenges thrown upon the researches in blockchain technology research regarding efficiency of performance.
Our experts are also working on this objective. Researchers around the world are yet to find effective methodologies to impact blockchain applications holistically. We are also on the journey providing ourselves with all the steps and methods adopted by others. Our engineers are also developing many novel and innovative solutions too. Get in touch with us to know more about us. Now let us see about the current trends in blockchain technology research topics.
WHAT ARE THE CURRENT TRENDS IN BLOCKCHAIN TECHNOLOGY?
The following are the latest trends in blockchain technology that can be potentially expanded into future research. Refer to the list completely and contact our technical experts with the topic that interests and then suits you.
- Blockchain cyber attacks
- Ensuring security in permissioned blockchain model
- Analyzing the reliability of the blockchain system
- Blockchain data visualization
- Blockchain for efficiency in governance
- Smart system of transportation using blockchain
- Agricultural applications of the blockchain system
- Impact of blockchain on cyber-attack prevention
- Blockchain scalability concerns
- Supply chain management using blockchain
- Healthcare applications and efficient medical field applications using blockchain
- Internet of things using blockchain
We encourage you to come up with your methods regarding the applications of blockchain which with the support of a technical expert can become one of the leading implementations shortly. Specific applications concerning the use of social media can also be made possible using blockchain technology.
The experience of our team of engineers can help you in a great way. With our support, you can attain progress for sure. Now let us have some idea on the consensus algorithms and dive deep into one of such algorithms used commonly.
BLOCKCHAIN CONSENSUS PROTOCOLS
- The promptness of the blockchain technology system is ensured by the consensus algorithms or protocols involved in it.
- The ability of the system to update the details of transactions and information regularly in the minimum stipulated time to all the nodes is the function of consensus protocol.
- Blockchain technology’s promise to enhance privacy and security is also aided by the use of these algorithms.
Our technical experts verified many authentic sources and regular updates from world-class universities and have concluded the importance of consensus algorithms especially PoW. Let us see in detail about creating blocks using PoW.
HOW TO CREATE THE BLOCK USING PoW?
The blocks are added regularly whenever needed into the chain. The following steps happen one after the other in order to create a block using PoW.
- When a transaction is added it is either validated or declared invalid.
- In case a transaction is validated then it is sent to a pool of unconfirmed transactions
- Transactions required for block creation for then selected
- Miners then compete with one another to create a block
- Broadcasting the block to the network is the next step. Proper solutions are devised for this purpose.
- Verification of blocks is done using the consensus protocol
- Finally, a new block is added to the chain and its addition is confirmed
This is the same procedure followed in other algorithms of consensus but there are some differences that you would encounter which are system specific to the protocols. Our engineers are here to support you on any protocol and algorithm that you choose to operate with. Now let us talk about some important aspects of other blockchain protocols.
- Hash functions are mathematical functions that help in the conversion of indeterminately large data to the fingerprint of determined length. It is quite important to know that no two data sets can have the same hash functions
- Cryptography is similar to a coding method where a third party is prevented from reading the encrypted messages. It makes it difficult for an unknown person to intervene and extract information that is shared among various nodes of blockchain. In cryptography, sensitive messages are coded in such a way that hackers or other potential threats do not find any ground to interpret them
- Merkle tree structure is a summary of records that provide complete data about the transactions combining the hash functions (until a hash is left without a pair). For this structure to be built individual transactions are tested and included in the chain. It is a bottom-up approach where interventions (tampering and alterations) on the chain records are maintained strictly.
There are many more amazing features in blockchain technology and researchers are coming up with advantageous applications based on these. Our experts are also deliberating on how to improve upon the existing systems by the implementation of blockchain into them with research experts and scholars from top universities. So now we will give you the projected future trends of the technology below.
FUTURE TRENDS IN BLOCKCHAIN
The current trends in blockchain research show that the platform can provide for many future kinds of research. Many potential research areas are being looked upon by our experts and we have been guiding a lot of researchers under various disciplines. So we are sure that future trends in blockchain technology will be on the following basis.
- Replacing existing technologies with blockchain so that the efficiency of the system is enhanced
- An instantaneous and effective voting system to conduct elections will be designed with proper security features using blockchain technology
- As the transaction speed is increased many times using this technology the world will become closer than ever (and also smaller)
- Tracking threats and criminals will become quicker than the existing system
- Open authentication of Identity using ledgers in blockchain technology will potentially bring down cyber security attacks.
Therefore, we point out that one of the options being considered to improve the existing practices in any of the applications is blockchain technology. So it is the field that has tremendous potential to give space for advanced research and development. Here are our experts who are ready to share their experience to bring you out as the most successful researcher. Connect with us for any kind of support for your blockchain technology research topics. We are always happily waiting to help you.