PHD Research Proposal in Blockchain Technology

In recent years, the Blockchain technology [1] has been growing tremendously for Information and Communication Technology (ICT). With the increasing utilization of the Internet access in the modern digital life, ensuring security and privacy, especially, for the financial and e-commerce applications have become critical. The enormous growth of cryptocurrencies leverages the rapid development of blockchain technology. Blockchains are immutable and distributed digital ledger systems without a central authority, storing the cryptographically signed transactions in the form of blocks.

In the blockchain network, the ledgers are public to the community of users in essence; each block has the cryptographically linked connection with its previous block after validation. The block chains are constantly growing, according to the transactions and, thereby, being appended the new blocks. Each block contains a hash value regarding the content of the previous block in the blockchain network. The blockchain technology has successfully enabled e-commerce systems such as Ethereum, Bitcoin, Litecoin, and Ripple. It has been broadly used for a variety of applications. Three different types of blockchains are available based on the availability of the data, managed data, and actions, including public-permissionless blockchain, the public-permissioned blockchain, and private blockchain. Blockchain technology has widely used in different emerging fields such as the Internet of Things (IoT), education, and finance and auditing .

Research Areas

  • Blockchain revolution in Banking
  • Energy-aware blockchain security
  • Blockchain for large-scale applications
  • Blockchain Smart Contracts
  • Consensus mechanisms
  • Blockchain security for IoT
  • Blockchain Use case for Healthcare
  • Blockchain for public sector
  • Blockchain as a Service (BaaS)
  • Security and privacy-ensured blockchain system

Research Gap

Nowadays, blockchain technology has adopted to business areas and different research fields with a lot of opportunities [3]. However, it encounters several research constraints while maintaining security for the blockchain applications [4]. Even though the blockchain technology effectively avoids the double-spending attack in the subsequent transactions, it leads the latency constraint due to the extended time on transaction confirmation. Also, the consensus mechanisms such as Proof of Work (PoW) and Proof of Stake (PoS) consumes higher computation power, which makes the blockchain technology as an inefficient security system.

Problem Statement

With the rapid pace of the online transactions, the Bitcoin cannot process the entire transactions at a high-speed rate. The blockchain technology confronts with the increased number of transactions, necessitates the need for resolving the latency due to the large size of blocks [5]. Even though the existing blockchain based security systems provide a high level of security, it often deals with the scalability issue. Consequently, mining the chain of blocks requires higher computational resources in terms of electrical energy and computational power. The immutable nature of the blockchain technology complicates the data access even when there is a need for changing the stored records legitimately for example, in education systems. The blockchain-based bitcoin consumes higher energy while providing security compared to traditional financial transactions. Also, there is an essential need for resolving the lack of user-friendly interfaces and the lack of robust infrastructure while implementing the blockchain technology for security.

References

  • [1] Zheng Zibin, Shaoan Xie, Hongning Dai, Xiangping Chen, and Huaimin Wang, “An overview of blockchain technology: Architecture, consensus, and future trends”, IEEE International Congress on Big Data (BigData Congress), pp.557-564, 2017.

  • [2] Tama, B.A., Kweka, B.J., Park, Y., Rhee, K.-H., “A critical review of blockchain and its current applications”, IEEE International Conference on Electrical Engineering and Computer Science (ICECOS), pp.109–113, 2017.

  • [3] Karafiloski, E., Mishev, A., “Blockchain solutions for big data challenges: a literature review”, 17th IEEE International Conference on Smart Technologies, EUROCON 2017 – Conference Proceedings, pp.763–768, 2017.

  • [4] Lin, I.-C., Liao, T.-C., “A survey of blockchain security issues and challenges”, IJ Network Security, Vol.19, No.5, pp.653–659, 2017.

  • [5] Mendling, J., Weber, I., Aalst, W.V.D., Brocke, J.V., Cabanillas, C., Daniel, F., Debois, S., Ciccio, C.D., Dumas, M., Dustdar, S., “Blockchains for business process management-challenges and opportunities”, ACM Transactions on Management of Information Systems, Vol.9, No.1, p.4, 2018

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