Blockchain Technology- A Conceptual Overview

Utkarsh Sharma

Abstract: It also discusses the most important aspects of blockchain technology and ideas, allowing us to assess the study's application cases. There has always been evidence that a company's value may be altered throughout history. A digitalmarketplace,aneconomicplatform,andastorehouseforalmostallhumanknowledge,theInternetprovidesthese functionstoday.ByexaminingaprospectiveproposalusingBlockchain'smostessentialqualities,theauthorsillustratethe fundamental procedures necessary in conducting an analysis. Consequently, developing a precise model of blockchain technology's viability becomes more apparent. Distributed network registers constructed on chains of cryptographically protected blocks, which give a greater degree of information than now accessible, may be used to transmit growing numbersofdailytransactionsinvolvingmoney,stocks,andpreciousdocuments,accordingtothebasicprinciple.

Keywords: Blockchain, Cryptographic, Money, Transactions, IoT, Digital, Network, Market, Technology.

1. Introduction:

In2008, SatoshiNakamotoinventedtheanonymous cryptocurrency [1] Thename"Bitcoin" isa pseudonymusedto concealtheperson'sidentityorpeoplewhocreatedthecryptocurrency.Bitcoinisanovelelectronicpaymentsystemthat theessayexplores.Forthefirsttimein2009,thetechnologywassuccessfullyimplementedtodevelopaFirst,aworldwide peer to peer(P2P)networkmustbebuilttoproduceacurrencythatdoesnotneedtheemploymentofintermediaries,as the current conventional financial system requires.[2] Decentralization removes the need for intermediaries, allowing Blockchaintodisruptawiderangeofsectorsbyautomatingoperationsandcuttingcosts.[3]Despiteitsmanyadvantages, blockchaintechnologyhasitsdrawbacks.[4]Asaresult,awiderangeofnewapplicationsispossibleinvariousfields.[5]It hasn'tgainedanytractionyet.[6]

Blockchain refers to a decentralized public ledger replicated over a network of nodes, making it possible for anybody to access the catalog. In the event of a partial system failure or breakdown, the dispersed network of identical databases allows for smooth addition and removal of nodes, ensuring that the network continues to operate. Blocks are joined together to create an immutable chain of information in a blockchain. Consensus must be established on how these databaseentriesmaybeauthenticated[7].Aremarkabledegreeofresistancetomanipulationhasresulted.[8]

They say that blockchain technology has a few key characteristics that indicate that it might be a practical technological solution.Transparencyisoneoftheseconcepts.Everytransactionandpieceofdatarecordedonablockchainisvisibleto anybodyhavingaccesstoit.Thus,thetechnologyisidealformonitoring,reporting,andverificationapplications.Because theBlockchain'sdatacan beaccessedandcannotbealtered,itsvalueisundeniable.However,oncedatahasbeenstored onablockchain,itmaybechanged,butanychangesmustbeverifiedandalwaysleaveatrail,asseenabove [9]

Inaddition,twofurtheradvantagesofblockchaintechnologyareitsabilitytoauthenticateandmaintainidentities.Using thesystem'sdistributedledger,everyoneengagedcanviewandtraceeachother'stransactionsontheBlockchain.Because how blockchains are designed does not always mean that an individual's identity has been made public. It is possible to produceNewpublicandprivatekeypairsarecreatedonaregularbasisbytheBitcoinnetwork.Individualsarecommonly identifiable simply by their public keys. Cryptocurrencies illustrate that blockchain technology is suitable for protecting users'anonymity,exceptincaseswhereaconsiderableinvestmentoftimeandmoneyisrequired[10]

Currently, it's one of the most intriguing uses for blockchain technology that's being worked on to facilitate safe and securemoneytransfers.AsaresultoftheBlockchain'sdesign,transactionsdonotrelyontheparties'trust.[11]

Increasedefficiencyandcompetitivenessofcompanyoperations,synergisticeffectsfromnetworkcontactbetweenmarket players,andexpandedbusinesspotentialviadigitalpaymentsystemsareindisputableadvantagesofdigitaltechnology.

Despite the rapid expansion of digital technologies in many spheres of economic activity, little is known about their capabilities, benefits, and drawbacks. Experts and practitioners are still debating the benefits and hazards of adopting digitaltechnologiesincrucialareasoftheeconomy,suchasthefinancialandbankingsector,whereblockchaintechnology isutilizedtosimplifytransactions.Therefore,assessingthepresentstatusofblockchaintechnologyandthecharacteristics andpotentialapplicationsofblockchain basedenterprisesindifferenteconomyandfinancesectors.

Some argue that the current economy is not post industrial but rather a creative economy built on information, competencies, and networked collaboration. Significant description of a the term "post industrial economy" refers to include the following: the Cluster networks that are horizontally interconnected, linkages and spatial integration and interactionmechanismstocreateanetwork basedapproachtocoordinatingeconomicinteractions.Forexample,

Diversificationofoperationstoincludeservicessuchashealthcareandfinancialservices(amongothers)

 Themostcommonkindofinformationisknownastacitknowledge. Technologyandhumancapitalhavesupplantedtraditionalsourcesofwealthintheeconomy.

Userscanaltertheirprivatekeys,limitingaccesstofilesratherthanthewholeBlockchain,byencryptingtheBlockchain. Encryptionalsomakesitpossibletomaintainsynchronizedcopiesofadistributedchainofblocks,makingthemaccessible toalluserssimultaneously.[12]

The integrity of the data is protected by a database level security measures when it refers to blockchain technology. Blockchain technology uses the decentralized time stamped server and peer to peer network connections used by blockchain technology to help protect transactions from fraud and theft. Consequently, there is no single administrative center for the database, and it is administered independently. The result is a scalable framework for storing events (for example, bank customer records) and the capacity to manage identification and verify the source of information via blockchain technology. As a result, the Blockchain is a network of interrelated components. Everyone involved in the systemhasastakeinmakingsurethatitisstableandfunctioningcorrectly.

Blockchain technology may be used in the business world by eliminating intermediaries between buyers and sellers. Customersmaynowselltheirexcesselectricitydirectlytoothercustomersratherthanviatheintermediaryroleofenergy firms with a strong position in the electricity supply market. The most potential application of blockchain technology seemstobeinthefinancialindustry.It'svitaltoknowaslittleaspossibleaboutthepayerwhileprocessingpaymentson theBlockchain,suchaswhetherornothehassufficientcashinhisaccount.Theborrower'sincome,financialhistory,and thepropertyheownsmustbegatheredbeforeamortgageagreementcanbesigned.

We mustworktogetherto establishthenecessaryinfrastructureto explorethebasicsofblockchaintechnology andtake advantage of its potential benefits by bringing together major financial institutions and government organizations. Because of this, the R3 consortium was founded to further the development of Blockchain. As part of the agreement, GoldmanSachs,JPMorgan,CreditSuisse,andBarclays,amongothers,wereinvolved.Overadozenofthemajorfinancial institutionsinthe worldhavejoined theconsortiumby theendof2015.Banksare consideringblockchain technologyto reduceoreliminateoperationalcosts.

Forthisreason,theR3consortiumhassetagoaltoanalyzethecurrentfinancialsystemforfutureblockchainapplications thoroughlyandidentifythemostpromisingones.Expertsinthedatabases establishedontheblockchainplatformbelieve that information on payments and foreign exchange transactions, credit and factoring activities, and other financial trainingmaybeincluded.

Itisfeasibletoidentifythreedifferentdegreesofdeploymentofblockchaintechnologyinawiderangeofcontexts.Things that improve the consumer's experience are found in the first tier offerings. The intermediate level is a set of skills that servesasafoundationfortheitemsofthenextlevel.Thisisthelevelofdevelopmentandresearchthathasbeendone.The regulatoryenvironment,infrastructure,andtrainedemployeesarethethreecorepillars.Newdigitaltechnologiescanonly beimplementedandtransformedatthisleveloftheorganization..[13]

1.1. Centralized, decentralized, and distributed systems conduct transactions in the same way.

To understand why Blockchain is a disruptive technology, it is vital to grasp the difference between centralized, decentralized, and distributed transactional systems. In today's culture, the development of financial institutions necessitates using various transaction methods. Direct transactions are those in which data is sent directly from A to B without the need for any intermediate entities. Intermediaries are involved in the vast majority of transactions. [14] A bankensuresmoneyismovedsafelyfromtheproperaccounttotheintendedreportasanintermediary.Incontrast,banks aren'toftenthesoleplayersinthegame.Subtasksmaybedelegatedtootherparties, suchascreditcardfirmsorpayment processors.[15]

Credibility,reliability,andsecurityarecrucialinhigh valuetransactions,andthirdpartiesmustbetrusted.Ifthesenderor recipient requires a certain transaction quality, such as speed, low cost, or transparency, the transaction may be completed.[16]Duetothemanypartiesinvolvedinthetransaction,itisn'teasytomeetthesestandards.Eachsidehasits closedsystemtohandleandadministerthetransaction.Becausetheyholdrecordsintheirdatastorage,companiesmust

be trusted to provide sufficient data protection. [17] Transactional processes may be centralized or decentralized, depending on the number of nodes involved in the transaction and how it is routed. Because of their star network architecture, centralized systems are particularly vulnerable. Consequently, mesh networks of star networks are often usedinpracticalsettings.Becausetheydonotrelyonasinglenode,thesesystemsaremoresecurethantraditionalones, butanassaultonafewcrucialnodesmightsignificantlyaffectthesystem'sfunction.[18].

A better solution is required because of the flaws in both decentralized and centralized systems. Due to recent technical advancements, distributed systems are becoming viable alternatives to traditional computer systems. [19There is a misconception that blockchains are only utilized to form cryptocurrencies; they may be used for smart contracts, data sharing,andpeer to peertrade.[20]

2. The components of the Blockchain

Theremustbebothdigitalandphysicalcomponentsforablockchaintofunction. Basedonitspurpose,thestructureofa Blockchain might vary greatly. To better understand the Blockchain, we've broken it down into its most important componentsareasfollows hashing, mining, blocks, consensus algorithms, nodes and digital signatures.

A document's authenticity, validity, and integrity may be verified using “digital signatures." When it comes to digital signatures, asymmetric cryptographic algorithms are often used. This makes it very difficult to decipher the private key from the public key when using an asymmetric encryption method such as AES 256. In the case of digital signature systems,thedatarecipientmaycheckthesignaturecomputedoverthedataagainstthesender'spublickeytoensurethe signature'sauthenticity.Usingthismethod,thesenderandreceivermaybesurethatthedatapackagewassentandsigned bybothparties.[21]TransactionsontheBlockchainareauthenticatedusingdigital signatures.Thesealgorithmsmaybe downloaded for free, including the widely used DSA, RSA, elliptic curve digital signature algorithm, and many more, includingthoseusedintheblockchainsofBitcoin,Ethereum,andothercryptocurrencies.[22]

Usingamathematicalfunctionknownasthe “hash” function, "hashing" referstotheprocessoftransforminga variable length input to a fixed length output, known as the "hash value." A consistent production as long as input changes are notable, but it is not noteworthy that minor input changes may significantly impact production. Additionally, most blockchainsusecryptographichashmethods,whichneedcomputationalpowertocalculatetheappropriateinput. [23]

It's easy to understand that a blockchain is nothing more than interconnected data blocks. The "blockhead" and the "blackbody" make up each block.. [24] The blockhead includes information about the block that is not specific to the league. Aside from that, it provides Node verification instructions, a hash value produced from a previous block, and the chainthatlinksallblocksinablockchainarepartoftheblockversions.[25]Sincetheleaguewasintroducedtothechain, the block body has kept track of any transactions. The sender's and recipient's public keys, as well as the sender's and receiver'sdigitalsignatures,composeabitcointransaction,transactionoutput,anddatatransmitted.Thisdatarepresents theamountofcryptocurrencyprovided.[26]

A blockchain's physical network is referred to as its "nodes" It is critical to distinguish between different sorts of nodes since each one serves a specific purpose. The phrase "complete nodes" is often used while discussing nodes. Blockchain networkfullnodesvalidatetransactionsandblocksultimatelytoprevent themfrombeingcompletedtwiceorinhibitthe execution of incorrect or corrupted transactions. A miner is a node that is fully loaded. They need specialized hardware andmayinjectnewblocksintothechainthatdistinguishesthem. [27].

There are genuine "mining" that compete to solve a cryptographic challenge to determine who will be the first to add a new block to the Blockchain, known as "mining." For every new block added to the chain by a miner, the miner has two choicesforclaimingtheirreward.First,thepartiesseekingthetransactionwillpayafeetotheminer.Itwillalsogenerate newcurrenciesandrewardminersfortheirefforts[28]

The consensus algorithm is a distinguishing feature of blockchain technology from other technology. To be considered authentic, the whole network must agree on a sole version of the accuracy about the data sent. Consensus procedures eliminate the necessity for a central authority in this process. This has led to the view that blockchains are distributed control and energy systems. [29] It is possible for attackers to create many participants in an attack termed the Sybil assaultifapoorlyvalidatedidentitysystemisused,suchasonethatlackscentralidentityvalidation.[30]

Theauthorsclaimthatusinga"technique"called"proofofauthority"(PoA)makesattainmentagreementinasystemwith a limited number of nodes possible and straightforward. This is far more difficult in a distributed classification like a public blockchain. Because of this, consensus “algorithms” employed in blockchains must be able to fulfill the following fiveneeds:

1. Allhonestnodesmustagreeonavalueforconsensustotakeplace.

2. Uponcompletingtheconsensusprocessandresolving,theoperationisconsidereddone.

3. Atleastonehonestnodemustprovidethebeginningvalueforeachvaluethatallhonestnodesagreeon.

4. The consensus process must be fault tolerant, implying that it can function even if there are defective or maliciousnodesinthenetwork.

5. Nonodemaydecidemorethanonceinaconsensuscycletomaintainitsintegrity.

PoWandPoSalgorithmsaretwoofthemostoftenusedmethodsforobtaining consentindistributedsystemswithweak identities.Thesetechniquesarewidelyutilizedandprovidedforavarietyofapplications[31]

All network nodes get hash values are included in blocks that include digitally signed transactions, which are the basic buildingblocksofa blockchain.Accordingtoaconsensusprocedure,allnodesmustmaintainthenetwork'stypicalstate. MinersmaycontinuetocontributeblockstotheBlockchain.

3. Many businesses use blockchain technology as an essential part of their business strategy.

Compared to previous disruptive technologies (such as the shipping container and the Internet), Blockchain is unique in that it was built to promote cross border transactions. As previously said, Bitcoin was created to eschew the existing financial system throughout the world. As a result of its ability to transmit data and economic value across national boundaries and established institutions, Blockchain was designed as a decentralized system. The rise of crypto assetsandblockchaindevelopmentresultsfromglobalizationinthedigitalage[32]

Blockchain technology may be regarded as a technological infrastructure because of its wide applications and global scalability.[33] The Bitcoin blockchain serves as a "financial market infrastructure" for worldwide monetary transactions.[34] A "trade infrastructure" for international commercial activities, such as logistics and transportation, is also gaining steam on the Blockchain.,[35] A "single blockchain infrastructure for cross border public services" might be analternative.[36] Thereisawiderangeofusesforblockchaintechnologyworldwide,fromdatastorageandexchangeto financial services and the general supply of services[37] As a result of Blockchain's global infrastructure, new "polycentric" governance systems are being developed to partly replace current international law based governance systems.Duetothetechnology'sworldwideinfrastructure,multinationalorganizationshaverecentlyadopteditduetoits infrastructure basednature.Parttwoexploreshowglobalcorporationsareusingblockchaintechnology[38]

3.1. Organizations throughout the world are using Blockchain in their daily operations.

Blockchaintechnologywaspioneeredbyinternationalandsupranationalorganisations,bothofficialandinformal. Thesuccess ofthesystem iscritical tointernational organisations, whoare both regulatorsandcustomersof blockchain technology. For example, according to the International Organization of Securities Commissions (IOSC), token secondary markets should be regulated to safeguard investors.[39] It was established in 2019 by the G7 to evaluate the viability of stable coin law and its practical implications in the real comfortablenessWorking Group..[40] According to the findings, governmentsworldwidearequicklyadoptingandusingblockchaintechnologytoaidpolicymaking.

Internationalorganizationsalsousemoderntechnologiestoenhancetheiroperationsandachievetheirgoals.TheUnited Nationsanditsagenciesarespearheadingtheseinitiatives.TheUnitedNationsSecretary Generalreleaseda"Strategyon NewTechnologies" in 2018. Described intermsofhow disruptivetechnologiescan be helpaccomplish 2030Sustainable Development Goals and comply with UN Charter, Universal Declaration of Human Rights, and other basic international legalprinciplesbyspeedingup,theUnitedNationsagenciesaredescribedinthisdocumentinthisdocument.Asaresultof these efforts, the United Nations Innovation Network (UNIN) has been developed, one of the most notable (UNIN). Innovative institutions from inside the United Nations (UNIN) have formed an informal network to encourage and promote innovation within the UN system. The UN Information Network (UNIN) has set up a Blockchain cluster to encourage the adoption of blockchain technology across all UN organizations. Blockchain technology may be utilized for severalpurposes,includingmoneytransfersandremittanceswhenitcomestotheUN.Itcanalsobeusedforsupplychain monitoring and record keeping[41] Sections 2 and 3 of this essay will explain how international organizations employ blockchaintechnologyinhumanitarianandlarger scalecommercialsectorsandotherfieldstosolveproblems.

4. The use of blockchain technology in the Economic sector

Indirectlyordirectly,internationaleconomicorganisations(IEOs)arealsoexperimentingwithblockchaintechnology. There is an experimental mobile application that was established in 2017 by the Central Bank of Uruguay, state owned UruguayantelecomcarrierANTEL,andprivatesectortechnologycompanies.Becauseofthis,UruguayovertooktheUnited States as the world's first country to issue digital banknotes. The e Peso, on the other hand, was designed to increase access to financial services for categories of people previously excluded from the conventional banking system. To promote financial inclusion, the e Peso (electronic payment system) was launched in 2014, even though Law No. 19210 (FinancialInclusionLaw)wasapprovedtopromoteuniversalbankingservicesandboostpaymentsystemefficiency.The International Monetary Fund is looking into whether CBDCs may be utilized to overhaul other nations' banking systems evenifthee Pesodoesnotemployblockchaintechnology[42]IMFpolicyoutputsforadditionalmembersarepossibledue tothis

IntellectualPropertyOrganization(WIPO)looksatpossibleBlockchainusestoimproveitsmission while assisting its member organizations. Blockchain Task Force of the WIPO is studying the potential applications of blockchaintechnologytohelpintheprotectionandadministrationofintellectualpropertyrightsandformulatingguiding principlesandbestpracticesforblockchainusageinintellectualpropertyprotectionandmanagement[43]

Thisisthefirsttimethata majormultinationalfinancialinstitutionhastappedintothe economicpotential ofblockchain technology. As a means of promoting economic growth, the World Bank Group's predecessors were created in 1944. In 1945, the World Bank Group was established as we know it today. More than $1 trillion in combined financial and knowledge sharing capability distinguishes the World Bank Group, consisting of five international agencies. The World BankGroupisavaluableresourcefordevelopingnations.Globalpovertyreductionandincreasedglobalwealthareamong theirgoalsand supportlong termdevelopmentandthe achievementoftheSustainableDevelopmentGoalsoftheUnited Nations (SDGs). Bonds issued by the World Bank have been used for decades to support its development objectives and projectsandtheWorldBank'soperations.Thankstothesebonds,thebank'sprogramsandactivitieshavereceivedbillions of

Whiledollars.working

toachievetheSustainableDevelopmentGoals,theWorldBankGrouphasbegunrecognizingthepromiseof new technologies (SDGs). Founded in June 2017 as the World Bank Group Blockchain Lab, it was renamed the World Bank's Technology and Innovation Lab in September 2018. Global poverty alleviation initiatives utilize the lab as an innovation center for Blockchain and other disruptive technologies to examine how they may be used in supply chain management,landadministration,healthandeducation,carbonmarkettradingandcross borderpayments.[44]

It is the goal of the World Bank Bond i, a new blockchain based bond, to help bring about global development and accomplish SDGs. The Bond i platform, which was created by Australia's Commonwealth Bank, a worldwide financial institution, was used to issue bonds in Australian dollars. The bond was published in August of this year. Blockchain technology will handle both the bond issue and the maintenance of investors' bonds over the bond's life. A blockchain based automated bond auction, book building, allocation, electronic bid capturing, real time updates, and improved transparency may be possible SUBJECT TO OBTAINING ALL NECESSARY LICENSES In the two years after the bond was issued following a two week consultation process, $110 million has been raised. The World Bank began recording secondarybondtradingontheBlockchaininMayofthisyear,totheplatform.Consequently,theWorldBankbondwasthe first to be issued and sold on a distributed ledger. For example, sovereign governments and other international developmentbanksmayemploythismethodofcapitalproductioninthefuture,amongotherthings[45]

5. Effectiveness and legality of blockchain technology

Likeotherareasofinternational law,international organizationlawisoftenmired ina conflictbetween efficacyand legitimacythatisdifficultto overcome. Evenwhileinternational organizationswere acknowledgedasessential elements oftheliberalinternationalorderandgivenextensivepolicymakingauthorityinalmosteverysphereofsociety,theywere not authorized coercive capabilities to carry out their purposes and agendas. A consequence of this was the early establishmentofalternateinstrumentsforapplyingpolicylikeP3sandmorenewtechnologiessuchasDLT(decentralized ledgertechnology).DespitewidespreadtrustininternationalinstitutionsduringWorldWarII,thecurrentglobalorderis builton the ideasofstatesovereigntyandconsent, whichpresentsa contradiction ininternational law. Destabilizingthe post 1945globallegalsystemisasevereriskposedbytheuseofemergingtechnologiessuchastheBlockchain.[46]

5.1. Effectiveness of the Blockchain

International organizations' ineffectiveness was a significant factor in the liberal international order that emerged afterWorldWarII[47]"Achilles'heel"isoftenusedtodescribethelackofenforcementmechanismsininternationallaw

andorganizations[48]Functionalistviewsofinternationalrelationsarguethatlegislationpromotesratherthanconstraint the creation and functioning of international organisations, their policies, and their operations. Comparable notions also helped create a perspective of global organizations that were more "technical" and centered on technology rather than Internalpolitics.[49]and

exterioroperationsofinternationalorganizationssoonembracedprivatizationapproachesinresponsetothe global community's perception of a need for enhanced efficiency. Domestic governments embraced privatization in the same way that foreign organizations like the World Bank and the International Monetary Fund (IMF) were. SOE privatization, PPPs, and New Public Management (NPM) were all gaining traction[50] When it comes to attaining their goals in all areas of activity, including policymaking, the United Nations and other international organizations have repeatedlycalledontheprivatesectortosupportthembyadheringtocentralprecepts.[51]UNHCRandWHOpioneered internationalrefugeelegislation,andNPMwasoneoftheearlypublic privatecollaborationsinthefield.[52]

Duetotheirdiscontentwithineffectiveness,multinationalbusinessesquicklyembracednewtechnologiesandBlockchain. Assoonasitwaspracticable,internationalorganizationsbeganusingthelatest technology,suchasblockchains,toboost the efficacy of their operations and policies. Professor Lawrence Lessig made a name for himself by explaining how the Internet'sartificialenvironmentmayfunctionsimilarlytolegislationintechnicalcode.[53]Becausecodeisthefoundation oftheInternet,ithasthepowertoimposerulesonthebehaviorofitsusers.Forexample,theinternetprogrammeristhe "rulemaking"oftheInternet;theITengineeristhe"rulemaking"ofdigitalplatformbehavior,andtheblockchainsoftware designerandengineeristhe"rulemaking"oftheblockchainnetwork.Thelexcryptographicisa"newsortoflegalsystem" possiblycreatedbyblockchaintechnology.[54]

Lex Informatica is being phased out for a more self contained version of the same concept that may be found on the Internet. The tamper proof characteristics of the blockchain ledger and its capacity to automate transactions make Lex cryptographicanditsstatutoryexecutionmoreeffectivethanpreviousiterationsofthelaw.Consequently,intheworldof cryptocurrencies, international organizations serve as legislators. Individuals who link to the blockchains that international organizations create are under the watchful eye of these organizations. Real world implications of blockchainlegislationare,ofcourse,inevitable.Lessig'sfamiliarrefrain:"Youareneverjustincyberspace;youarenever justgoingtocyberspace."Theauthorclaimsthat"youareconstantlyintheactualworldandtheinternet."Thisquestions internationalorganizations'useofblockchaintechnologyandtheirgeneraleffectiveness[55]

5.2. The Legality of the Blockchain

Becauseofthis,thepapernowfocusesonthevalidityofinternationalorganizationsusingBlockchain.Asafirststep,it looks at whether current concepts of legitimacy are adequate to justify blockchain technology. For global organizations, traditional conceptions of legitimacy prevent the broad implementation of blockchain technology, particularly in applications that provide international agencies with direct contact with people. Due to this, much the extent to which legitimacytheoriesmaybeutilisedtolegitimisetheuseofBlockchainbyinternationalorganisationsisaddressed.

6. Blockchain's Potential Impact on the Future

By the end of 2021, the total market value of all cryptocurrency assets will exceed $3 trillion.[56]Blockchain technology is used to create cryptocurrencies like Bitcoin and Ethereum. Business operations will continue to be significantlyimpactedbythewidespreaduseofblockchaintechnologyandthegoodsandservicesitenables.Ontheother hand,Blockchainismuchmorethanjusta securemeansofexchangingdigital cash.Additionally,itisusedinhealthcare, voting, welfare benefits, and the payment of artists' royalties.[57] The global economy is preparing itself for the approachingblockchainrevolutionbecauseblockchaintechnologyhasalreadyhad asignificantinfluenceonbusinessand society on several levels. The word "revolution" is overblown if you consider that eight of the world's ten most giant corporations are developing blockchain technology products.[58] Any industry or organization engaged in the recording and monitoring of any transaction may profit from moving operations to a blockchain based platform. Blockchain technologyispredictedtosignificantlyinfluenceawiderangeofglobalissuesinthefollowingcategories.

6.1. Blockchain technology has the potential to revolutionize the financial services industry.

One area where blockchain technology is expected to grow in the future is cross border payments. Several recent eventshavepusheddevelopmentinthisdirection,includingthefollowing:

Banks could clear and settle cross border transactions through the Stellar protocol in real time using this blockchain poweredconduit.BankpaymentsystemsmaybecoupledwiththeWorldWireAPItoconvertthedigitalassettocashand the transaction completed. The COVID 19 epidemic prompted IBM to take network operations down and release the

sourcecodeasanopen sourceproject,lettingthedevelopercommunitybuildonthecompany'sfindingsandlearnfromits mistakes.[59]

Paystack Paystack, the Payment Infrastructure and Connectivity Initiative (PICI), create payment infrastructures and linkspaymentprocessorstoincreaseonlinepaymentspeedandaccessibility.AfintechcompanycalledStripeannounced in October 2020 that it would acquire Paystack for $200 million in cash. Online payments in Nigeria increased by 50% when the company expanded into South Africa in May 2021; this growth came after the company was created there.[60]The gateway now has access to 380 million customers in 60 countries, making it the first Nigerian payment gatewaytojointheApplePaypartnerprograminSeptember.[61]

Ripple and Pyypl SanFrancisco basedsoftwarevendor,The blockchain basedpaymentnetworkRipplehasfocusedon worldwidereal timepaymentssinceitslaunchin2014.Paypal,atechnologycompany,locatedinDubai,hasdevelopeda blockchain basedplatformformobileaccesstonon bankfinancialservices,andtheyjustteamedwiththem.Withtypical cross border payment methods requiring extra money to be held in a customer bank account, a lack of pre funding is partlytoblamefortheplatform'sliquidity enhancingpotential[62]

AZA Finance An African focused firmuses blockchain technology to transfer money between Africa and the rest of the globe.Additionally,dealinginnon UScurrencymaylessendependencyonadollar dominatedsystem,allowbusinessesto dobusinessduringbankingholidays,andboosttradeefficiency,amongotheradvantages.[63]

In addition to payments, blockchain technology may be used for various other purposes. The following is a list of other instancesofblockchain basedfinancialtechnologyadvances.

Securrency This is a cryptocurrency and asset trading platform that accepts various currencies and assets, including bitcoin.Tokensissuedoncryptocurrencyexchangesfacilitatecryptocurrencytradingoutsideofsuchbusinesses[64]

ABRA Using this wallet, you may buy and store 100 different cryptocurrencies worldwide. Customers will be able to better manage their financeswith the help of thecompany'snew product line, whichhasalready secured $55 million in investment[65]

Numerai An open source hedge fund is the goal of this group, which distributes encrypted datasets to thousands of decentralizedquantitativeanalystswhousethedata to createpredictionmodels.Tobuilda tradingmeta model,traders earnNumerai'stokenfortheirsuccess.[66]

Bloom As part of its mission to revolutionize the credit scoring industry, this startup uses blockchain technology to createaplatformformanagingrisk,identification,andcreditscores[67]

7. Blockchain technology in the business sector

The significant reasons for adopting blockchain technology are higher revenue, decreased costs, and more effective timeuse.Examplesofhowblockchaintechnologyisbeingusedinthebusinessworldincludethefollowing:

ConsenSys Quorum Founded by JP Morgan, Quorum is an enterprise level solution for managing extensive blockchain networks.[68]

LVMH Theluxurygoodsindustryusesblockchaintechnologytokeeptrackofshipmentsandthwartcounterfeiting.Ten millionobjectshavebeenrecordedonaplatformestablishedwithPradaandCartier[69]

MediaChain Among other things, Spotify purchased this blockchain database to resolve rights holder disputes and managecopyrightandroyaltypayments[70]

7.1. The business world's influence on the development of Blockchain

The technology will affect enterprises, businesses, and whole economies since CEOs, traders, and decision makers needtobeeducatedinitsworkings.

Conclusion

Thisarticle shows that blockchaintechnology's many principlesandcharacteristics may be used in various applications despitetheircomplexity.Thereisawiderangeofapplicationsforblockchaintechnologybeyondcurrencyandpayments (Blockchain 1.0), contracts, property, and all financial market transactions (Blockchain 2.0), and maybe even further to

enable orders of magnitude more human progress. Decentralized and centralized societies might greatly benefit from blockchain technology, which is currently being researched. With each new technology, there is an initial period of disruption, butastimepasses,a more extensive ecosystem might emerge thatincorporates both traditional and cutting edge practices. Several historical instances include how the arrival of radio and readers like the Kindle boosted sales of recordsandbooks,respectively.TheNewYorkTimes,blogs,Twitter,andcustomizeddronefeedsarejustafewplaceswe getournews.Awidevarietyofsources,includingbigentertainmentcompaniesandYouTube,provideuswithourmedia material. So blockchain technology may be integrated into an ecosystem that uses both centralized and decentralized methodsinthefuture.

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