Blockchain Technology and Its Applications

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Author(s): Ting Wang (Indiana University South Bend, USA), Liguo Yu (Indiana University South Bend, USA)and Yingmei Li (Harbin Normal University, China)
Copyright: 2021
Pages: 14
Source title: Encyclopedia of Organizational Knowledge, Administration, and Technology
Source Author(s)/Editor(s): Mehdi Khosrow-Pour D.B.A. (Information Resources Management Association, USA)
DOI: 10.4018/978-1-7998-3473-1.ch085

Keywords: Administration & Leadership / Business & Management / Business and Organizational Research / Business Science Reference

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Abstract

Blockchain is an information technology solution for distributed digital record. Its main properties are secure, traceable, and transparent. Blockchain was first proposed for bitcoin, a decentralized virtual digital currency. Recently, blockchain draws attentions of researchers, entrepreneurs, and investors, because people found that blockchain technology can revolutionize many business practices. This paper describes the fundamentals of blockchain technology, including data structure, data distribution, and transaction execution and validation. This paper also discusses the representative blockchain protocols and development platforms. In addition, this paper outlines the potential applications of blockchain technology and the broader impact it might bring to industry, business, and beyond.

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