AZERBAIJAN NATIONAL ACADEMY OF SCIENCES
BLOCKCHAIN TECHNOLOGY: СOMPONENTS, APPLICATIONS AND PROBLEMS (azerb.)
Yadigar N. Imamverdiyev

The potential of the blockchain technology created to support Bitcoin cryptocurrency is high and offers many opportunities for other applications. Blockchain technology provides distributed, secure and reliable processing of digital transactions. In recent years, blockchains have become widely used, but there is no correct understanding of the potential of this technology among researchers, as well as many decision makers in the field of technology. This paper analyzes the components of the blockchain technology, summarizes the experience of practical applications in various fields and identifies important problems for the development of this technology, and highlights the future research areas (pp.18-32).

Keywords:Bitcoin, blockchain, distributed registry technology, blockchain platform, consensus protocol, Byzantine fault-tolerance, Ethereum, Hyperledger-Fabric, IOTA.
References
  • Narayanan A., Bonneau J., Felten E., Miller A., and Goldfeder S. Bitkoin and cryptocurrency technologies: A comprehensive introduction, Princeton University Press, 2016, 336 p.
  • Swan M. Blockchain: Blueprint for a new economy. O'Reilly Media, Inc., 2015, 150 p.
  • Zheng Z., Xie S., Dai H. N., Chen X., & Wang H. Blockchain challenges and opportunities: a survey // International Journal of Web and Grid Services, 2018, vol. 14, no. 4, pp. 352-375.
  • Wüst K., and Gervais A. Do you need blockchain? / IEEE Crypto Valley Conference on Blockchain Technology, 2018, pp. 45-54.
  • Nakamoto S. Bitkoin: A peer-to-peer electronic cash system. 2009. https://bitkoin.org/bitkoin.pdf.
  • Makhdoom I., Abolhasan M., Abbas H., & Ni W. Blockchain's adoption in IoT: The challenges, and a way forward // Journal of Network and Computer Applications, 2019, vol. 125, pp. 251-279.
  • The-Linux-Foundation, 2018. Hyperledger Business Blockchain Technologies. https://www.hyperledger.org/projects
  • Kwon J. Tendermint: Consensus without mining. Draft v. 0.6, fall. 2014? 11 p.
  • Buterin V. On public and private blockchains. 2015. https://blog.ethereum.org/2015/08/07/on-public-and-private-blockchains/
  • Walport M. Distributed ledger technology: beyond blockchain. UK Government Office for Science, 2016, 88 p.
  • Yli-Huumo J., Ko D., Choi S., Park S., & Smolander K. Where is current research on blockchain technology? – A systematic review // PloS one, 2016, vol. 11(10), e0163477.
  • Zheng Z., Xie S., Dai H., Chen X., & Wang H. An overview of blockchain technology: Architecture, consensus, and future trends / IEEE International Congress on Big Data, 2017, pp. 557-564.
  • Nguyen G.-T., and Kim K. A survey about consensus algorithms used in blockchain // Journal of Information Processing Systems, 2018, vol. 14, no. 1, pp. 101-128.
  • Tschorsch F., Scheuermann B. Bitkoin and beyond: a technical survey on decentralized digital currencies // IEEE Communications Surveys & Tutorials, 2015, vol. 18, no. 3, pp. 2084–2123.
  • Buterin V. Ethereum white paper: a next generation smart contract & decentralized application platform. 2013.
  • Wang S., Yuan Y., Wang X., Li J., Qin R., & Wang F.Y. An overview of smart contract: architecture, applications, and future trends / IEEE Intelligent Vehicles Symposium, 2018, pp. 108-113.
  • Androulaki E., Barger A., Bortnikov V., Cachin C., et al. Hyperledger fabric: a distributed operating system for permissioned blockchains / Proceedings of the Thirteenth EuroSys Conference, 2018, pp. 30.
  • Scherer M. Performance and scalability of blockchain networks and smart contracts. Master’s thesis. Umea University, Sweden. 2017.
  • Brown R.G., Carlyle J., Grigg I., & Hearn M. Corda: an introduction. R3 CEV. 2016, 15 p.
  • IOTA developer documentation. https://docs.iota.org/
  • Bloomberg J. Eight reasons to be skeptical about blockchain, May 31, 2017. https://www.forbes.com/sites/jasonbloomberg/2017/05/31/eight-reasons-to-be-skeptical-about-blockchain/#4a89 d3be5eb1
  • Gatteschi V., Lamberti F., Demartini C., Pranteda C., and Santamaria V. To blockchain or not to blockchain: That is the question // IEEE IT Professional, 2018, vol. 20, no. 2, pp. 62-74.
  • de Meijer C. R. The UK and blockchain technology: A balanced approach // Journal of Payments Strategy & Systems, 2016, vol. 9, no. 4, pp. 220-229.
  • Kshetri N, Voas J. Blockchain in developing countries // IEEE IT Professional, 2018, vol. 20, no. 2, pp. 11-14.
  • Sullivan C., & Burger E. E-residency and blockchain // Computer Law & Security Review, 2017, vol. 33, no. 4, pp. 470-481.
  • Veuger J. Trust in a viable real estate economy with disruption and blockchain // Facilities, 2018, vol. 36, no. 1/2, pp. 103-120.
  • Nordrum A. Govern by blockchain Dubai wants one platform to rule them all, while Illinois will try anything. IEEE Spectrum, 2017, vol. 54, no. 10, pp. 54-55.
  • Khan K. M., Arshad J., & Khan M. M. Secure digital voting system based on blockchain technology // International Journal of Electronic Government Research (IJEGR), 2018, vol. 14, no. 1, pp. 53-62.
  • Kshetri N., & Voas J. Blockchain-enabled e-voting // IEEE Software, 2018, vol. 35, no. 4, pp. 95-99.
  • Alketbi A., Nasir Q., & Talib M. A. Blockchain for government services – Use cases, security benefits and challenges / Proc. of the 15th IEEE Learning and Technology Conference, 2018, pp. 112-119.
  • Wolfond G. A Blockchain ecosystem for digital identity: Improving service delivery in Canada’s public and private sectors // Technology Innovation Management Review, 2017, vol. 7, no. 10, pp. 35-40.
  • Ølnes S., Ubacht J., & Janssen M. Blockchain in government: Benefits and implications of distributed ledger technology for information sharing // Government Information Quarterly, 2017, vol. 34, no. 3, pp. 355-364.
  • Arenas R., & Fernandez P. CredenceLedger: A permissioned blockchain for verifiable academic credentials / IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC), 2018, pp. 1-6.
  • Mettler M. Blockchain technology in healthcare: The revolution starts here / Proc. of the 18th IEEE International Conference on e-Health Networking, Applications and Services (Healthcom), 2016, pp. 1-3.
  • Hölbl M., Kompara M., Kamišalić A., & Nemec Zlatolas L. A systematic review of the use of blockchain in healthcare // Symmetry, 2018, vol. 10, 470, 22 p. doi:10.3390/sym10100470
  • Radanović I., & Likić R. Opportunities for use of blockchain technology in medicine // Applied Health Economics and Health Policy, 2018, vol. 16, no. 5, pp. 583-590.
  • Graglia J. M., & Mellon C. Blockchain and property in 2018: At the end of the beginning // Innovations: Technology, Governance, Globalization, 2018, vol. 12, no. 1-2, pp. 90-116.
  • Yermack D. Corporate governance and blockchains // Review of Finance, 2017, vol. 21, no. 1, pp. 7-31.
  • Andoni M., Robu V., Flynn D., Abram S., Geach D., Jenkins D., McCallum P., & Peacock A. Blockchain technology in the energy sector: A systematic review of challenges and opportunities // Renewable and Sustainable Energy Reviews, 2019, vol. 100, pp. 143-174.
  • Galvez J. F., Mejuto J. C., Simal-Gandara J. Future challenges on the use of blockchain for food traceability analysis // TrAC Trends in Analytical Chemistry, 2018, vol. 107, pp. 222-232.
  • Risius M., & Spohrer K. A blockchain research framework // Business & Information Systems Engineering, 2017, vol. 59, no. 6, pp. 385-409.
  • Lin I. C., & Liao T. C. A survey of blockchain security issues and challenges // IJ Network Security, 2017, vol. 19, no. 5, pp. 653-659.
  • Meiklejohn S., Top ten obstacles along Distributed Ledgers’ path to adoption // IEEE Security & Privacy, 2018, vol. 16, no. 4, pp. 13-19.