Running head: BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY 1 BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY 7 Block-chain Technology: Beyond Crypto-currency Christophe Bassono University of Nebraska Omaha CYBR-4360-860-Foundation of IA Assignment: Semester Project Presentation Block-chain Technology: Beyond the Crypto-currency Contents Contents 2 Abstract 3 Introduction 3 Fundamentals of Block-chain Technology 4 Application of Block-chain Beyond Crypto-currency 5 Future of Block-chain 8 Conclusion 8 Abstract Block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. The technology constitutes two distinct components including block and transaction. Block refers to the collection of data, transaction recording, as well as other related details such as the creation of timestamp, correct sequence, et cetera. Blockchain which is the digital technology fundamental for crypto-currency has managed to bring forth a novel revolution through the provision of a mechanism that can be used for peer-to-peer transactions (P2P). The blockchain is a globally accepted ledger that is capable of achieving numerous new applications beyond transaction verification. Bitcoin that is progressively gaining awareness around the world is a vital example of Blockchain in practice. The block-chain technology is still at the stage of building up and is expected to be full-blown in the next few years. Introduction The predominant goal of this proposal is to outline the literature on the functionality of Block-chain and other techniques of the digital ledger in several different spheres of influence beyond its use to crypto-currency and to come up with an appropriate conclusion. The technology of block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. However, the main focus of this proposal is to determine the most auspicious for future application of Block-chain beyond crypto-currency. Block-chain is the technology that facilitates the system of Bitcoin crypto-currency, which is also regarded to be important in the formation of the backbone that guarantees privacy and security of several applications in different areas such as the eco-system of the Internet of Things. The block-chain technology has also been successfully applied in the industrial and the educational sectors (Pilkington, 2016). A Proof-of-Work, which is a mathematical challenge, guarantees the security of the chain-block by maintaining the transactions of the digital le.

1. Running head: BLOCKCHAIN TECHNOLOGY: BEYOND
CRYPTOCURRENCY
1
BLOCKCHAIN TECHNOLOGY: BEYOND
CRYPTOCURRENCY
7
Block-chain Technology: Beyond Crypto-currency
Christophe Bassono
University of Nebraska Omaha
CYBR-4360-860-Foundation of IA
Assignment: Semester Project Presentation
Block-chain Technology: Beyond the Crypto-currency
Contents
Contents
2
Abstract
3
Introduction
3
Fundamentals of Block-chain Technology
4
Application of Block-chain Beyond Crypto-currency
5
Future of Block-chain
8
Conclusion
8
Abstract
Block-chain is relatively new; therefore, a representative
research sample is presented that spans over the last couple of

2. years from the earlier literature addressing the field. The
different usage types of Block-chain, as well as the digital
ledger methods, applications, challenges privacy, and security
issues, are examined. The technology constitutes two distinct
components including block and transaction. Block refers to the
collection of data, transaction recording, as well as other related
details such as the creation of timestamp, correct sequence, et
cetera. Blockchain which is the digital technology fundamental
for crypto-currency has managed to bring forth a novel
revolution through the provision of a mechanism that can be
used for peer-to-peer transactions (P2P). The blockchain is a
globally accepted ledger that is capable of achieving numerous
new applications beyond transaction verification. Bitcoin that is
progressively gaining awareness around the world is a vital
example of Blockchain in practice. The block-chain technology
is still at the stage of building up and is expected to be full-
blown in the next few years. Introduction
The predominant goal of this proposal is to outline the literature
on the functionality of Block-chain and other techniques of the
digital ledger in several different spheres of influence beyond
its use to crypto-currency and to come up with an appropriate
conclusion. The technology of block-chain is relatively new;
therefore, a representative research sample is presented that
spans over the last couple of years from the earlier literature
addressing the field. The different usage types of Block-chain,
as well as the digital ledger methods, applications, challenges
privacy, and security issues, are examined. However, the main
focus of this proposal is to determine the most auspicious for
future application of Block-chain beyond crypto-currency.
Block-chain is the technology that facilitates the system of
Bitcoin crypto-currency, which is also regarded to be important
in the formation of the backbone that guarantees privacy and
security of several applications in different areas such as the
eco-system of the Internet of Things. The block-chain

3. technology has also been successfully applied in the industrial
and the educational sectors (Pilkington, 2016). A Proof-of-
Work, which is a mathematical challenge, guarantees the
security of the chain-block by maintaining the transactions of
the digital ledger that are not alterable in any way. Also, block-
chain employs utilize a public key that is changeable and
records the identity all the users while maintaining their
privacy. The adaptation of block-chain technology has also been
successfully implemented in different non-monetary systems
including decentralized message, online voting, clouds
distribution and storage systems, healthcare, proof-of-location
(Chatterjee, & Chatterjee, 2017). Several research projects and
articles are reviewed to establish the implementation if block-
chain for identity and security enhancement, related challenges
as well as the appropriate solutions for block-chain based
security structures. The area of knowledge described in the
research includes the digital ledger realm, especially the block-
chain and crypto-currency. Fundamentals of Block-chain
Technology
This section offers a brief description of the fundamental
aspects of the block-chain technology. The technology
constitutes two distinct components including block and
transaction. Block refers to the collection of data, transaction
recording, as well as other related details such as the creation of
timestamp, correct sequence, et cetera. On the other hand, the
transaction is the triggered actions by the participants in the
block-chain.
Block-chain can be either private or public, depending on its
usability scope. When a block-chain is made public, it allows
all the users write and read permissions as is with the access of
Bitcoin. However, other types of public block-chains also offer
single permission, which is either to write or read depending on
the type of participants. On the other hand, access is only
limited to the trusted few in private block-chain. This is done

4. with the intentions of enhancing security and to conceal the
participants’ personal details. The private block-chain is mostly
used in healthcare facilities and other governmental institutions
where privacy is a priority.
The public implementation if the block-chain technology makes
the primary benefit of the system. The ability of every
participant to make entries or updates or evaluate the
transaction records creates accuracy and allows verifications
and authorization of a transaction by all the participants. In
most cases, the data remains unchanged, and in case of
alteration, the changes are verifiable by all participants.
However, the block-chain data are encrypted using a unique key
and can only be interpreted by experts.
In addition, the decentralized nature of the block-chain
technology is also a significant advantage of the system. This
implies that data, associated blocks, or transactions are not
stored in any single device, but are preferably distributed
throughout the network among the participants supporting the
block-chain (Crosby et al. 2016). Also, no single authority is
responsible for authorization of transactions, neither are there
specified rules that guide the operations, apart from the
participant’s consensus. Last but not least, the eco-system of
the block-chain, as well as the overall security, is also an added
advantage of the system. Since the earlier blocks are already
public and distributed, they can never be changed, and only the
new blocks can be appended.
The block-chain technology encourages transparency since all
the transactions must be approved by all the participants within
a given block-chain ecosystem. The participants are required to
use a given algorithm to verify and validate such transactions.

5. Each block-chain ecosystem has its definition of what is
considered to be valid for a trade.
Figure 1: Blockchain Technology Concept (Pilkington, 2016)
Application of Block-chain Beyond Crypto-currency
Even though the internet is known for its greatness in aiding
all spheres of contemporary digital lives, it is immensely flawed
in some ways including inadequate or lack of privacy and
security. These flaws have been majorly experienced in the
fields of e-commerce as well as Fintech. Blockchain which is
the digital technology fundamental for crypto-currency has
managed to bring forth a novel revolution through the provision
of a mechanism that can be used for peer-to-peer transactions
(P2P). This mechanism has been enabled to work without the
intervention of any intermediaries like commercial banks
(Pilkington, 2016). Blockchain can validate all relevant
transactions and also safeguard stable and permanent records of
the information; while ascertaining that all the users’
credentials and identification data are kept incognito.
Therefore, the technology ensures that all the personal data of
the users are impounded while the system substantiates all the
requested transactions. This function is further accomplished
through reconciliation of mass collaborations through the
accumulation of all sales in the computer coded digital ledger.
Therefore, application of Blockchain as well as other similarly
functional crypto-currency tools does not require an
intermediate or users trusting each other. The trust is thereby
patented in the decentralized network of the Blockchain system.
Blockchain can hence be referred to as the "Trust Machine” of
the ideal paradigm (Pilkington, 2016).
Bitcoin is an outstanding example of Blockchain in practice.
Blockchain, being a new revolution in the computing world, is
further capable of allowing limitless applications.These
applications are including storage as well as verification of

6. legal documentation such as certificates and title deeds, IoT,
cloud, healthcare data and many more (Crosby et al. 2016)
asserts that Blockchain is a globally accepted ledger that is
capable of achieving numerous new applications beyond
transaction verification. For instance, the technology is
immensely applied in smart deeds, governmental services,
autonomous and decentralized organizations.
Also, it is applicable in the cloud environment (Ølnes, Ubacht,
& Janssen, 2017). In this perspective, the historical background
in the generation of the cloud data objects, as well as its
successive functionality performed thereupon, are often
recorded through the data structure system known as the ‘data
provenance' which is an essential kind of the cloud metadata.
Therefore, this perspective is essential in providing total
security to the significant data provenance to ensure data
privacy and confidentiality, accountability, viability, and
forensics. Ølnes, Ubacht, and Janssen, (2017) describe the
architecture of a Blockchain-based cloud data provenance, and
how users trust it. ‘ProvChain' is highly decentralized and meets
the requirements of many users, thus promoting the trust.
Consequently, adoption of Blockchain in a data cloud
environment is vital in providing reliable protection against
data records that may be altered, therefore promoting enhanced
transparency, and also, further accountability of data.
Furthermore, trustworthiness, accountability privacy, and
provenance data value are significantly increased.
Also in the environment of IoT, most communications are
achieved through machine-to-machine interactions (M2M). This
aspect establishes trust issues among the communicating
machines. The challenge has not been tackled to completion by
the IoT technology. Nonetheless, Blockchain can be used as a
catalyst in this situation through the promotion of advanced

7. security, privacy, reliability as well as scalability of the systems
(Crosby et al. 2016). This is accomplished through the
deployment of the Blockchain technology with a command to
track man devices that may be connected to the IoT
environment, and also utilized to enhance and coordinate
processing transactions. Application of the Blockchain in the
ecosystem of IoT is also bound to heighten data reliability
through axing the failure point referred to as the SPF (Single
Point of Failure). The integrated cryptographic algorithms
useful in block data encryption and technique hashing are
significant in providing enhanced security. On the other hand,
this process may be liable to increased processing power
demands, which often lack in the IoT devices. This limitation
requires further detailed research.
According to Wright, and De Filippi, (2015) the application of
the Blockchain technology is bound to promote a total overhaul
of the digital economy. Ascertaining and maintenance of trust is
always the primary concern of this technological application.
Further, Blockchain has its applicability in gathering
chronological as well as sequence data related to transactions.
This applicability is often evident in the vast networked systems
used for time-stamping. For instance, NASDAQ implements the
‘Linq Blockchain' in recording the private transactions of
securities. Also, the U.S based DTCC works together with
Axoni to perform financial settlement services like swaps and
post-trade matters. Furthermore, regulators have also shown
interest in the ability of Blockchain to promote privacy,
traceability as well as real-time transactions monitoring.
Future of Block-chain
According to Wright, and De Filippi, (2015), the block-
chain technology is still at the stage of building up and is
expected to be full-blown in the next five years. Since the world
is widely adopting the technology as well as the increased
applications beyond cryptocurrency, the classification and the

8. use of block-chain is projected to reach maturity in five to ten
years. The technology has a better potential to empower the
economies and citizens, especially in developing countries.
What needs to be done is the creation of awareness and
encouraging the adaptation of e-governance to facilitate easy
management and transfer of assets and other precious
commodities such as silver, diamond, gold, and financial
inclusion.Conclusion
The use of block-chain technology has expanded
beyond its application for Bitcoin transaction and generations.
The characteristics if its privacy, security, inherent data
derivation,
Traceability, as well as time-stamping, has allowed its adoption
extensively beyond the initial area of applications. The block-
chain technology is expected to take over the financial system
and other applications in the near future.
References
Pilkington, M. (2016). 11 Blockchain technology: principles and
applications. Research handbook on digital transformations,
225.
Wright, A., & De Filippi, P. (2015). Decentralized blockchain
technology and the rise of lex cryptocurrecney.
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V.
(2016). Blockchain technology: Beyond bitcoin. Applied
Innovation, 2, 6-10.
Ølnes, S., Ubacht, J., & Janssen, M. (2017). Blockchain in
government: Benefits and implications of distributed ledger
technology for information sharing.
Chatterjee, R., & Chatterjee, R. (2017, October). An Overview
of the Emerging Technology: Blockchain. In Computational

9. Intelligence and Networks (CINE), 2017 3rd International
Conference on (pp. 126-127). IEEE.
BLOCK -CHAIN TECHNOLOGY: BEYOND APPLICATION
IN THE CRYPTO-
CURRENCY 1
Christophe Bassono
Literature Survey Proposal
CYBR-4360 Foundation of IA
UNO- Fall 2018
Literature Survey Proposal
Topic: Block-chain Technology: Beyond Application in the
Crypto-currency
Topic area and emerging issue
The literature review topic area has been designated to
blockchain technology: beyond
application in the crypto-currency. This is since there seem to
be issued in this area of security in
the online world and blockchain can provide the solution to

10. various areas beyond the sphere of
using this application for crypto-currency. Thus, this topic is
highly relevant.
Key Words
The key search words that are being used to conduct the
research for this topic include
the following selections and more may be added as the research
continues. Thus, the keywords
respectively are as follows: emerging issues in cybersecurity in
relation to the blockchain,
protection of transactions in various industries with blockchain
usage, how can blockchain
protect your company, what can blockchain be used for, security
issues that blockchain can solve
and risks involved regarding the application of blockchain for
various industries.
Motivation and background
This is an underdeveloped realm regarding the application of
blockchain beyond the
aspect of usage for crypto-currency. And there have been cyber
attacks on various industries,
including various government agencies being hacked. Thus, the
investigation of blockchain

11. application for other industries does make sense. More security
can be added to protect
industries from malicious hackers.
Purpose and whom this will benefit
This study is needed to help others to understand how
blockchain can be applied to
provide cybersecurity beyond the realm of using it for crypto-
currency application. This will
benefit those who have industries that have been attacked
previously. This will help those who
are venturing into new businesses. This will help those who
want to protect their current business
as a manner of prevention, though they have not been attacked
yet. This information can be
applied to almost all industries. With this being the case, this is
a highly valuable study.
Expectations and time frame
I expect to find more information on this topic to aid in
understanding more precisely the
types of industries that are using it and the ones that it can yet
be applied to. The successes and
the risks will be uncovered. I suspect there is not as much
information in this area of study as

12. there is in comparison to blockchain being applied to crypto-
currency. Thus, the time frame that
BLOCK -CHAIN TECHNOLOGY: BEYOND APPLICATION
IN THE CRYPTO-
CURRENCY 2
will be dedicated to this research and project will be two weeks.
I believe this will provide a
good foundation for a solid report.
Hence, the literature review will commence with an explanation
of what block chain is to
provide a foundation for this study, as the study will not make
sense without a comprehension of
the basics of the blockchain. It will also be explained how
blockchain is a stronger protection
solution than other protection solutions that give it an
advantage to keeping hackers out, such as
the fact that this application is not able to be manipulated and
controlled by only one designated
mastermind Moreover, the reality is that blockchain possesses
more than one point that must be
broken down before a hacker can get into the system and the
points are ultra intricate and almost

13. impossible to hack (Walker, 2018).
In addition, the study will then move on to how it was applied
to bitcoin and crypto-
currency to give an understanding of the application that may be
applied to other industries
(Tudja, 2017). Also, there will be the mention of some risks
that have occurred with blockchain,
so that readers are aware that there may need to be some
improvements made to ensure the best
security (Kuchler, 2016). Then the research will branch out to
begin to study areas where it can
be applied, such as in supply chain management, aviation,
schools, etc.
References
Walker, A. (2018). Cyber Security: Block Chain. Retrieved
from
https://blog.g2crowd.com/blog/trends/cybersecurity/2018-
cs/blockchain/
Tudja, M. (2017, Sept. 18). The Impact of Block Chain (and
Bitcoin) on Cyber Security.
Retrieved from https://www.incapsula.com/blog/impact-of-
blockchain-bitcoin-on-

14. cybersecurity.html
Kuchler, H. (2016, Sept. 12). Cyber attacks raise questions
about blockchain security. Retrieved
from https://www.ft.com/content/05b5efa4-7382-11e6-bf48-
b372cdb1043a
https://blog.g2crowd.com/blog/trends/cybersecurity/2018-
cs/blockchain/
https://www.incapsula.com/blog/impact-of-blockchain-bitcoin-
on-cybersecurity.html
https://www.incapsula.com/blog/impact-of-blockchain-bitcoin-
on-cybersecurity.html
https://www.ft.com/content/05b5efa4-7382-11e6-bf48-
b372cdb1043a