Blockchain Technology future, impacts and ethical concerns

 

Blockchain Technology future, impacts and ethical concerns 

 

Introduction of Blockchain Technology

Blockchain technology is a data storage system that makes it incredibly difficult and impossible, to alter, hack, or exploit the system (Vivekanadam, 2020). Blockchain technology is essentially a shared ledger of transactions that is duplicated and distributed through the entire network of operating networks that make up the block-chain (Chauhan & Ramaiya).

Why I care about Blockchain Technology

Blockchain technology has the potential to be applied to a variety of industries due to its decentralization, immutability, stability, compliance, and permanency flexibility for recordkeeping (Venkatesh, Kang, Wang, Zhong, & Zhang, 2020). Blockchain also can be used for identity authentication, infinite scalability, systems integration, and other uses. Blockchain technology still has not reached its full potential to empower the current trends (Bouachir, Aloqaily, Tseng, & Boukerche, 2020).

Future of Blockchain technology

Blockchain technology has been one of the most highly discussed digital technologies and practices in recent years. Blockchain is a digital data management infrastructure for both stable and flexible bigdata (Deepa et al., 2020). Blockchain technology can be used to store ehealth data (Nandakumar & Clement, 2020). Through overcoming the inadequacies of open networks and decentralization, block-chain technology has the power to change the world throughout the future. Through implementing blockchain, every business is expected to improve its operations to unprecedented level (Bouachir et al., 2020). At least one innovative Blockchain-based enterprise will be estimated $10 billion by 2022. By 2030, the value of the Blockchain network will have grown just to above $460 billion, and by 2040, it'll have increased to over $6.1 trillion.

 

Blockchain technology impacts and ethical concerns

Blockchain technology offers additional efficiency (potentially), reliability, protection, and integrity by minimizing the risk (and friction) correlated with relying on either one or a few networks of authorities (Kayıkcı, 2021). Indeed, the intrinsically "anti-authoritarian" essence of the Blockchain network contributes to its sustainability. The first ethical issue that supporters of Blockchain must overcome is not reporting features technology's capabilities and therefore over-promising in terms of what it can provide.  The two most serious ethical concerns about block-chain technology are 1) its environmental consequences and 2) its ability to promote illegal activity. I'm also aware that, as I stated earlier in this article while explaining how to understand Blockchain, the technology is powered by sheer computational power. In terms of resource utilization and scaling, the new Blockchain technology is inefficient. The root ethical issue is that virtually all would be involved in blockchain activities and require a backup of the key block-chain (Hanees & Manikandan, 2020).

Why the rest of us should care

Blockchain is a cutting-edge technical innovation that can help in recordkeeping because of its accuracy and constancy. Anyone wanting to validate a particular transaction would technically be able to do so since a Blockchain lists the entire ledger of transactions. The key benefits of blockchain technology are decentralization, immutability, reliability, and accountability. The use of blockchain technology allows for authentication without the need for third-party verification. The data structure in a Blockchain is append-only, which means the information can't be modified or deleted (Guo, Xie, & Li, 2020). Block-chain technology is only in its early stages and has potential to do a great deal of challenges in the world. Blockchains now have to deal with five big issues like security, confidentiality, regulatory, legal, and ethical considerations, but in future Blockchains can used for very complex data (Venkatesh et al., 2020). 

 

References (APA Style)

Bouachir, O., Aloqaily, M., Tseng, L., & Boukerche, A. (2020). Blockchain and fog computing for cyberphysical systems: The case of smart industry. Computer, 53(9), 36-45.

Chauhan, C., & Ramaiya, M. K. Review the Security Improvement Technique for Industry 4.0 Using Block Chain Technology.

Deepa, N., Pham, Q.-V., Nguyen, D. C., Bhattacharya, S., Prabadevi, B., Gadekallu, T. R., . . . Pathirana, P. N. (2020). A survey on blockchain for big data: Approaches, opportunities, and future directions. arXiv preprint arXiv:2009.00858.

Guo, L., Xie, H., & Li, Y. (2020). Data encryption based blockchain and privacy preserving mechanisms towards big data. Journal of Visual Communication and Image Representation, 70, 102741.

Hanees, A., & Manikandan, S. (2020). Block chain technology: myths, ethics and current trends in it and Ides.

Kayıkcı, Y. (2021). Blockchain in SCM: The Impact of Block Chain Technology for SCM-Potentials, Promises, and Future Directions. Logistics 4.0, 146.

Nandakumar, R., & Clement, C. (2020). A Review on Block Chain Technology Applications with an Emphasis on Health Care.

Venkatesh, V., Kang, K., Wang, B., Zhong, R. Y., & Zhang, A. (2020). System architecture for blockchain based transparency of supply chain social sustainability. Robotics and Computer-Integrated Manufacturing, 63, 101896.

Vivekanadam, B. (2020). Analysis of Recent Trend and Applications in Block Chain Technology. Journal of ISMAC, 2(04), 200-206.

 

About Author

Mr. Imran Zafar has completed his Bachelor of Science (BS) degree in Bioinformatics from COMSATS Institute of Information Technology Islamabad Sahiwal campus under supervision of Dr. Ahmad Ali, Bachelor of education (B.ed) from Allama Iqbal Open University (AIOU) and Master of Science (MS) in Bioinformatics from Department of Bioinformatics and Computational Biology, Virtual University of Pakistan, Lahore, Punjab, Pakistan under supervision of Dr. Muhammad Tariq Pervez. For research work during BS and MS he has also done internships from School of biological Science (SBS), University of Veterinary and Animal Sciences (UVAS) and Center of Excellence in molecular biology (CEMB) Lahore. He has published several research articles and book computers in reputed journals recognized from Higher Education Commission (HEC) of Pakistan.  His research is mainly focused on the field of Bioinformatics, Genomics, Computational Biology and Molecular Biology in the domain of life science to performed computational analysis. He is now working in Ministry of Education as a Science subject instructor in the Department of Education Punjab, Pakistan.