Blockchain Technology Innovations

Keywords

Blockchain; Business; Cloud computing; Cloud services; Control systems; Cybersecurity; DevOps; Finance; Government; Healthcare; Industry 4.0; IoT

Abstract

Digital world has produced efficiencies, new innovative products, and close customer relationships globally by the effective use of mobile, IoT (Internet of Things), social media, analytics and cloud technology to generate models for better decisions. Blockchain is recently introduced and revolutionizing the digital world bringing a new perspective to security, resiliency and efficiency of systems. While initially popularized by Bitcoin, Blockchain is much more than a foundation for crypto currency. It offers a secure way to exchange any kind of good, service, or transaction. Industrial growth increasingly depends on trusted partnerships; but increasing regulation, cybercrime and fraud are inhibiting expansion. To address these challenges, Blockchain will enable more agile value chains, faster product innovations, closer customer relationships, and quicker integration with the IoT and cloud technology. Further Blockchain provides a lower cost of trade with a trusted contract monitored without intervention from third parties who may not add direct value. It facilitates smart contracts, engagements, and agreements with inherent, robust cyber security features. This paper is an effort to break the ground for presenting and demonstrating the use of Blockchain technology in multiple industrial applications. A healthcare industry application, Healthchain, is formalized and developed on the foundation of Blockchain using IBM Blockchain initiative. The concepts are transferable to a wide range of industries as finance, government and manufacturing where security, scalability and efficiency must meet.

Publication Date

7-31-2017

Publication Title

2017 IEEE Technology and Engineering Management Society Conference, TEMSCON 2017

Number of Pages

137-141

Document Type

Article; Proceedings Paper

Personal Identifier

scopus

DOI Link

https://doi.org/10.1109/TEMSCON.2017.7998367

Socpus ID

85028525259 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/85028525259

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