Digital-Information Tracking Framework Using Blockchain

Abstract

The Internet today uses a new technology called the blockchain, which is based on decentralization communication systems. The blockchain thus leads to the creation of potential system, where we can store data and manage information. This will reduce the role for one of the most important regulatory actors in our society, i.e., middleman. Blockchain technology evolves by the creation of decentralized currencies. It creates self-executing digital contracts (smart contracts) and intelligent assets, which can have control over the Internet (smart property). Thus, blockchain is considered to be decentralized (autonomous) invention that works with more democratic or participatory decision-making organizations, which operate over a network of computers without any human intervention. This technology can be adopted to any application in the fields of business, finance, networking and law. The study makes three contributions to theory and practice on blockchain. Firstly, the research clarifies the strategic understanding of blockchain technology by presenting a framework for use in case evaluation and opening the opportunity offered by blockchain to increase trust or negate the need for it in a transaction. Secondly, it presents the assessment of risk by dealing with blockchain transaction and creates a blueprint of security measures towards hybrid framework. Thirdly, it reveals the potential risks and riskmitigation actions. Finally, it presents list of important applications, bearing the trust in mind the most recent developments.

Keywords: Blockchain Technology, Decentralized, Trust, Risk, Provenance Tracking

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