Newcastle University eTheses: Applications of the Blockchain using cryptography

Bespoke blockchain technology to provide unique solutions for each client. As the eyes of the world focus on cryptocurrencies once more, investment from both the everyday individual and some ofthe world’s largest institutionshas poured into the sector. Besides speculative reasons and media frenzy this huge uptick in interest is also because many see blockchain, the technology that underpins cryptocurrencies such as Bitcoin, as a major cog in society’s rapidly evolving engine. It illustrates the benefits and example use cases, as well as quantifying the potential efficiency gains, that 5G will enable. Mohanty suggested that some of the problems that emerged in 2022, particularly in the case of FTX, stem at least in part from an excessive centralisation of control. Mohanty pointed out that this was possible because of the creation of private, permissioned blockchains designed to fit in with existing players’ preferences. Blocks are always stored chronologically, making it very difficult to go back and change what happened before it.

These exceptions are rare, however, and such distributed databases are still derived from blockchain technology. Just know that where there’s a cryptocurrency, there’s invariably a blockchain powering it, even if each network works slightly differently.

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This data could also be used in the future to make decisions about individuals with far-reaching consequences. Some may suffer punitive restrictions based on decisions made using biased algorithms calculating, for example, risk of absconding or working without a permit. Some may struggle to access credit or insurance on the basis of patterns in historical datasets. Wrongful convictions, incomplete medical histories, or errors concerning ones affiliations are immutable on a blockchain. We also will see an increased involvement of blockchain technology in Web 3.0. Web 3.0 is the next generation of the World Wide Web, that will radically change of how people interact with each other, by putting them in control of their personal data.

This is useful, as a blockchain creates a permanent, immutable record of transactions or assets, where the authenticity can be verified by anyone with internet access. If you message Bob to tell him that his 0.1 BTC has been sent, he doesn’t have to take your word for it. Using a tool called a blockchain explorer he can view the transaction and verify it for himself. Bitcoin is sometimes referred to as a public blockchain because anyone can use it and everyone can view transactions that are recorded on it.

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These developments on the crypto markets will also trigger central banks worldwide to accelerate their process of developing and implementing their own CBDC. In 2022 we observed increased interest in the concept of CBDCs in a growing number of countries worldwide. More than half of central banks all over the world are now exploring their potential as they could offer several benefits. Most central banks thereby already moved beyond conceptual discussions and are either in the researching, testing or Blockchain Cryptography deploying stage of the process. We provide IP-related strategy advice as well as patent drafting and prosecution services to a leading disruptor in the fintech distributed ledger technology space. With a focus on protecting a handful of key concepts underpinning their novel ledger architecture and consensus mechanisms, we work with our client to help them strike the right balance between patenting and open source. In this fast moving space, getting protection for your ideas quickly is critical.

Blockchain technology was first proposed in 1991 by Stuart Haber and W. Scott Stornetta, where they worked on a cryptographically secured chain for a system where document timestamps were unable to be tampered with. The reason people are so excited about blockchain as it really is a revolutionary technology that helps reduce risk and fraud, as well as leveraging transparency that has practical application in a whole host of sectors, not just finance. It’s no coincidence that Bitcoin, the world’s first blockchain network, remains its most valuable in terms of market capitalisation, total value transacted, and other key metrics. Blockchain can do many things but its most popular application still lies in providing a trustless system for peer-to-peer cash. Just as Satoshi envisioned it in his famous whitepaper all those years ago.