Blockchain challenges and opportunities : A survey

Zibin ZHENG, Shaoan XIE, Hong Ning DAI, Xiangping CHEN*, Huaimin WANG

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review

780 Citations (Scopus)

Abstract

Blockchain has numerous benefits such as decentralisation, persistency, anonymity and auditability. There is a wide spectrum of blockchain applications ranging from cryptocurrency, financial services, risk management, internet of things (IoT) to public and social services. Although a number of studies focus on using the blockchain technology in various application aspects, there is no comprehensive survey on the blockchain technology in both technological and application perspectives. To fill this gap, we conduct a comprehensive survey on the blockchain technology. In particular, this paper gives the blockchain taxonomy, introduces typical blockchain consensus algorithms, reviews blockchain applications and discusses technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also points out the future directions in the blockchain technology.

Original languageEnglish
Pages (from-to)352-375
Number of pages24
JournalInternational Journal of Web and Grid Services
Volume14
Issue number4
DOIs
Publication statusPublished - 2018
Externally publishedYes

Bibliographical note

Funding Information:
The work described in this paper was supported by the National Key Research and Development Program (2016YFB1000101), the National Natural Science Foundation of China (61722214, 61472338), the Program for Guangdong Introducing Innovative and Entrepreneurial Teams (2016ZT06D211), the Pearl River S&T Nova Program of Guangzhou (201710010046), and Macao Science and Technology Development Fund under Grant No. 0026/2018/A1. The authors would like to thank Gordon K-T. Hon for his constructive comments.

Funding Information:
Huaimin Wang received his PhD in Computer Science from the National University of Defense Technology (NUDT) in 1992. He has been awarded the Chang Jiang Scholars Professor by Ministry of Education of China, and the National Science Fund for Distinguished Young Scholars, and so on. He has published more than 100 research papers in international conferences and journals. His current research interests include middleware, software agent, trustworthy computing.

Publisher Copyright:
Copyright © 2018 Inderscience Enterprises Ltd.

Keywords

  • Blockchain
  • Consensus algorithms
  • Cryptocurrency
  • Internet of things
  • IoT
  • Smart contract

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