Blockchain and Cryptocurrencies: Model, Techniques, and Applications

As an emerging decentralized architecture and distributed computing paradigm underlying Bitcoin and other cryptocurrencies, blockchain has attracted intensive attention in both research and applications in recent years. The key advantage of this technology lies in the fact that it enables the establ...

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Bibliographic Details
Published in:IEEE transactions on systems, man, and cybernetics. Systems Vol. 48; no. 9; pp. 1421 - 1428
Main Authors: Yuan, Yong, Wang, Fei-Yue
Format: Journal Article
Language:English
Published: New York IEEE 01.09.2018
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subjects:
Bitcoin
Blockchain
Computer networks
consensus algorithm
Contracts
cryptocurrency
Cryptography
Digital currencies
Distributed databases
Distributed processing
Economics
Peer-to-peer computing
smart contract
ISSN:2168-2216, 2168-2232
Online Access:Get full text
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Summary:As an emerging decentralized architecture and distributed computing paradigm underlying Bitcoin and other cryptocurrencies, blockchain has attracted intensive attention in both research and applications in recent years. The key advantage of this technology lies in the fact that it enables the establishment of secured, trusted, and decentralized autonomous ecosystems for various scenarios, especially for better usage of the legacy devices, infrastructure, and resources. In this paper, we presented a systematic investigation of blockchain and cryptocurrencies. Related fundamental rationales, technical advantages, existing and potential ecosystems of Bitcoin and other cryptocurrencies are discussed, and a six-layer reference model of the blockchain framework is proposed with detailed description for each of its six layers. Potential applications of blockchain and cryptocurrencies are also addressed. Our aim here is to provide guidance and reference for future research along this promising and important direction.
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ISSN:2168-2216
2168-2232
DOI:10.1109/TSMC.2018.2854904