What research topics have been addressed in current research on Blockchain?
Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in 2008. The security vulnerability of the Blockchain network and the growing interest in Bitcoin have increased the economic losses of both miners and end users. The identified vulnerabilities include computation power -based attacks, such as the 51% attack, selfish mine attack, transaction data malleability problems, and deanonymization by transaction linking. Although several solutions to address these issues have been presented, many of them are just brief idea suggestions, lacking concrete evaluation of their effectiveness.
Blockchain allows for Public Verifiability, Transparency, Data Integrity, Redundancy and a Trusted Anchor. Several projects are in different stages of development that are using this technology to manage Product Related information for Supply Chains and Logistics on a common blockchain that can be accessed by several industrial partners and even the end users. This can greatly increase product trackability, interoperability, and transparency, and a notable example include Hyperledger led by IBM. Startups are also very active in developing Blockchain based supply chains, some examples being Walton Chain that plans to develop an RFID based blockchain tracking system for cross organizational supply chains, and Ambrosus that is developing transparent traceability of Food and Pharmaceuticals.
Blockchains also have the potential to be integrated with Sensor Data and Internet of Things based devices, to automate cross organizational sharing of sensor data, as well as automated trading of sensor information, energy trading, and a variety of other diverse applications.
What are the current research gaps in Blockchain research?
Academic work in the blockchain area has mainly focused on the Bitcoin, its technical specifications, and about blockchain applications for cryptocurrencies. The aim of this Special Issue is to address and learn how the Blockchain and Tokenization technologies may impact Industry and Services, and about the need to specify and develop new applications.
The first gap is that the research on topics such as latency, throughput, size and bandwidth, versioning, hard forks, and multiple forks does not exist in the current literature. The second research gap is the lack of research on usability. The third research gap is that the majority of current research is conducted in the Bitcoin environment, rather than in other Blockchain environments. The fourth research gap can be found in the low number of high quality publications in journal level publication channels.
What are the future research directions for Blockchain?
When more Blockchain solutions are taken in use with larger numbers of users, it will also have an impact on the research done on technical limitations and challenges. In the future, increased sizes and user bases in various Blockchains will trigger the need to conduct more research on the challenges and limitations in topics related to scalability. In addition, the security and privacy of Blockchain will be always a topic for research, when new ways are invented to disturb and attack Blockchain. Although Blockchain is a rather new technology, there already exist profound studies in each problem domain including security and distributed system literature (for example, multi-level authentication technique.
Conclusion this Articel
- Continue to identify more issues and propose solutions to overcome challenges and limitations of Blockchain technology.
- Conduct more studies on scalability issues of Blockchain.
- Develop more Blockchain based applications beyond Bitcoin and other cryptocurrency systems.
- Evaluate the effectiveness of the proposed solutions with an objective evaluation criteria.
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