World Summit on Blockchain Technology December 05-06, 2022 Singapore City, Singapore

Block chain technology is the concept or protocol behind the running of the block chain. Block chain technology makes cryptocurrencies (digital currencies secured by cryptography) like Bitcoin work just like the internet makes email possible. The block chain is an immutable (unchangeable, meaning a transaction or file recorded cannot be changed) distributed digital ledger (digital record of transactions or data stored in multiple places on a computer network) with many use cases beyond cryptocurrencies.

• Blockchains
• Hybrid Public Blockchains
• Private Blockchains or Consortiums
• Sidechains

The primary use of blockchains is as a distributed ledger for cryptocurrencies such as bitcoin; In 2019, it was estimated that around $2.9 billion were invested in blockchain technology, which represents an 89% increase from the year prior. Additionally, the International Data Corp has estimated that corporate investment into blockchain technology willreach$12.4billionby 2022. Further According to PricewaterhouseCoopers (PwC), the second-largest professional services network in the world, blockchain technology has the potential to generate an annual business value of more than $3 trillion by 2030. PwC's estimate is further augmented by a 2018 study that they have conducted, in which PwC surveyed 600 business executives and determined that 84% have at least some exposure to utilizing blockchain technology, which indicts a significant demand and interest in blockchain technology. Individual use of blockchain technology has also greatly increased since 2016. According to statistics in 2020, there were more than 40 million blockchain wallets in 2020 in comparison to around 10 million blockchain wallets in 2016.

Blockchain for business is very valuable for entities that transact with each other. With distributed ledger technology, authorized participants can access the same information at the same time to increase efficiency, build trust and eliminate friction. Blockchain also allows solutions to scale and scale quickly, and many solutions can be scaled to multi-task across industries. Blockchain for businesses delivers these benefits based on four unique attributes to the technology

• Consensus
• Replication
• Immutability
• Security

Hyperledger (or the Hyperledger project) is an umbrella project of open source blockchain and related tools, started in December 2015 by the Linux Foundation and has received contributions from IBM, Intel and SAP Ariba, to support the collaborative development of a blockchain-based distributed ledger. . It was renamed the Hyperledger Foundation in October 2021. The aim of the project is to advance cross-industry collaboration by developing blockchains and distributed ledgers, with a particular focus on improving the performance and reliability of these systems (compared to comparable cryptocurrency designs) so that they capable of supporting global business transactions by key technology, finance and supply chain companies. The project will integrate independent open protocols and standards through a framework for deployment-specific modules, including blockchains with their own consensus and storage routines, as well as services for identity, access control, and smart contracts. Initially there was some confusion that Hyperledger would develop its own bitcoin-type cryptocurrency, but Behlendorf firmly stated that the Hyperledger Project itself would never build its own cryptocurrency

Security is the most important factor for any blockchain protocol to build an untrustworthy environment. Millions of data sets are exchanged via blockchain technology – often in a transparent public ledger. The value of the blockchain is based on the immutability of records and generates confidence in the veracity of records. Cryptography, consensus, governance and many other factors have an impact on the security of the core blockchain. User privacy, legal and operational impact must also be considered for building sustainable, scalable and compliant applications.

In blockchain, decentralization refers to the transfer of control and decision making from a centralized entity (individual, organization, or group thereof) to a distributed network. Decentralized networks seek to reduce the level of trust that participants must place in one another, and hinder their ability to exercise authority or control over one another in ways that degrade network functionality. Decentralization is important to create a secure and non-discriminatory system. Instead of relying on a central authority to transfer value to others, blockchains use peer to peer networks and consensus algorithms to validate transactions and record data. Unlicensed public networks should aim for architectural, political and logical decentralization.

Scalability is one of the most important issues in blockchain and has been the focus of industry practitioners and academic researchers since Bitcoin was born. This article is the start of a series of articles focused on blockchain scalability, providing a systematic way to categorize various solutions and analyze their pros and cons. Our goal is to enable the community and the general public to have an in-depth view of the latest developments on this issue. At the end of the series, we will introduce some new ideas for scalable blockchains, generated from our research on VeChain, and compare them with other related work. Blockchain networks need to process multiple transactions, are maintainable and extensible. It seems impossible to achieve security, decentralization and scalability in a blockchain network. Most people refer to scalability issues as the finite rate at which a network can process transactions. It is also important to find sustainable solutions to run the blockchain network without excluding parties.

Blockchain uses two types of security approaches, namely Cryptography and Hashing. The basic difference between the two is that cryptography is used to encrypt messages in a P2P (Point-to-Point) network. Meanwhile, hashing is used to secure blockchain information and link blocks on the blockchain. Cryptography is an important part of blockchain technology and is used in a variety of ways. Public key encryption is used for wallets and blockchain transactions, cryptographic hashes link each block to the previous block, and Merkle trees organize transactions. Among other things, no-knowledge proof and secret sharing algorithms are currently under investigation and are particularly relevant for blockchain and Web 3 applications.

Consensus mechanisms are used to reach agreement on a single data value or network state. Consensus algorithms in blockchains must be efficient and solve the “Common Byzantine Problem” which describes a situation where unknown and potentially unreliable actors agree on a common strategy to avoid catastrophic failure. Today, there are more consensus mechanisms than Proof-of-Work or Proof-of-Stake. We know that Blockchain is a decentralized distributed network that provides immutability, privacy, security and transparency. There is no central authority present to validate and verify transactions, but every transaction on the Blockchain is considered completely secure and verified. This is only possible due to the presence of a consensus protocol which is a core part of every Blockchain network. Consensus algorithm is a procedure by which all partners of the Blockchain network reach a mutual agreement on the distributed ledger of the current state. In this way, the consensus algorithm achieves reliability in the Blockchain network and builds trust between unknown peers in a distributed computing environment. Basically, the consensus protocol ensures that every new block added to the Blockchain is the only version of the truth that all the nodes on the Blockchain agree on. The Blockchain consensus protocol consists of several specific goals such as reaching an agreement, collaboration, cooperation, equal rights for each node, and mandatory participation of each node in the consensus process. Thus, the consensus algorithm aims to find a common agreement that is a win for the entire network.

Blockchain networks must be open systems, allowing communication and interaction with other protocols. The blockchain landscape is currently fragmented, with partially incompatible technologies available to potential users. Interoperability between blockchains was not initially foreseen in the protocol, but we see paradigm shifts and functionality such as cross-blockchain token transfer, and cross-blockchain smart contract invocation and interaction being implemented. Blockchain interoperability is not a set rulebook. It refers to various techniques that allow different blockchains to listen to each other, transfer digital assets and data between each other and enable better collaboration.

Building a thriving ecosystem is the key to the long-term success of blockchain projects. The blockchain ecosystem consists of thousands of projects. Each protocol needs to attract developers, users and projects. To achieve true network decentralization and great adoption there must be clear value propositions, onboarding strategies, incentive mechanisms inside and outside the chain – some can be adopted from existing open source communities or businesses. As a result, we can witness the blockchain ecosystem grow exponentially in recent years. However, it is important to understand the ecosystem and what value it provides for blockchain as a new emerging technology. The following discussion helps you uncover the importance of the blockchain ecosystem in 2021 and a brief overview of the critical components in the ecosystem.

Blockchain and Web 3 enable new business and revenue models. Web 2 is called the “platform economy” where you read and create content on platforms like Facebook and Youtube. Web 3 is called the “token economy” because it allows reading, writing, and value transfer via tokens. New business models, different value chains and adaptations of existing business models are expected. Web3 describes a version of the internet where data will be interconnected in a decentralized way. Web3 is an umbrella composed of various fields such as Semantic Web, AR/VR, large-scale AI, blockchain technology and decentralization.

Assessing DLTs is a challenge, but many investment theses and some KPIs have now evolved. Public permissionless DLTs and many dApps use tokens to secure the network and incentivize network participants. The valuation of a crypto-asset fundamentally depends on the nature of the crypto-asset – whether it is a cryptocurrency, a utility token or a security token. Investors started investing in tokens and stocks. A digital revolution is taking place globally and words such as blockchain and bitcoin, which are the hallmark terms of this revolution, permeate all of modern culture. Out of this digital revolution has come a new booming asset class, usually referred to as Crypto Assets. The origin of Crypto Assets dates back to around November 2008, when a pseudonymous entity called Satoshi Nakamoto published a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. This document proposed a digital payment system that did not require a single trusted third party, but rather a network of incentivized participants. Bitcoin is usually called a Crytpo currency

The blockchain market is less mature and less regulated than traditional markets which attract traders. Crypto trading involves exchanging one cryptocurrency for another, buying and selling coins, and exchanging fiat money into crypto. Trading is possible peer-to-peer, through OTC desks and (de-) centralized exchanges which offer tools for traders. Before trading, one should learn about the market, practice, define the purpose for trading and always consider their finances.