BLOCK CHAIN PROTOCOL
1.1 BACKGROUND OF THE STUDY
The blockchain has become so prevalent in the mainstream, that many are heralding it as the next major disruptive technology. There have been comparisons of its importance to that of the Web and even the Internet (Hernandez, 2017; Mougayar, 2016). While at its core, blockchain is just a method of securely storing and distributing information, it is the potential uses of blockchain technology that make it so empowering: sharing asset transactions between disparate agents with unquestionable transparency – all the while without a controlling central authority. Blockchain creates trust through cryptographic operation by, allowing parties to securely exchange value without the use of an intermediary. Many market sectors are poised for disruption and new startup ventures are vying for dominance in these spaces with a fervor not witnessed since the dot.com boom (Nofer et al., 2017). Despite significant interest, there is a dearth of academic literature that discusses the functional technology underpinning blockchains as well as the potential business applications of this technology. This paper aims to address this gap. This paper is intended to serve as a bridge to blockchain: it provides a technological primer to establish the key concepts and then explores industry applications and trends. We will peek underneath the hood, identify key characteristics of the blockchain technology, and build a formal definition. Next, we will offer a discussion and classification of emerging blockchain applications.
1.2 STATEMENT OF THE PROBLEM
1.3 AIM AND OBJECTIVES OF THE STUDY
The main aim of the research work is to examine blockchain protocol. The objectives of the study are:
1. To find out what blockchain protocol is all about
2. To ascertain why blockchain protocol is very important
3. To determine how the blockchain protocol is used
1.4 RESEARCH QUESTIONS
The study came up with research question to ascertain the above objectives of the study. The following research questions guided the objectives of the study:
1. What blockchain protocol is all about?
2. Why blockchain protocol is very important?
3. How the blockchain protocol is used?
1.5 SIGNIFICANCE OF THE STUDY