Blockchain Technology

Titelangaben

Stramm, Jan ; Lautenschlager, Jonathan ; Keppler, Lars:
Blockchain Technology.
In: Fridgen, Gilbert ; Guggenberger, Tobias ; Sedlmeir, Johannes ; Urbach, Nils (Hrsg.): Decentralization Technologies : Financial Sector in Change. - Cham : Springer , 2024 . - S. 49-64
ISBN 978-3-031-66046-7
DOI: https://doi.org/10.1007/978-3-031-66047-4_3

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Abstract

This chapter summarizes a comprehensive examination of blockchain technology and distributed ledger technology (DLT) in the financial sector, highlighting its application in distributed systems and the significance of Byzantine fault tolerance (BFT) in ensuring secure and reliable financial transactions. In this regard, we delve deeper into the technological building blocks of blockchain, including its peer-to-peer (P2P) network, cryptographic hash functions, consensus mechanisms, and public key cryptography, emphasizing their collective role in secure data management and transaction processing. Furthermore, the versatility of blockchain in finance through the examples of Bitcoin, Ethereum, and Hyperledger Fabric illustrates unique characteristics and applications for digital currency transactions, decentralized finance, and enterprise solutions. The chapter also discusses the intricacies of tokens, transactions, and wallets in financial applications, including the emergence of decentralized finance (DeFi), in particular, stablecoins, decentralized exchanges (DEXs), and lending protocols. Finally, it addresses the growing role of noncore financial applications such as fair lotteries, prediction markets, and decentralized gaming, underscoring the expanding scope and potential of blockchain technology in revolutionizing the financial sector.