Dissertation Writing and Presentation Skills

Task-5
Literature Review

Argument from Task-4-

Oliva, Hassan, & Jiang (2020) argue that Ethereum is a blockchain platform that allows for
the use of smart contracts. Smart contracts are programmes that conduct general-purpose
calculations. Smart contracts were used for crowdfunding projects and US$6.2 billion was
collected through Smart contracts between January and June of 2018.

Keywords- Smart Contracts; Blockchain

According to Olivia, Hassan (2020), Ethereum is a blockchain platform that allows the use of
smart contracts. Ethereum provides end to end blockchain solutions to other companies
including Cardona, XRP, Tron, etc. Smart contracts are programmes that conduct general-
purpose calculations. Smart contracts were used for crowdfunding projects and US$6.2
billion was collected through Smart contracts between January and June of 2018. Their
objective is to get a deeper knowledge of all contracts that already have been implemented on
Ethereum blockchain platform.

Smart contracts, in particular, just 0.05 percent are the target of 80 percent of transactions
sent to contracts. This is mainly occurring because of the growth of technology in the recent
years. Also, in terms of categories, we emphasise that the new and extensively publicised rich
programming paradigm of smart contracts is presently being utilised to create extremely
simple token-centric apps (e.g., ICOs, Crowdsales, etc). The source code of these smart
contracts often includes at least two subcontracts and libraries. These smart contracts'
comment ratio is also much greater than that of top-starred GitHub projects built in Java, C+
+, and C#. Though, the source code of high activity verified smart contracts has unique
complexity characteristics when compared to other popular programming languages.

Blockchain crowdfunding campaign for the EOSIO project, which aims to create a new
blockchain platform capable of processing millions of transactions per second using these
same blockchain and smart contracts technology. This smart contract deals with the main
features of the game and contains more lines of code than the others on our list. CryptoKitties
is widely regarded as the first game to acquire significant popularity on the Ethereum
network. Hence, the game obviously falls under the category of digital collectibles, since it
allows players to buy, sell, and exchange Ethereum through smart contracts.

According to Jiang, Hassan (2020), the objective of Ethereum is to get a deeper knowledge of
all contracts that already have been implemented on Ethereum blockchain platform are
working. With their technology a crowdfunding campaign for the EOSIO project, which aims
to create a new blockchain platform capable of processing millions of transactions per
second. Hence, Ethereum became the first coin that was sold during the ICO to fund the Tron
project, which bills itself as "one of the world's largest blockchain-based operating systems."
In the end, is a domain-specific blockchain platform. Tron blockchain may be investigated
via the TronScan website, which works similarly to the Etherscan.io website (Ethereum
blockchain explorer).

Ethereum’s blockchain database structures its data into tables whereas a blockchain, like its
name implies, structures its data into chunks (blocks) that are chained together. This makes it
so that all blockchains are databases but not all databases are blockchains. This system also
inherently makes an irreversible timeline of data when implemented in a decentralized nature.
When a block is filled it is set in stone and becomes a part of this timeline. Each block in the
chain is given an exact timestamp when it is added to the chain. Blocks have certain storage
capacities and, when filled, are chained onto the previously filled block, forming a chain of
data known as the “blockchain.” All new information that follows that freshly added block is
compiled into a newly formed block that will then also be added to the chain once filled.
These smart contract servers can sometimes be built using hundreds or thousands of
computers in order to have the computational power and storage capacity necessary for many
users to access the database simultaneously. While a spreadsheet or database may be
accessible to any number of people, it is often owned by a business and managed by an
appointed individual that has complete control over how it works and the data within it.
While Bitcoin and other cryptocurrencies grew intensely popular among the general financial
and investment worlds in late 2017 and early 2018, they have since become more of a niche
area for cryptocurrency enthusiasts. However, blockchain technology remains a quickly-
growing area of growth for companies across a host of industries. It is possible that
blockchain technology will ultimately be seen as the most important innovation to come out
of the cryptocurrency boom. Below, we'll take a closer look at blockchain and see why this
technology could be valuable to businesses of all kinds.
Blockchain technology has the potential to provide a much faster and cheaper alternative to
traditional cross-border payments methods. Indeed, while typical money remittance costs
might be as high as 20% of the transfer amount, blockchain may allow for costs just a
fraction of that, as well as guaranteed and real-time transaction processing speeds. There are
hurdles to be passed, including regulation of cryptocurrencies in different parts of the world
and security concerns. Nonetheless, this is one of the most promising and talked about areas
of blockchain technology application. The potential applications of smart contract technology
are essentially limitless and could extend to almost any field of business in which contract
law would normally apply. Of course, while highly touted, smart contracts are not a magical
substitute for old-fashioned diligence. Blockchain offers a tremendous level of security,
thanks to independent verification processes that take place throughout member computers on
a blockchain network. In digital currency cases, this verification is used to approve
transaction blocks before they are added to the chain. This mechanism could just as easily be
applied to other types of verification procedures, including identity verification and many
other applications as well.

The applications for blockchain and identity management are wide-ranging. For instance,
blockchain could potentially be used to aid in maintaining voter information and ensuring
proper functioning of the electoral process. Blockchain could be used to securely and
efficiently transfer user data across platforms and systems. The technology could also be used
to maintain and protect records of real estate ownership, titles, and more.

References

1. Oliva, G. A., Hassan, A. E., & Jiang, Z. M. J. (2020). An exploratory study of smart contracts
in the Ethereum blockchain platform. Empirical Software Engineering, 25(3), 1864-1904.