Blockchain Risk and Uncertainty in Automated Applications
Devesh Kumar Srivastava, Saksham Birendra Bhatt, Divyangana · Advances in data mining and database management book series · 2020
Blockchain could be called a string of blocks that acts like a ledger that is also distributed. Members in a defined P2P network are given access to the blockchain and can create new blocks. When the data is stored in a blockchain, changing it becomes virtually impossible. The data stored within blocks is timestamped to avoid tampering. Blockchain has applications in numerous fields like IoT, digital currency, financial services, reputation systems, smart contracts, security services, etc. If any virtual or real asset transaction is happening online, blockchain technology can be easily applied to optimize and secure the transaction better. Blockchain-based applications bring controversies, and yet many exceptional and diverse use-cases have been found for blockchain in both financial and non-financial sectors. Although it holds immense promise, it doesn't come without risks and uncertainties. This chapter elucidates the growing risks and uncertainties which accompany the use of blockchain in automated systems.