Optimizing the Resource Consumption of Blockchain Technology in Business Systems

Juričić, Vedran; Radošević, Matea; Fuzul, Ena

doi:10.2478/bsrj-2020-0028

Cited by 10 publications

(8 citation statements)

References 25 publications

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“…Current trend of digital transformation describes for example in [32] involves usage of new digital technologies and their interconnections. For example, data mining [33] and blockchain technology [34] are becoming increasingly popular digital innovation in business processes in recent years. Hence, R&D expenditures are mostly inevitable for these types of digital business innovation.…”

Section: Literature Reviewmentioning

confidence: 99%

Innovation and invention in the EU business sector: the role of the R&D expenditures

Huňady¹,

Pisár²

2021

Interdisciplinary Description of Complex Systems

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The article deals with the problems of business innovation and inventions in the EU countries with a focus on the potential effects of business R&D expenditure. Since the business is considered an essential sector concerning innovation, business R&D expenditure can play a significant role in their creation. However, several obstacles hinder the successful transformation of R&D expenditures into invention or innovation. R&D expenditures as any other type of business investments are associated with a certain risk. In this case, the risk of failure can be even higher due to their long-term nature and complexity. The article aims at an examination of the short-run and long-run relationship between business R&D expenditure, on one hand, an invention, and innovation on the other. To achieve this, the tests of Granger causalities and panel cointegrated regression has been applied on macro-level data. Furthermore, the structure of R&D expenditure in EU countries has been also examined. The results suggest a positive correlation between business R&D expenditure and innovation activities as well as the positive causal effect of business R&D expenditure on patenting in the long run.

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Section: Literature Reviewmentioning

confidence: 99%

Innovation and invention in the EU business sector: the role of the R&D expenditures

Huňady¹,

Pisár²

2021

Interdisciplinary Description of Complex Systems

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“…Despite the various benefits that a blockchain platform provides, one of the major subjects of discussion is its significant requirements for resources. Public blockchain systems such as Bitcoin and Ethereum are maintained by power and resource hungry mining rigs [39]. This is another reason businesses are looking for private blockchain systems that can be efficient in utilising the resources [40].…”

Section: Performance Metricsmentioning

confidence: 99%

BlockMeter: An Application Agnostic Performance Measurement Framework For Private Blockchain Platforms

Alom¹,

Ferdous²,

Chowdhury³

2022

Preprint

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Blockchain Technology is an emerging technology with the potential to disrupt a number of application domains. Though blockchain platforms like Bitcoin and Ethereum have seen immense success and acceptability, their nature of being public and anonymous make them unsuitable for many enterprise level use-cases. To address this issue, Linux Foundation has started an open source umbrella initiative, known as the Hyperledger Platforms. Under this initiative, a number of private blockchain platforms have been developed which can be used for different enterprise level applications. However, the scalability and performance of these private blockchains must be examined to understand their suitability for different use-cases. Recent researches and projects on performance benchmarking for private blockchain systems are very specific to use-cases and are generally tied to a blockchain platform. In this article, we present BlockMeter, an application agnostic performance benchmarking framework for private blockchain platforms. This framework can be utilised to measure the key performance matrices of any application deployed on top of an external private blockchain application in real-time. In this article, we present the architecture of the framework and discuss its different implementation aspects. Then, to showcase the applicability of the framework, we use BlockMeter to evaluate the two most widely used Hyperledger platforms, Hyperledger Fabric and Hyperledger Sawtooth, against a number of use-cases.

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“…Bockchain has a lot of potential to be used in different areas, particularly in the field of Autonomous Vehicles, as discussed through this paper. However, before this can be deployed on a large scale, several problems surrounding the technology must be examined and repaired to ensure that it meets necessary requirements for energy consumption, resource use, and response time [24,25].…”

Section: Future Research Directions Challenges and Barriersmentioning

confidence: 99%

“…Lightweight applications of Blockchain have shown a great deal of progress in reducing computational resource strain, and, even now, research is ongoing to improve on this current drawback. Blockchain technology itself also does not have an inherent flaw in computational resource consumption: this is instead linked directly to its PoW algorithm, which has been studied, with some proposals being put forth to reduce resource consumption [24,133]. As alternative algorithms to PoW are studied, Blockchain will likely be able to overcome its current high degree of resource use.…”

Section: Future Research Directions Challenges and Barriersmentioning

confidence: 99%

“…Blockchain is, when compared to a variety of other technologies today, relatively new, which means that there is still plenty of ability for improvement. In addition, there have been several proposals on how to resolve such issues, including the use of more lightweight approaches, coupled with the revision of the current Proof of Work algorithm that is responsible for many of the issues discussed [24,25]. With more time to study and improve on blockchain and the algorithms that it tends to use, it will likely prove to be fully capable to support the decentralized network discussed, with its production cost lowering in turn due to an increase in blockchain understanding between companies and develop.…”

Section: Introductionmentioning

confidence: 99%

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Blockchain Applications to Improve Operation and Security of Transportation Systems: A Survey

2021

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Blockchain technology continues to grow and extend into more areas with great success, which highlights the importance of studying the fields that have been, and have yet to be, fundamentally changed by its entrance. In particular, blockchain technology has been shown to be increasingly relevant in the field of transportation systems. More studies continue to be conducted relating to both fields of study and their integration. It is anticipated that their existing relationships will be greatly improved in the near future, as more research is conducted and applications are better understood. Because blockchain technology is still relatively new as compared to older, more well-used methods, many of its future capabilities are still very much unknown. However, before they can be discovered, we need to fully understand past and current developments, as well as expert observations, in applying blockchain technology to the autonomous vehicle field. From an understanding and discussion of the current and potential future capabilities of blockchain technology, as provided through this survey, advancements can be made to create solutions to problems that are inherent in autonomous vehicle systems today. The focus of this paper is mainly on the potential applications of blockchain in the future of transportation systems to be integrated with connected and autonomous vehicles (CAVs) to provide a broad overview on the current related literature and research studies in this field.

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Optimizing the Resource Consumption of Blockchain Technology in Business Systems

Cited by 10 publications

References 25 publications

Innovation and invention in the EU business sector: the role of the R&D expenditures

Innovation and invention in the EU business sector: the role of the R&D expenditures

BlockMeter: An Application Agnostic Performance Measurement Framework For Private Blockchain Platforms

Blockchain Applications to Improve Operation and Security of Transportation Systems: A Survey

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