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Procedia Computer Science 123 (2018) 116–121
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1 Introduction
contract, digital identity, double-spending attack, 51% attack, Sybil attack
1
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Introduction
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1 Introduction
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1877-0509 © 2018 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license 1 1
(http://creativecommons.org/licenses/by-nc-nd/3.0/).
Peer-review under responsibility of the scientific committee of the 8th Annual International Conference on Biologically Inspired
1
Cognitive Architectures
10.1016/j.procs.2018.01.019
 Dmitry Efanov
The All-Pervasiveness of the Blockchain et al. / Procedia Computer Science 123 (2018) 116–121
Technology Efanov and Roschin 117

registers Bitcoin transactions. The algorithms and the computational infrastructure of creating,
inserting, and using the blocks are considered as the blockchain technology [31].
The key leading feature of the blockchain technology is ability to track transactions within
decentralized, public databases and thereby excluding counterfeiting and fraud [15].
The essence of blockchain lies in its ability to support trustworthy transactions via networked
computation in place of human monitor and control [31]. We can think of it as an ”operating
system for interactions” [20]. The distributed consensus and anonymity are two important
characteristics of blockchain technology [8]. A number of large industrial players, such as IBM,
Microsoft, Intel, and NEC, are currently investing in exploiting the blockchain in order to enrich
their portfolio of products [11].
Additionally, the blockchain technology actively configure our understanding of social reality.
They do so by enforcing the chronological temporal dimension in the organization of characters
and events. This renders social relations increasingly rigid, at the cost of a loss of dynamism
and consequently of a sense of freedom and responsibility [21].
But there are at least three key challenges to the blockchain technology that are perva-
sive across applications and have not yet been solved cleanly: data privacy, scalability, and
interoperability [28].

2 Development and All-Pervasiveness

Nowadays we can identify the following three phases or generations of the blockchain develop-
ment: Blockchain 1.0 as digital currency, Blockchain 2.0 as digital economy, and Blockchain 3.0
as digital society [5, 26, 31].

2.1 Blockchain 1.0 – Digital Currency

Blockchain 1.0 is the first generation of blockchain technology applications. It refers to the
underlying technology platform (i.e. mining, hashing, and the public ledger), the overlying
protocol (i.e. transaction enabling software), and the digital currency (i.e. bitcoin or other
digital tokens/coins) which represent a store of value as well as provide value to the protocol
itself [5]. Bitcoin is a rare case where practice seems to be ahead of theory [19]. The main
advantages of Bitcoin are:

• Bitcoin offers the possibility of largely reduced transaction fees for on-line purchases.

• Bitcoin provides greater anonymity than credit cards. Accounts are pseudonymous and
the protocol is designed to encourage the use of new account numbers for each transac-
tion [17].

• The decentralized design of Bitcoin and other digital currencies protects against inflation.
Traditional currencies rely on a central bank to regulate the money supply, introducing
new money into circulation as needed. Bitcoin, in contrast, uses cryptography to guaran-
tee a relatively fixed money supply, which is allowed to grow at regular intervals [17].

2.2 Blockchain 2.0 – Digital Economy

Although the concept of the digital economy was proposed more than 20 years ago in [27],
only today it received an appropriate technology platform. Blockchain 2.0 refers to the wide
range of economic and financial applications that exist beyond simple payments, transfers,

2
118 Dmitry Efanov
The All-Pervasiveness of the Blockchain et al. / Procedia Computer Science 123 (2018) 116–121
Technology Efanov and Roschin

and transactions. Such applications include traditional banking instruments such as loans and
mortgages, complex financial market instruments such as stocks, bonds, futures, derivatives, as
well as legal instruments such as titles, contracts, and other assets and property that can be
monetized [5]. The payment clearing system and bank credit information systems can be the
appropriate scenarios of blockchain application [10].
One key emerging use case of the blockchain technology involves smart contracts. Smart
contracts are basically computer programs that can automatically execute the terms of a con-
tract. When a pre-configured condition in a smart contract among participating entities is met
then the parties involved in a contractual agreement can be automatically made payments as
per the contract in a transparent manner [8]. In 2015 Visa and DocuSign demonstrated smart
contracts for leasing cars without the need to fill in forms [22].
The most well-known platforms that runs smart contracts is Ethereum. However there are
some security problems [3] in which an adversary can manipulate smart contract execution to
gain profit. Developers writing contracts for the existing Ethereum system can use a symbolic
execution tool called Oyente to find potential security bugs [16].

2.3 Blockchain 3.0 – Digital Society

Blockchain 3.0 refers to vast array of applications that do not involve money, currency, com-
merce, financial markets, or other economic activity. Such applications include art, health,
science, identity, governance, education, public goods, and various aspects of culture and com-
munication [5].
The most promising application of the blockchain technology is smart cities, which involve
horizontally cumulative elements such as smart governance, smart mobility, smart living, the
smart use of natural resources, smart citizens, and smart economy [25].
Internet of Things (IoT) becomes a new platform for e-business. However, old business
models could hardly fit for the e-business on the IoT. It is possible to implement the transaction
of smart property and paid data on the IoT with the help of P2P trade based on the blockchain
technology and smart contract [30, 1].
It is possible to successfully employ the blockchain technology to facilitate machine-to-
machine (M2M) interactions and establish a M2M electricity market in the context of the
chemical industry via the IoT, where electricity producers and electricity consumers trading
with each other over a blockchain [24].
Leveraging the blockchain technology, the concept of decentralization might be applied to
largescale data management in an electronic medical records (EMR) system, providing au-
ditability, interoperability and accessibility via a comprehensive log [2].
Digital identity enabled by the blockchain technology has the potential to change lives.
With the benefit of digital identity, many of the worlds two billion unbanked individuals could
store their identities on a blockchain, permission banks to fulfill regulatory requirements such
as Know Your Customer, and gain access to bank accounts, loans, and other financial services
previously inaccessible to them [28].
In the cyberworld, people often make transactions with others that they have not met with.
Reputation systems have been widely used in the cyberspace as an effective way to allow people
to evaluate the trustworthiness of a potential seller. However, current reputation systems are
vulnerable to fraud rating and the detection of fraudulent raters is difficult since they can behave
strategically to camouflage themselves. The blockchain technology provides new opportunities
for redesigning the reputation system [6].

3
 Dmitry Efanov
The All-Pervasiveness of the Blockchain et al. / Procedia Computer Science 123 (2018) 116–121
Technology Efanov and Roschin 119

3 Security Issues of the Blockchain Technology

One of the most attractive features of the blockchain technology is its security mechanism based
on public ledger and distributed consensus. However, this does not mean that it can resist any
types of fraud and hacking.
The most important security issue of the blockchain based system is the so-called 51%
attack. Bitcoin measures the level of computing activity on the network in terms of the hash
rate. When more than 51% of the hash rate is controlled by a single node (one miner or pool
of miners), the blockchain can be distorted maliciously.
The 51% attack also results in a fork, which is where there are two conflicting blocks vying
for addition to the blockchain. Because the majority of mining power on the network would
support the attackers block, it would be sent to the blockchain [4, 23].
There is a well-known security concern named double-spending attack [4, 9, 12, 13, 29].
Double-spending occurs when someone makes more than one payment using one body of funds
(e.g., a quantity of bitcoins). This is possible in a peer-to-peer network because there may be
propagation delays when pending payments are broadcast to the network or the networks many
nodes receive unconfirmed transactions at different times. Blockchain tackles this problem by
requiring miner nodes to solve a complex mathematical problem (mining) in order to verify the
transaction. The complexity of the computation is adjusted so that, on average, it takes 10
min to solve a problem using the miners processing powers. Because only blocks with correct
answers to the mathematical problem (the proof-of-work) can be added to the blockchain, only
one among multiple payments is accepted and registered on the blockchain, making it almost
impossible for parties to double-spend funds [29].
Centralized data-storage and management systems are susceptible to hacking, intrusion, and
breaches, but blockchains distributed consensus mechanism prevents hacking. Each transaction
must be verified by the community of miners, leaving fraudulent transactions unable to pass
collective verification and validation. Because the blockchain is constantly monitored by the
entire network of nodes, each of which maintains a copy of the blockchain, malicious users have
no means of inserting fraudulent blocks into the public ledger without immediately being noticed
by others. Thus, it is impossible to compromise the integrity of records in the blockchain. Even
if one or several of the ledgers are hacked, the large number of other network copies provide
reliable backup and overwrite the hacked version [29].
The ledger is also both open to the public and provably secure, almost eliminating the
potential for fraud. With a customer paying in bitcoins, a merchant has the confidence that
the transaction will go through and there is no danger of chargeback fraud [14]. The same is
true for the insurance marketplace [20]. Blockchain systems are very effective in preventing
objective information fraud, such as loan application fraud, where fraudulent information is
fact-based. Blockchain systems are effective in preventing bad mouthing and whitewashing
attack, but they are limited in detecting ballot-stuffing under Sybil attack, constant attacks
and camouflage attack [6].
Although blockchains preserve anonymity and privacy, the security of assets depends on
safeguarding the private key, a form of digital identity. If ones private key is acquired or stolen,
no third party can recover it. Consequently, all the assets this person owns in the blockchain
will vanish, and it will be nearly impossible to identify the thief. The consequences may be more
devastating than identity theft in the off-line world, where third-party institutions (e.g., credit
card companies) or central authorities safeguard transactions, control risks, detect suspicious
activities, or help find culprits [29].

4
120 Dmitry Efanov
The All-Pervasiveness of the Blockchain et al. / Procedia Computer Science 123 (2018) 116–121
Technology Efanov and Roschin

4 Conclusion
This paper summarizes the most illustrative, the most prominent and the most promising use
cases of the blockchain technology including cryptocurrency, smart contracts, smart cities, elec-
tronic medical records, digital identity, reputation systems, machine-to-machine communication
and the Internet of Things.
Considering that there is a potential infinite number of use cases of the blockchain technol-
ogy, we can conclude that it has penetrated into all spheres of our life and as a result of its
impact on our life.

5 Acknowledgements
This work was supported by the MEPhI Academic Excellence Project (agreement with
the Ministry of Education and Science of the Russian Federation of August 27, 2013,
project no. 02.a03.21.0005).

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