Blockchain review: BOND project (Blockchains Boosting Finnish Industry) report

    Research output: Book/ReportReport

    Abstract

    Blockchain is a decentralized transaction and data management technologydeveloped first for Bitcoin cryptocurrency. The possibilities of the blockchaintechnology has inspired and fueled an entire ecosystem around it, focused onfully unleashing its potential. The area has had exponential growth in the pastcouple of years, leading to a number of platforms, applications, startups,projects and research around this new invention. Several companies and publicorganizations/foundations develop blockchain platforms that are mostly opensourced. The platforms enable fast prototyping, development and deployment ofnew blockchain applications. There are also new kind of platforms underdevelopment all the time, including Industrial Internet of Things based on theblockchain technology. The feasibility of blockchain technology depends on theuse case where it will be applied. The use case should have clear needs fordatabase shared by multiple parties and multiple writers, consensus, interactingmodifications, trust and undesirability for intermediation. Blockchain technologyhas the potential to improve the efficiency and security of transactions andrecord keeping across a variety of mainstream processes and regulatedindustries. Most of the realized use cases of the blockchain relate to the financialsector, but there are many non-financial use case ideas that might realize in thefuture.
    Original languageEnglish
    Place of PublicationEspoo
    PublisherVTT Technical Research Centre of Finland
    Number of pages55
    ISBN (Electronic)978-951-38-8649-3
    Publication statusPublished - 2017
    MoE publication typeD4 Published development or research report or study

    Publication series

    SeriesVTT Technology
    Number330
    ISSN2242-1211

    Fingerprint

    Patents and inventions
    Ecosystems
    Information management
    Industry
    Electronic money
    Internet of things

    Keywords

    • blockchain
    • blockhain platform
    • distributed ledger
    • consensus
    • blockchain use case

    Cite this

    Backman, J., Valtanen, K., Laikari, A., Vallivaara, V., & Ilomäki, J. (2017). Blockchain review: BOND project (Blockchains Boosting Finnish Industry) report. Espoo: VTT Technical Research Centre of Finland. VTT Technology, No. 330
    Backman, Jere ; Valtanen, Kristiina ; Laikari, Arto ; Vallivaara, Visa ; Ilomäki, Juuso. / Blockchain review : BOND project (Blockchains Boosting Finnish Industry) report. Espoo : VTT Technical Research Centre of Finland, 2017. 55 p. (VTT Technology; No. 330).
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    abstract = "Blockchain is a decentralized transaction and data management technologydeveloped first for Bitcoin cryptocurrency. The possibilities of the blockchaintechnology has inspired and fueled an entire ecosystem around it, focused onfully unleashing its potential. The area has had exponential growth in the pastcouple of years, leading to a number of platforms, applications, startups,projects and research around this new invention. Several companies and publicorganizations/foundations develop blockchain platforms that are mostly opensourced. The platforms enable fast prototyping, development and deployment ofnew blockchain applications. There are also new kind of platforms underdevelopment all the time, including Industrial Internet of Things based on theblockchain technology. The feasibility of blockchain technology depends on theuse case where it will be applied. The use case should have clear needs fordatabase shared by multiple parties and multiple writers, consensus, interactingmodifications, trust and undesirability for intermediation. Blockchain technologyhas the potential to improve the efficiency and security of transactions andrecord keeping across a variety of mainstream processes and regulatedindustries. Most of the realized use cases of the blockchain relate to the financialsector, but there are many non-financial use case ideas that might realize in thefuture.",
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    Backman, J, Valtanen, K, Laikari, A, Vallivaara, V & Ilomäki, J 2017, Blockchain review: BOND project (Blockchains Boosting Finnish Industry) report. VTT Technology, no. 330, VTT Technical Research Centre of Finland, Espoo.

    Blockchain review : BOND project (Blockchains Boosting Finnish Industry) report. / Backman, Jere; Valtanen, Kristiina; Laikari, Arto; Vallivaara, Visa; Ilomäki, Juuso.

    Espoo : VTT Technical Research Centre of Finland, 2017. 55 p. (VTT Technology; No. 330).

    Research output: Book/ReportReport

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    Backman J, Valtanen K, Laikari A, Vallivaara V, Ilomäki J. Blockchain review: BOND project (Blockchains Boosting Finnish Industry) report. Espoo: VTT Technical Research Centre of Finland, 2017. 55 p. (VTT Technology; No. 330).