Blockchain Technology in Corporate Governance
Scrivener Publishing 100 Cummings Center, Suite 541J Beverly, MA 01915-6106 Publishers at Scrivener Martin Scrivener (martin@scrivenerpublishing.com) Phillip Carmical (pcarmical@scrivenerpublishing.com)
Blockchain Technology in Corporate Governance Transforming Business and Industries
Edited by
Kiran Sood Rajesh Kumar Dhanaraj Balamurugan Balusamy and
Seifedine Kadry
This edition first published 2023 by John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, USA and Scrivener Publishing LLC, 100 Cummings Center, Suite 541J, Beverly, MA 01915, USA © 2023 Scrivener Publishing LLC For more information about Scrivener publications please visit www.scrivenerpublishing.com. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions. Wiley Global Headquarters 111 River Street, Hoboken, NJ 07030, USA For details of our global editorial offices, customer services, and more information about Wiley products visit us at www.wiley.com. Limit of Liability/Disclaimer of Warranty While the publisher and authors have used their best efforts in preparing this work, they make no rep resentations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchant- ability or fitness for a particular purpose. No warranty may be created or extended by sales representa tives, written sales materials, or promotional statements for this work. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further informa tion does not mean that the publisher and authors endorse the information or services the organiza tion, website, or product may provide or recommendations it may make. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Library of Congress Cataloging-in-Publication Data ISBN 978-1-119-86495-0 Cover image: Pixabay.Com Cover design by Russell Richardson Set in size of 11pt and Minion Pro by Manila Typesetting Company, Makati, Philippines Printed in the USA 10 9 8 7 6 5 4 3 2 1
Contents Foreword
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Preface
xix
Acknowledgment
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Role of Blockchain Technology in the Modern Era Kuldeep Singh Kaswan, Jagjit Singh Dhatterwal, Kiran Sood and Balamurugan Balusamy 1.1 Introduction 1.2 What is Blockchain Technology? 1.3 Blockchain Technology in Healthcare 4.0 1.3.1 Area of Blockchain Technology-Based Healthcare 4.0 1.3.2 Smart Blockchain Healthcare 4.0 1.4 Energy Sector 1.5 Applications of Blockchain in the Energy Sector 1.5.1 Decentralized Storage and Control in Power Grid 1.5.2 Electricity Trading Law 1.5.3 Electric Vehicles 1.5.4 Decrease the Global Carbon Emission 1.6 Blockchain-Based Financial Sector 1.6.1 Legal Policies of the Financial Sector 1.6.2 Credit Risk 1.6.3 KYC and Product Personalization 1.6.4 Insurance Monetary Management 1.6.5 Collaborative Techniques in Financial Services Chain 1.7 Bitcoins and Blockchain Sustainability Issues 1.8 Conclusion References
1 2 3 4 5 9 15 16 17 17 18 18 19 19 20 21 22 23 24 25 25
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Part 1: Blockchain: Opportunities for Healthcare 4.0 2
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BTCG4: Blockchain Technology in Electronic Healthcare Systems 31 Amrinder Singh and Geetika Madaan 2.1 Introduction 32 2.1.1 Healthcare Industry 32 2.1.2 Requirement of Electronic Healthcare Industry 33 2.1.2.1 System Security 33 2.1.2.2 Interoperability 33 2.1.2.3 Sharing of Information 34 2.1.2.4 Mobility 35 2.1.2.5 Mobile Health 35 2.1.2.6 Wireless 35 2.1.2.7 Internet of Things 36 2.2 Overview of Blockchain 37 2.2.1 Distinct Characteristics of the Use of Blockchain in the Electronic Healthcare Industry 38 2.2.1.1 Decentralization of Storage 38 2.2.1.2 Authentication 39 2.2.1.3 Immutability 39 2.2.1.4 Improvement in Security 40 2.2.1.5 Efficiency 40 2.2.1.6 Distributed Ledger 40 2.3 Blockchain Applications 41 2.3.1.1 Smart Contracts 41 2.3.1.2 Spotting and Preventing Fraudulent Activity 41 2.3.1.3 Authentication of the User’s Identity 42 2.4 Challenges Associated with Blockchain Technology 42 2.4.1 Unavailability of Uniformity 42 2.4.2 Decentralization of Storage and Leakage of Privacy 43 2.4.3 Handling of Critical Information 43 2.4.4 Scalability and Internet of Things Overhead 44 2.4.5 Vulnerabilities Specific to Blockchain Technology 44 2.4.6 General Vulnerabilities in Software 46 2.5 Opportunities of Blockchain in the Healthcare Industry 46 2.5.1 The Gem Health Network Facilitates the Exchange of Healthcare Data 46 2.5.2 MDREC 47 2.5.3 System of Pervasive Social Network 47 2.5.4 Virtual Resources 48
Contents vii 2.5.5 Data Recording for Body-Worn Sensing Devices Based on Context 48 2.5.6 MeDShare 49 2.5.7 Blockchain-Based Clinical and Precise Platform Trials 50 2.5.8 Access to Health-Related Information 50 2.6 Concluding Remarks 50 References 52 3
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Blockchain Technology and Healthcare: Towards Combating COVID-19 Reena Malik and Sonal Trivedi 3.1 Introduction 3.1.1 Blockchain Technology in Healthcare 3.1.2 Features of Blockchain Technology 3.1.3 Applications of Blockchain in Healthcare 3.1.4 Data Management 3.1.5 Electronic Health Record 3.1.6 Claims and Billing Management 3.1.7 Pandemic Data Tracking 3.1.8 Tracking PPE 3.1.9 Vaccine Monitoring 3.1.10 Future Vaccination 3.1.11 Digital Contact Tracing 3.1.12 Prescription Management 3.2 Combating COVID-19 3.2.1 Handling Fake Infodemic Using MiPasa Platform 3.2.2 VIRI Platform Preventing Spread 3.2.3 WIShelter for Data Privacy 3.3 Reviving Capabilities 3.3.1 Blockchain in Healthcare – Global Scenario 3.3.2 Blockchain in Healthcare – Indian Scenario 3.4 Challenges in Adopting Blockchain in Healthcare 3.5 Conclusion References Blockchain-Based Energy-Efficient Heterogeneous Sensor Networks in Healthcare System R. Janarthanan and J. Venkatesh 4.1 Introduction 4.2 Related Work 4.2.1 Literature Gap
57 57 59 60 60 60 61 62 62 62 63 64 64 65 65 66 66 66 67 67 68 68 69 70 75 76 80 81
viii Contents 4.2.2 Fuzzy Improved Model (Improved Model Fuzzy) 4.3 Proposed Energy Protocol with Blockchain 4.4 Conclusion References 5
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Development of a Safe Health Framework Using a Temporary Blockchain Technique J. Venkatesh and R. Janarthanan 5.1 Introduction 5.2 Related Work 5.2.1 Blockchain-Based Healthcare Organization 5.2.2 Medrek 5.2.3 Stratum 5.2.4 Factor 5.2.5 Pocketbook 5.2.6 Tyrion 5.2.7 Roomed 5.3 Secure Framework (Sefira) for Healthcare System 5.3.1 Progressive Temporal Blockchain 5.3.2 Temporal Shadow 5.3.2.1 Context-Based Merkle Tree (CBMT) 5.3.2.2 Temporal Hash Signature (THS) 5.3.2.3 Context-Based Access Control (CBAC) in Smart Contract 5.3.2.4 Layered Architecture of SeFra 5.4 Conclusion References Data Consistency, Transparency, and Privacy in Healthcare Systems Using Blockchain Technology Kalaiselvi Rajendiran, Akshaya Sridhar and Ananda Vayaravel Cassinadane 6.1 Introduction 6.2 The Cutting Edge in Genomics 6.2.1 Next Generation Sequencing (NGS) 6.2.2 EDGE Bioinformatics 6.2.3 Pharmacogenetics and Personalized Medicine 6.2.4 Prenatal Diagnosis 6.2.5 Diagnosis of Infectious Diseases 6.2.6 Gene Therapy and Genome Editing 6.2.7 Genomics with Blockchain Technology
82 84 95 95 99 100 101 102 103 103 103 104 104 104 104 109 109 110 113 114 114 122 123 125 126 126 127 128 129 129 129 130 130
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6.3 Medical Records 130 6.3.1 Blockchain Architecture – Components and Types 131 6.3.2 Blockchain Benefits in Healthcare Records Maintenance 132 6.3.3 Brief Overview on the Blockchain-Enabled Patient Healthcare Record Management Process 133 6.3.3.1 Data Generation 133 6.3.3.2 Data Cleaning and Enrichment 133 6.3.3.3 Data Capturing 134 6.3.3.4 Data Consumption 135 6.3.3.5 Data Mining 135 6.4 Supply Chain Management 136 6.4.1 Pharmaceutical Applications 137 6.4.2 Medical Devices and Medical Supplies 138 6.4.3 Internet of Healthy Things 138 6.4.4 Public Health 138 References 139
Part 2: Blockchain in the Energy Sector 7
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Application of Blockchain Technology in Sustainable Energy Systems Navdeep Kaur, Suman Bhullar and Navneet Seth 7.1 Introduction 7.2 Blockchain 7.3 Blockchain Applications in Energy Sector 7.3.1 Blockchain Applications in Smart Grid 7.3.2 Blockchain Applications in Energy Trading 7.3.3 Blockchain Applications in Micro-Grid 7.3.4 Blockchain in Electric Vehicles 7.3.5 Blockchain Applications in Cyber Physical Security 7.4 Blockchain as New Substructure 7.5 Limitations of Blockchain 7.6 Conclusions References Revamping Energy Sector with a Trusted Network: Blockchain Technology Alain Aoun, Mazen Ghandour, Adrian Ilinca and Hussein Ibrahim 8.1 Introduction 8.2 Energy Digital Transformation
143 145 146 147 150 152 153 153 154 155 156 157 157 157 163 164 167
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8.4
8.5 8.6
8.2.1 Digitalization, Decarbonization, and Decentralization of the Energy Sector 8.2.2 Blockchain: A Disruptive Technology of the Energy Value Chain 8.2.3 Blockchain Advancing DERs Energy Trading Mechanisms 8.3.1 Blockchain P2P Energy Trading: A New Financing Mechanism 8.3.2 Blockchain-Based Virtual Power Plant (VPP) Model 8.3.3 Blockchain Technology for Electric Vehicle (EV) Charging and Discharging Blockchain Unlocking New Demand Side Management Models 8.4.1 Blockchain in the Energy Efficiency Market 8.4.2 New Blockchain-Enabled Demand Response (DR) Models 8.4.3 Blockchain-Based Energy Performance Contracting Energy Blockchain’s Social and Environmental Impacts 8.5.1 Blockchain Market for Carbon Credits and RECs 8.5.2 Fighting Energy Poverty Conclusion References
168 170 172 176 177 181 182 184 186 187 188 191 191 193 194 194
Part 3: The Impact of Blockchain on the Financial Industry 197 9
Process Innovation and Unification of KYC Document Management System with Blockchain in Banking Priya Jindal, Jasmine Kaur and Kiran Sood 9.1 Introduction 9.2 Blockchain 9.3 Blockchain Technology Applications Sectors 9.4 Know Your Customer (KYC) 9.4.1 KYC Advantages 9.4.2 KYC Document List 9.4.3 Re-KYC 9.4.4 Types of KYC Verification 9.4.5 KYC Through Manual Verification Process 9.4.6 Typical KYC Verification Process – Issues and Challenges 9.5 Electronic Know Your Customer (e-KYC)
199 200 201 201 203 204 204 204 206 206 207 208
Contents 9.5.1 e-KYC Documents Management System Using Blockchain 9.6 Blockchain KYC Verification Process Advantages 9.7 Taxonomy of Blockchain Systems 9.8 Literature Survey 9.9 Potential Use-Cases of Blockchain Technology in Banks 9.10 Blockchain KYC-AML Solution 9.11 Conclusion References
xi 208 209 210 211 212 213 214 214
10 Applying Blockchain Technology to Address NPA Issues During the COVID-19 Pandemic 217 Jasmine Kaur, Priya Jindal and Kiran Sood 10.1 Introduction 218 10.2 ACT 1: Foundation of Non-Performing Assets Management and Blockchain Technology 220 10.3 Induction to Non-Performing Assets 220 10.4 Charter for NPA Management 221 10.5 Reasons for Growth of NPAs 222 10.6 Induction to Blockchain Technology 223 10.7 Possible Applications of Blockchain Technology 226 10.8 ACT II Confrontation Stage 228 10.9 Investigation of Loan Quality-Related Issues in the Indian Banking System 228 10.10 Stage 3 – Treatment Stage for Bad Loans Through Blockchain in Indian Banks 230 10.11 The Challenges of the Blockchain Technology in Financial Sector 232 10.12 Conclusion 234 References 235 11 Blockchain and Smart Contracts for Insurance Industry 239 Rupa Khanna Malhotra, Chandan Gupta and Priya Jindal 11.1 Introduction 240 11.1.1 Blockchain in Insurance 240 11.1.2 Blockchain in Insurance Applications 241 11.2 Smart Contracts by Insurance Providers Using Blockchain Technologies 242 11.2.1 Blockchain: A Built-In Data 243 11.2.2 Advanced Insurance Automation 243 11.2.3 Cyber Security in Insurance through Blockchain 243
xii Contents 11.3 11.4 11.5 11.6
Review of Literature 244 Opportunities Provided by Blockchain Technology 245 How Blockchain Technologies Work in Insurance Companies 248 Challenges Posed by Blockchain 249 11.6.1 Technologies Leveraging Technologies 249 11.6.2 Strategic Alliances 249 11.6.3 New Product Development 249 11.7 Conclusion 249 References 250 12 How Blockchain Can Transform the Financial Services Industry Aashima and Birajit Mohanty 12.1 Introduction 12.2 Literature Review 12.2.1 Basic Definition 12.2.2 Blockchain and the Financial Sector 12.2.3 Previous Research – International Perspective 12.2.4 Previous Research – Indian Context 12.3 Application Example of Financial Sector Based on Blockchain 12.3.1 International Market 12.3.1.1 Consortium 12.3.1.2 Payment and Remittance 12.3.1.3 Securities and Stock Exchanges 12.3.1.4 Smart Contracts 12.3.2 Indian Market 12.3.2.1 Consortium 12.3.2.2 Payment and Remittance 12.3.2.3 Securities Exchanges 12.3.2.4 Smart Contracts 12.4 Challenges in India 12.5 Mitigation Steps 12.6 Opportunities as per Indian Perspective 12.7 Conclusion References 13 The Impact of Blockchain Technology and COVID-19 on the Global Banking Industry Jyoti Verma and Gagandeep 13.1 Introduction of Blockchain Technology (BCT)
253 254 255 255 256 257 258 259 259 259 260 261 262 262 262 264 268 269 271 275 276 277 278 283 284
Contents xiii 13.1.1 Key Characteristics of Blockchain 284 13.1.2 Blockchain Architecture 285 13.1.3 Applications of Blockchain Technology 286 13.2 Blockchain Technology and the Banking Sector 289 13.2.1 Impact of COVID-19 on Banking Industry 289 13.2.2 Impact of Blockchain Technology on Banking Sector 290 13.2.3 Comparison Between Blockchain-Based Banking Systems and the Traditional Banking 291 13.2.4 Challenges Faced by Banking Sector and Blockchain as a Solution 293 13.3 Analyzing Blockchain Technology and Porter’s Five Force Model 295 13.4 Conclusion 298 References 298 14 Blockchain-Based Framework – A Scientific Tool for Developing a Robust Banking System Minakshi Thaman 14.1 Introduction 14.2 Objective of the Chapter 14.3 Meaning 14.3.1 The Process 14.3.2 Blockchain Components 14.3.3 Types of Blockchain Networks 14.3.4 Major Facilitators 14.3.5 Blockchain Technology in the Banking Sector 14.3.6 Technology Consortiums by The Banks in India 14.3.7 Steps Taken by Two Leading Commercial Banks of India: SBI And ICICI 14.4 The Framework 14.5 Indian Government’s Perspective 14.6 Conclusion References
303 304 304 305 305 307 310 313 314 316 320 321 322 323 323
Part 4: Blockchain Applications and Sustainability Issues 325 15 Advanced Cryptographic Technologies in Blockchain Osheen Oberoi and Sahil Raj 15.1 Blockchain Technology 15.2 Tiers of Blockchain Technology
327 327 329
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Contents 15.2.1 Blockchain 1.0 15.2.2 Blockchain 2.0 15.2.3 Blockchain 3.0 15.2.4 Blockchain X.0 15.3 Characteristics of Blockchain 15.3.1 Decentralization 15.3.2 Immutability 15.3.3 Persistency 15.3.4 Anonymity 15.3.5 Auditability 15.3.6 Enhanced Security 15.4 Concept of Blockchain Technology 15.5 Taxonomy of Blockchain 15.5.1 Public Blockchain 15.5.2 Private Blockchain 15.5.3 Consortium Blockchain 15.6 Different Layers of Blockchain 15.6.1 The Data Layer 15.6.1.1 Blocks 15.6.1.2 Digital Signature 15.6.2 The Consensus Layer 15.6.2.1 What is Consensus? 15.6.2.2 Consensus in Blockchain 15.6.3 The Network Layer 15.6.4 The Application Layer 15.7 How Does Blockchain Work: The Process 15.8 Challenges in Blockchain 15.8.1 Performance and Scalability 15.8.2 Privacy 15.8.3 Selfish Mining 15.9 Blockchain Security 15.10 Amalgamation of Blockchain with Cloud Computing for Robust Security 15.11 Emerging Applications of Blockchain 15.11.1 Healthcare 15.11.2 Stock Market 15.11.3 Supply Chain References
329 329 329 329 330 330 330 330 331 331 331 331 332 332 332 333 333 333 333 335 336 336 336 341 342 342 343 343 343 344 344 345 347 347 348 348 349
Contents xv 16 Network Security Issues in Blockchain Architectures Keshav Kaushik 16.1 Introduction to Blockchain Technology: Applications and Challenges 16.2 Comparative Study of Security and Privacy in Popular Blockchain Technologies 16.2.1 Security in Blockchain 16.3 Security Issues in Blockchain Technology 16.4 Privacy in Blockchain 16.4.1 Privacy Issues in Blockchain Technology 16.5 Open Issues and Challenges of Security and Privacy in Blockchain Technology 16.6 Conclusion References 17 A Comprehensive Report on Blockchain Technology, Its Applications, and Open Research Challenges Shilpi Garg, Rajesh Kumar Kaushal and Naveen Kumar 17.1 Introduction 17.2 Related Work 17.3 Objectives 17.4 Methodology 17.5 IoT Architecture 17.5.1 IoT Attacks 17.6 Blockchain Architecture 17.7 State-of-the-Art of Blockchain in IoT 17.8 Blockchain Open Challenges and Future Trend 17.9 Conclusion References 18 New Blockchain Taxonomies and Trust Models Impacting Business Performance Hani El Chaarani, Zouhour EL Abiad and Hebatallah Abd El Salam Badawy 18.1 Introduction 18.2 Foundation of Blockchain 18.2.1 Blockchain: The History 18.2.2 Components of Blockchain 18.2.3 How Does the Blockchain Work?
353 354 359 359 360 364 364 365 366 367 369 370 371 372 372 373 375 377 380 383 384 385 387 387 389 389 390 390
xvi Contents 18.2.4 Types of Blockchain 18.2.5 Features of Blockchain 18.2.6 Advantages of Using Blockchain 18.2.7 Disadvantages and Challenges of Blockchain 18.3 Blockchain in Business: Some Real-World Examples 18.3.1 Blockchain Applications in Healthcare Sector 18.3.2 Blockchain Technology in Transport, Supply Chain Activities and Logistics 18.3.3 Blockchain Technology in Industrial Sector 18.3.4 Blockchain Technology in Financial Sector 18.4 Conclusion References
Index
391 392 393 394 396 396 398 401 404 407 408
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Foreword After the Internet, which has provided the world with the first global platform for mass collaboration, Distributed Ledger Technology (DLT) has paved the way for a technological shift that will change how the world does business and practically everything else. It has provided a platform for blockchain technology, which powers the digital currency, transparency, commerce, and privacy. Blockchain technology facilitates peer-to-peer transactions without any intermediary such as a bank or governing body. Although it maintains users’ information anonymously, it validates and keeps a permanent public record of all transactions. That means that your personal information is secure and private, but the activity is transparent and incorruptible. It is reconciled by the collaboration of masses and the activity is stored in a code on a digital ledger. This edited book highlights the current governance framework for the blockchain and its development as a self-governing framework. It discusses the blockchain technology effectiveness in developing solutions for supply chain, trade finance, and banking. Moreover, it shows how banking and financial institutions are the major beneficiaries of this decentralized technology. Furthermore, the book outlines the link between company governance theories, regulatory, ethical, and social controls and the blockchain adoption. It also investigates the recent applications of blockchain technology in the financial services, the health sector, and the energy sector. The book is specially designed for graduates, researchers, industrialists, engineers, policymakers, students and academics who aspire to learn, discuss, and carry out further research into the opportunities offered by blockchain and the possible ways of regulating it. It is a good read for those interested in exploring and expanding their knowledge on blockchain technology and hopefully it will mark a milestone in their learning journey.
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xviii Foreword Prof. Simon Grima Head of The Department of Insurance and Risk Management Deputy Dean - Faculty of Economics, Management and Accountancy, University of Malta Professor of Finance, Faculty of Business, Management and Economics, University of Latvia
Preface The characteristics of intelligent technology have given rise to the intriguing thoughts on the subjects in this book, which application developers may be able to implement in their own work. Block transactions are decentralized, distributed, open, irrevocable, and digital, with blocks linked together using cryptographic and authentication techniques to form a blockchain. This has made blockchain technology the fastest developing revolutionary technology to be applied in various fields. In addition to being well-known for its capacity to be used in multiple areas that contribute to data storage in domains linked by peer-to-peer networking, the technique provides a real-time refresh feature that enables records to be updated. Therefore, using this approach, critical data may be kept in blocks with the goal of treating data as money. After an investigation of successful decentralized applications, the book highlights previously existing blockchain applications as a technology demonstrator in many sectors. In addition to enumerating the benefits of this innovation in several fields, the book will also help determine future topics of research in several domains. In addition to exploring existing applications based on blockchain technology in different domains, the goal of this book is to design a better financial application model. Therefore, since there is a need to adopt financial technology for economic activity, the current method of processing checks is explored. To address distrust of the technology being used, the application of blockchain is used to help secure the check processing system. After analysis, research began on ways to change the rules of the check processing and clearance system by reducing the processing time and improving security. Already existing check processing methods were identified, and their limitations were assessed to provide a suitable improved framework. To accomplish the same, smart contracts were used to automatically complete the task of check processing by generating a valid tokenized check to update the information in the IPFS (interplanetary file system) blockchain.
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xx Preface This book uses smart contracts, the energy sector, and the application of sustainability issues that control the system’s functionality to enhance security and provide efficient features. The advent of new methods based on these designed and implemented approaches makes it possible to address real-time problems to bring about excellent efficiency to the system. Kiran Sood Chitkara Business School Chitkara University, Punjab, India
Acknowledgment This edited book “Blockchain Technology in Corporate Governance: Transforming Business Industries” results from prayers, efforts, blessings and the love of my family and friends. I want to thank them all and would like to specially acknowledge and extend my heartfelt gratitude to a few of them who have made the completion of this book possible. My special thanks to Dr Balamurugan Balusamy, Professor, Galgotias University, India, for his valuable guidance and support. Furthermore, I express my sincere thanks to the team of the edited book Dr Rajesh Kumar Dhanaraj, Associate Professor, Galgotias University, India and Dr Seifedine Kadry, Associate Professor, Beirut Arab University, Lebanon. Special thanks to Mr Martin, President, Scrivener Publishing who helped me so much. Our sincere gratitude goes to the chapters authors who contributed their time and expertise to this book. I would like to start with Dr Amrinder Singh, Dr Geetika Madaan, Dr Reena Malik, Dr Sonal Trivedi, Dr R. Janarthanan, Dr J. Venkatesh, Dr Kalaiselvi Rajendiran, Dr Akshaya Sridhar, Dr Ananda Vayaravel Cassinadane, Dr Navdeep Kaur, Dr Suman Bhullar, Dr Navneet Seth, Dr Alain Aoun, Dr Mazen Ghandour, Dr Hussein Ibrahim, Dr Adrian Ilinca, Dr Priya Jindal, Dr Jasmine Kaur, Dr Rupa Khanna Malhotra, Dr Chandan Gupta, Ms. Aashima, Dr. Birajit Mohanty, Dr Jyoti Verma Dr Gagandeep, Dr Minakshi Thaman, Dr Osheen Oberoi, Dr Sahil Raj, Dr Keshav Kaushik, Dr Rewa Sharma, Ms Shilpi Singhal, Dr Rajesh Kumar Kaushal, Dr Naveen Kumar, Dr Hani El Chaarani, Dr Hebatallah Badawy, Dr Zouhour ElAbiad, Dr Eirini Daskalaki. A special thanks to my family. Words cannot express how grateful I am to my husband Shivek Sood for his support and cooperation during my work. He has been the motivator, and his help in every way deserves special thanks. I wish to express my love and gratitude to my mother and father. I would particularly like to thank my brother, sister and my friends who supported me in every possible way to see the completion of this work.
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xxii Acknowledgment Above all, I owe it all to Almighty God who granted me the wisdom to undertake this research and enabled me to complete it. To him, I owe lifelong indebtedness. Kiran Sood
1 Role of Blockchain Technology in the Modern Era Kuldeep Singh Kaswan1, Jagjit Singh Dhatterwal2, Kiran Sood3* and Balamurugan Balusamy1 School of Computing Science and Engineering, Galgotias University, Greater Noida, India 2 School of Computing Science and Engineering-AI&DS, Koneru Lakshmaiah University, Vaddeswaram, Guntur, Vijayawada, Andhra Pradesh, India 3 Chitkara Business School, Chitkara University, Rajpura, Punjab, India 1
Abstract
Initially, cryptographic algorithms were used as a public transaction ledger for cryptocurrencies. Beyond cryptocurrency, cryptographic protocols have lately been investigated for various additional applications due to their unique qualities such as scalability, security, accountability, and anti-tampering. Such characteristics are beneficial for a range of important difficulties encountered in the financial industry. Because the energy industry is quickly diminishing, there has been a greater emphasis on investigating the use of sustainable power (e.g., solar energy and wind energy) in replacement fossil fuel. Blockchain-based technologies are intended for use in the (decentralized) energy market. With the help of the energy sector, use in the Healthcare Industry is adopting technologies that allow the digitization of health records and automation of various plausible clinical procedures. To change the environmental issues related to the use of this currency and the hidden in the wings, blockchain technology has been recognized as the driver of innovation in various fields, contributing to creating a more sustainable world. This chapter discusses how blockchain technology is effective in healthcare, the energy sector, financial industry, and sustainable issue. Keywords: Blockchain, sustainability, healthcare, electronic health records, bitcoin *Corresponding author: Kiran.sood@chitkara.edu.in Kiran Sood, Rajesh Kumar Dhanaraj, Balamurugan Balusamy and Seifedine Kadry (eds.) Blockchain Technology in Corporate Governance: Transforming Business and Industries, (1–28) © 2023 Scrivener Publishing LLC
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Blockchain Technology in Corporate Governance
1.1 Introduction The advanced digital cash tooled by using a hidden developer, whose name was Satoshi Nakamoto, blooming the doorway after a modern digital revolution, introducing now not solely a cryptocurrency, so that used to be last called, but current according to the people a current democratically-sustained daybook on entire transactions as would hold had excellent realistic services additionally between ignoble fields [1]. The innovation brought via Nakamoto (but that looks so should stay a group hidden below this pseudonym) represents a currency so much bypasses the legitimate way in imitation of produce yet trade money, primarily based of a medium financial institution yet a clearing authority. Yet, using a peer-to-peer charge system realized an originate supply software. This digital money leads thanksgiving to create a disbursed populace register containing entire Bitcoin transactions according to blockchain technology. As a result, whole peer-to-peer cash transactions are registered then stored without some altering within an impervious way together with no necessity regarding a medium bank, together with a mechanism over consistency amongst whole the network nodes who piece a portfolio of Bitcoins [2]. The use of blockchain applied sciences permits pecuniary corporations to push aside countless long-lasting prominent issues. One of the top-notch issues related to the imitation of bank credit is the scarcity of statistics regarding credit score scoring, inflicting individuals or SMEs to hold difficulties in acquiring loans via financial establishments. According to lead consistent purchaser evaluation, financial institutions are also struggling due to a lack of appropriate and precise information. It effectively handles government product schism and customization. “Along the same lines, investment vehicles provided by financial institutions include a comprehensive individual policy claims procedure, necessitating the engagement of several parties before the discharge or payment of a claim.” Finally, current essential structures encouraging the priority over transactions concerning monetary corporations are primary targets as a result of cyber-attacks. World power systems are current via a non-stop change [3]. The focus has been shifted beside great warm or hydel government technology by tiny disbursed generation, generally based on renewable power systems. Incomplete governments additionally back this transit. There have also been sizeable improvements in grid technology. The current clever grid can supply actual era bi-directional flow over facts, i.e., real-time strength deficit and surplus, and real-time expenditures by each producer yet consumers. Intelligent grids do additionally accommodate
Role of Blockchain Technology in the Modern Era
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intermittent baby suppliers of electricity. This variation of strength-era policy or improvement within grid technology has awakened ways because small-scale power producers yet customers after piece power. Additionally, it has borne ways according to purchase and promotes strength to strange peers upon an intelligent grid. Need has been felt by the shop this transaction among friends of a secure, non-alterable but rapidly on-hand way. Blockchain technological know-how offers by furnishing this secure, unalterable, yet quickly available ledger. Blockchain 1.0, the first age of blockchain, underpins Bitcoin, the first deployment of blockchain-based monetary technologies. The following generation, known as Blockchain 2.0, has emerged with the notion of intelligent construction. It is considered a segment of articles defined, performed, and recorded in the allocated ledger. Blockchain 3.0, the 0.33 technology in distributed ledger technology, specializes in truth, encompassing non-financial elements such as administration, environment, health, etc. [4]. Various firms adopted this technology and then utilized it because of a few uses cases in healthcare. The almost excellent purposes within the blockchain that are beneficial in imitating healthcare functions are decentralization, privacy, and safety, considering that blockchain technological know-how may also ensure secure access to scientific statistics for sufferers yet a range of stakeholders (insurance companies, hospitals, doctors, etc.).
1.2 What is Blockchain Technology? The troubles confronted between implementing blockchain are issues faced by using the entire healthcare sector related to the privacy or security on healthcare-related intelligence. The statistics saved about EHR systems are troublesome, and modern designs that use them are now not Immune opposition to disallowed ingress yet return over the data [5]. At present, the just popular EHR storage approach is architecture, as it is centralized and client-server based, giving those authoring the dictation perfect get right of entry according to the entirety of the system. Such EHR tankage creates a deficiency regarding privacy that leads to protection flaws, whereby the secured facts may also remain stolen, tampered with, yet leaked. To fight these issues, security requirements (e.g., HIPAA, DISHA, or COBIT) have been developed and implemented in discipline according to guard patient health information. Implementing blockchain-based EHR structures desires to permit the impenetrable storage regarding healthcare statistics and the traits that blockchain generally comprises, certain