Vol 2, Issue 6, 07 May 2020

Blockchain Technology: More Than Just

Tan Monivisal*

Among other disruptive industry 4.0 technologies fundamental comprehension and discussion of such as artificial intelligences (AI), internet of things technology, its potentials and challenges (IoT), big data analytics and robotic, blockchain across different sectors, industries, and fields. technology is considered as the backbone of the fourth industrial revolution itself, which has become ❖ The Beginning of Blockchain Technology a buzzword used by media outlets, professional In 2008, , an anonymous person technology institutions, policy discussions and the or organization, published a whitepaper titled academic community. Furthermore, blockchain “Bitcoin: A Peer-to-Peer Electronic Cash System” has received widespread attention thanks to the that proposed a digital payment system, which rise of Bitcoin – one of that has would operate on a peer-to-peer and decentralized remarkably grown since its debut in 2008. Currently, basis (Nakamoto, 2008). The system aims to be an it is estimated that almost 3,000 cryptocurrencies alternative to the existing digital payment platforms, are active in market capitalization, in which Bitcoin which solely rely on central authorities for assets ranks first among all of them, followed by ETH (the recording of customers on ledgers. In fact, the need ), XRP (Ripple Currency) and Bitcoin for trust ensured by central authorities as third Cash (Rivet, 2019). parties is significant in a low-trust environment, , however, is just a part of blockchain when sellers want to make transactions with unknown technology. It is very common to see that the terms buyers over distant communication or vice versa. “Bitcoin” and “Blockchain” are used interchangeably, However, the dependence on third parties such as despite the fact that Bitcoin is powered by blockchain. banks and other financial institutions to authorize In other words, blockchain is the system that offers transactions between parties is subjected to several the technology capability to create cryptocurrency. constraints, including operational and mediatory Despite its significance and potentials, it is only costs, errors, frauds and time-consuming process until 2014 that blockchain began to attract more (Pratap, 2018). For example, since some digital investments as more people realize its potentials, payments are reversible, which might lead to which could be unlocked in various sectors and disputes between merchants and customers, the industries, including healthcare, supply chain, third parties will need to mediate between the two education, insurance and even elections (Marr, 2018). parties, and therefore charging extra costs for the Besides, it is hard to imagine or draw an exact mediation and services. In addition, a digital cash number for how many people living in this Industry system without a central authority could face a 4.0 generation actually understand about the blockchain. This aide-mémoire will thus provide a

*Tan Monivisal is an alumni member and Junior Researcher at Cambodia Development Center.

© All use subject to CD-Center | The views expressed by the authors are theirs alone and do not necessarily reflect the opinions of the CD-Center. Vol 2, Issue 6, 07 May 2020 double-spending problem, which is when a user In 2013, a computer scientist and one of early spends a digital coin or token repeatedly. contributors to Bitcoin community, Vitalik Buterin, initiated another public blockchain platform called In order to solve these problems, Satoshi introduced Ethereum, which has a different programming Bitcoin as a non-trust-based payment system, language that allows developers to create replacing the need for central authentication channels decentralized applications (dApps) and explore a with a decentralized mechanism. At the heart of broader use of the technology such as the Bitcoin lies the foundation of blockchain technology, development of smart contracts (Bitwala, 2019). which acts as a distributed and decentralized Successfully launched in 2015, Ethereum’s for transaction recording. In other words, blockchain cryptocurrency has the second largest market functions as a data storage system that records capitalization after Bitcoin and has attracted transactions and other sorts of information in a thousands of peer networks. Most importantly, chain of blocks, and the chain will keep growing when technology has drawn giant new blocks are appended, creating a list of transaction technology companies to invest on blockchain. For history in chronological order (Bobeshko, 2018). instance, Microsoft Azure has integrated Ethereum’s smart contract functionality into its cloud computing Potentials of blockchain, however, was not fully platform to provide program developers with a fast realized in the beginning as Bitcoin’s blockchain and secure processing capability (Johansson, 2019). was only implemented for the use of cryptocurrency.

How Blockchain Technology Works

Source: PwC

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❖ Core Elements of Blockchain network, the number of users and the blockchain network load (Tar, 2018). After a number of Even blockchain is often dubbed as a novel calculation attempts, a successful miner who found technology, its architecture is built from different the nonce can broadcast his block to the server for existing technologies. For instance, a blockchain other nodes to verify and append to the chain. In ledger makes use of the concept of peer-to-peer return, the miner will be given incentives in a form (P2P) network to allow anyone to maintain and of tokens for his and contribution to update the ledger (Rosic, 2017). Therefore, the system. Bitcoin, for instance, rewards successful blockchain database is not controlled by central miners with its coins. servers but a number of computers or nodes, which are tasked with verifying and validating transactions Besides the utilization of P2P network, blockchain requested by users. Also, the same version of incorporates cryptographic technologies into its ledger is distributed and stored by individual nodes, security architecture to provide users with a high making transaction records transparent and level of privacy. Essentially, most of technical accessible to the network peers. For the most part, processes behind blockchain are involved with this decentralized and distributed nature is one of cryptographic hash functions. They are hash integral parts of blockchain security since data and algorithms used to convert an input of any length – information are not stored in a single space, which the input could be transaction information or any other could be a single point of failure and a central target digital information – into a fixed string of output for cyberattacks. which is known as a ‘hash’. An input of a content will always result in the same string of output or Because blockchain is a decentralized and an open hash. In contrast, a slight change in the input will environment in which everyone can participate, create a different hash (Rosic, 2017). For example, there is a chance that malicious nodes would Bitcoin uses SHA-264, which is one of hash tamper with or exploit transaction records on the algorithms, to transform transaction information server. The solution is to adopt a consensus into a string of hash before including them in blocks. mechanism so that nodes can collaboratively agree In other words, transactions information stored in that a legitimate block of transactions created by an individual blocks are just a bunch of those hashes honest node could be added to the chain. which cannot be reversed to their original forms. Blockchain platforms can choose different types of consensus rule, including the proof-of-stake Cryptographic hash functions also make blockchain algorithm (PoS) and the practical Byzantine-fault- immutable, meaning that once a bundle of different tolerance algorithm (PBFT) (Haughn, 2017). But hashes is stored in a block, it is tamper-proof and the most common one is the proof-of-work highly resistant to alteration and damage. Specifically, algorithm (PoW), which is used by the Bitcoin a block has a hash pointer that contains transaction blockchain. To add a new block to a blockchain on hashes and address of the block before it (Rosic, , special nodes which are called 2017). It acts as a chain that binds every other ‘miners’ will compete with one another to solve block together. As a result, a change in a piece of complex mathematical problems to find a correct information in a block will change the hashed string of number or nonce (Rosic, 2017). transactions and hash pointers of the previous blocks, disrupting the whole blockchain. But the Also known as mining, this work needs a large attempt is impractical to accomplish since it requires amount of computing power, and the difficulty is a huge amount of hashing power, and irregularities based on the current power spent by miners on the in hashes will be immediately detected by nodes.

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How a Block is Chained to Another Block

Source: Lawrence & Schiller

Another form of cryptography that blockchain A can use his private key to sign the message and implements is asymmetric cryptography or public send it to user B. In order to open the signed key cryptography, which is a cryptographic method message, user B will use the public key of user A. used to secure privacy of communications and If it can be opened, user B will know that the information of users. Particularly, asymmetric message is indeed made by user A and has not cryptography provides a user with two types of key: been violated by any hackers. a public key and a private key (Rosic, 2017). These two keys work hand in hand, which is similar to the ❖ Blockchain Potential Applications in use of a username and password of an account but Multiple Sectors and Industries with extra steps. For instance, if user A wants to Even though the initial purpose of blockchain was send a private message to user B, user A needs to to create a peer-to-peer and decentralized payment use the public key of user B to encrypt his message platform, the technology has gained a widespread – the message, then, became a string of hash – recognition for its potential uses besides digital and send it to user B. The encrypted message can currency. For this reason, blockchain technology be decrypted or opened by the user B’s private key, has been under a number of research and which is only known to the user B alone. development programs which aim to utilize the The use of the public key cryptography also creates technology in other sectors and industries. In a digital signature for users for authentication purpose general, the use of blockchain can be classified into (ConsenSys Academy, 2018). To illustrate, imagine three levels: storage of digital records, exchange of that user A just wants to ensure user B that his digital assets and execution of smart contracts message is truly made by him and has not been (Deloitte, 2017). tampered with by hackers during the delivery, user

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Basically, blockchain serves as a storage system preserved, to provide hospitals with access to medical that can record a wide range of digital information, history of patients (Ministry of Social Affairs, n.d.). including ownership and personal documents, study and financial records as well as medical history. In addition, as information stored in blockchain is Most importantly, the record-keeping ability of impossible to be tampered with, the technology can blockchain is associated with a high level of integrity be used for managing transparent and fair and immutability. Therefore, blockchain plays an elections. For instance, Sierra Leone, a state in important role in areas that prioritize preservation West Africa, has become the first country to and management of digital identity, which could be conduct an election, which was held in 2018, using any digital representations of individuals and specialized blockchain to verify votes and prevent organizations. For example, Estonia, which is a election frauds (Perper, 2018). Therefore, election well-known country for utilizing blockchain in its data cannot be manipulated once the voters cast governance system, has adopted blockchain their ballots in the system. Moreover, only eligible solutions for its multi-purpose digital ID card since voters are able to cast their vote because their 2012 (Anjana & Raman, n.d.). Moreover, Estonia identities are checked and validated by peer has created a blockchain-based health record networks on the blockchain. system, in which 95% of patient data has been

Potential Applications of Blockchain

Source: PwC The inherent characteristics of blockchain which to a network for generating automatic operations1. make it as a decentralized, immutable, transparent, However, IoT devices confront with a major security and secure database prove to be useful in weakness known as Distributed Denial of Services addressing IoT security challenges. The Internet of (DDoS), which hackers use to disrupt vulnerable Things utilizes the concept of connecting a number networks of the devices by sending a number of of smart devices and gadgets, which are embedded operational requests repeatedly (Deloitte, n.d.). In with sensors and chips to collect and transmit data addition, as IoT networks rely on centralized servers

1 See: Chea, M (2020). The Internet of Things (IoT): The Network of Networks. Cambodia Development Center. 2(1). Retrieved from http://cd- center.org/en/the-internet-of-things-iot-the-network-of-networks-2/

www.cd-center.org 5/11 Vol 2, Issue 6, 07 May 2020 for processing responses to other devices, the each party can track history of asset ownership and whole network will shut down once the central every transaction in blockchain database. servers go offline. In this case, blockchain can solve the security breach by decentralizing IoT ❖ Challenges of Blockchain networks, therefore preventing malicious actors While blockchain is regarded as one of disruptive from attacking the networks since they are located technologies against the backdrop of Industry 4.0, at different places (Medium, 2018). Moreover, with the technology also comes with great challenges. consensus protocols and cryptographic process A study by World Economic Forum that explored employed in blockchain, unauthorized actors will potentials of blockchain in addressing global problems not be able to trigger data alteration in IoT networks. summed up the downsides of the technology which In addition to the record-keeping function, there are include high energy consumption, security flaws, still more spaces to explore in regard to the use of technology barriers, adoption constraints and blockchain for exchanging digital assets in the legal and regulatory issues (Herweijer, Combes, financial sector. Generally, transactions in stock Swanborough & Davies, 2018). markets involve numerous steps and multiple As cryptocurrency platforms still use certain actors and institutions, namely brokers of seller and consensus protocols such as the proof-of-work buyers, transfer agents and clearing houses. protocol for mining tokens, a huge amount of Moreover, the reason that trades in stock markets electricity will be spent during the process, as they require so much coordination among intermediaries need capable mining computers with large is to ensure that transactions can proceed smoothly computing power. And even though the energy and securely (Long, 2018). In other words, they consumption during mining process varies need to make sure each party conforms to the according to consensus protocols, the energy contracts before and after the transfer of asset spent by nodes on the blockchain network is still ownership. To eliminate such constraints, blockchain immense. For instance, it is estimated that a single solutions are being adopted by international stock transaction in blockchain consumes more than 600 exchange institutions, including New York Stock kWh of electricity, which is almost the same to the Exchange, Tokyo Stock Exchange and Nasdaq, to power consumption of an average US household ease the complicated transaction process (Ervin, for nearly 22 days (Digiconomist, n.d.). 2018). Despite being known as a distributed and secure For this reason, the development of blockchain- ledger, blockchain is also susceptible to a security based smart contracts is considered a game flaw, namely the 51 percent of attack, which could changer in the sector. Similar to a legal contract, a happen when more than 50% of miners control the smart contract is a set of code that is programmed majority computing power on the network, which in to automatically execute agreements and agreed effect allows them to reverse transactions at will. conditions between two or more parties who Consequently, hackers will be able to double- involve in exchanging, buying and selling assets spend tokens and prevent other miners from digitally (Pratap, 2018a). By utilizing blockchain appending new blocks (Frankenfield, 2019). For technology, smart contracts can be built and example, , which is an open-source implemented without involvement of intermediaries, division of Bitcoin, lost at least $18 million due to therefore reducing costs, paperwork and time- the 51 percent of attack, as a group of miners consuming communication process. In addition, managed to hold a large amount of hashing power blockchain offers a high level of auditability since on the network to double-spent its tokens.

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There is also a technical challenge, which is those of which include money laundering, drug scalability, that blockchain technology confronts trade and ransomware attacks. Authorities will with. To be specific, when the number of have difficulty identifying and tracing sources of transactions keeps rising, blockchain network transactions because accounts holders are not could become overloaded because each node has required to reveal their identities in some to verify and validate all of them. For instance, cryptocurrency platforms. Besides, criminals and Bitcoin could not respond to millions of transactions illegal organizations can easily use cryptocurrencies instantly because only 7 transactions per second to commit cross-border money laundering since can be processed, as the block size and time there is no uniform international regulations and interval for creating a new block is limited in Bitcoin laws on the use of cryptocurrency yet. In fact, blockchain (Zheng, & Xie, 2017). Moreover, the since 2011, Bitcoin has attracted many online black scalability challenge leads to a competition markets that engage various illegal transactions problem among users. In other words, users often (Popper, 2020). According to the Chainalysis, compete with each other to have their transactions trades in dark markets using cryptocurrency processed first by placing higher verification fees. reached USD601 million by the end of 2019 As a result, nodes will only select the transactions (Popper, 2020). Consequently, there are mixed with higher fees to verify first, causing a bias in the views from government regarding the digital verification process (Herweijer et al., 2018). currency’s legal status. While countries such as China and Pakistan, ban initial coin offerings (ICO) In addition, while the development of blockchain – a fundraising mechanism which is often used by applications are encouraged in many industries, fraudulent investors – other countries, including the adoption pace of blockchain is relatively slow New Zealand and Netherland, have improvised due to some barriers, such as limited trust in the regulations and measures to adapt to the use of technology and a low level of blockchain knowledge. ICO in their lands (The Law Library of Congress, PwC, for instance, has found that among 600 2018) executives, 45% of them do not trust blockchain due to the lack of understanding of the technology ❖ Trends of Blockchain in Southeast Asia (Inside , 2018). Furthermore, the complexity of the technology is part of the problem, as It is not surprising that blockchain technology has investment in blockchain applications depends on gathered attention of ASEAN member states that the level of blockchain literacy of investors (Herweijer have tried to embark on digital transformation and et al., 2018). Therefore, investors are not confident the development of digital economy in the region. enough to bet on the technology for their business Due to its conducive conditions, particularly a high transformation. A lack of a friendly user-interface of level of internet penetration that reached 94.6% in blockchain applications also contributes to the adoption Brunei alone, ASEAN could take advantage of the challenge to a certain extent. To promote the use of blockchain to improve its social and economic blockchain solutions, application developers need to standards (Asia Blockchain Review, 2019). improve front-end design so that users can find the In general, while blockchain is maturing, the applications convenient to use. technology has gained more positive outlooks but The most sensitive challenge of blockchain is also with precautions from governments and the associated with legal and regulatory concerns. The private sector in Southeast Asian countries. As a fact that blockchain provides users with a high level matter of fact, almost every government in of privacy and anonymity could lead to illegal uses, Southeast Asia, including Cambodia, Singapore, Indonesia, and Thailand, have begun to tap the

www.cd-center.org 7/11 Vol 2, Issue 6, 07 May 2020 potentials of blockchain technology by creating cryptocurrency across its borders. For China, the their own central bank digital currencies (CBDC) National People’s Congress is pushing for (Jakobson, 2019). The National Bank of Cambodia, standard regulations to control activities related for instance, is adopting blockchain for its national with cryptography-based applications as it has payment services to improve financial transactions prepared to launch its first central bank digital with consumers and commercial banks. According currency (Jagati, 2019). to the World Economic Forum, with this project, Cambodia has become one of the first central Even though blockchain can be utilized and banks to trial a blockchain-based application for its implemented across different sectors and central bank (Hor, 2019). industries, the most common use of the technology is in the financial sector in which cryptocurrency is In addition to digital currency, Singapore, which impacting financial services and the flow of sets to become a smart and technologically electronic cash. Still, to ensure that cryptocurrency advanced nation in the region, has planned to is used for legal purposes, the governments and adopt disruptive technologies such as blockchain, relevant stakeholders, such as corporations and 5G and IoT in building a smart city state (Gorey, international organizations, must build a common 2019). Besides, Electrify – the first Singaporean ground for approaching challenges that arise from energy marketplace – has opted for a blockchain- illegal trade activities in unregulated markets and based solution to provide consumers with a new cross-border transactions. Also, for developing retail electricity experience as well as a great cost countries, such as Cambodia, to realize full reduction the market (Cai, 2018). China also aims potential of blockchain, a great deal of efforts must to become a technological powerhouse by 2025, be taken to promote and encourage research which is a move to align itself with the fourth development of the technology in their digital sector. industrial revolution. Despite the fact that ICOs are prohibited in China, the Chinese government has References considered blockchain strategic frontier technology Anjana, V., & Raman, M. (n.d.). Impact of in its national industry plan (“China embraces Blockchain on Digital Identity: Building Trust blockchain”, 2019). In addition, blockchain has in the Cyberworld. Retrieved from received a growing recognition from the Chinese https://www.tcs.com/content/dam/tcs- leadership. For instance, Xi Jinping, speaking before bancs/protected- the Central Committee of the Communist Party of pdf/Impact%20of%20Blockchain%20on%20 China, has called for the acceleration of blockchain Digital%20identity.pdf development and encouraged more blockchain- based solutions in technological and industrial Asia Blockchain Review. (2019, February 25). innovation plans of China (Foxley, 2019). How is Blockchain Shaping Up for ASEAN in 2019. Retrieved from While most countries have shown optimism in https://www.asiablockchainreview.com/how- embracing blockchain for the future of the digital is-blockchain-shaping-up-for-asean-in-2019/ sector, they also prepare themselves against the drawbacks of the technology, especially in Bitwala. (2019, December 19). A Short History of preventing illegal movements of cryptocurrency in Ethereum - Origins of the “World’s their countries. For example, Thailand has Computer”. Retrieved from prepared to amend the Anti-Money Laundering Act https://www.bitwala.com/the-story-of- in order to control the effects of the flow of ethereum-what-is-ethereum/

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The Law Library of Congress. (2018). Regulation Consensus, and Future Trends. IEEE 6th of Cryptocurrency Around the World. International Congress on Big Data. Retrieved from Retrieved from https://www.loc.gov/law/help/cryptocurrency/ https://www.academia.edu/36208204/An_Ov cryptocurrency-world-survey.pdf erview_of_Blockchain_Technology_Architect ure_Consensus_and_Future_Trends Zheng, Z., Dai, H., & Xie, S. (2017). An Overview of Blockchain Technology: Architecture,

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