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How to Use Blockchain in Enterprise World?

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How to Use Blockchain in Enterprise World? How to use blockchain in enterprise world? An exploratory research on the possibilities and limitations of implementing blockchain based solutions in the real estate industry Master thesis title How to use blockchain in enterprise world? - An exploratory research on the possibilities and limitations of implementing blockchain based solutions in the real estate industry Student Hunor Vadasz-Perhat Student ID 64442 University Roskilde University (RUC) Universitetsvej 1., Postbox 260, 4000 Roskilde, Denmark Department Computer Science and Informatics (M.Sc.) Supervisor Professor John Patrick Gallagher 1 Abstract The real estate market has an importance on the overall economy. A real estate crisis that the world has recently experienced lead to long lasting and serious consequences both on a micro and macro level. Besides, such crashes that tend to happen the real estate market also suffers from inefficient transaction processes, problems with transparency, illiquidity and high transaction costs. The goal of this master thesis is to examine the possibilities and limitations of implementing Blockchain based solution for the real estate industry. Blockchain is a new and emerging technology with potentials that can have an impact on several areas of life, including the real estate market. In order to be able to answer the research question that is formulated in the thesis there will be provided an extensive knowledge about Blockchain functionality and it potentials together with its challenges. Furthermore, a background theoretical knowledge will be provided about the real estate market, more precisely about the real estate management process. After the theoretical introduction the thesis will look at how and in which phases of the real estate management process Blockchain could be used. Technical and non- technical limitations will be discussed as well. One of the conclusions of the thesis is that the Blockchain technology has potential and is capable of improving inefficiencies of the real estate market processes but the technology and the topic needs to be investigated deeper and also from an interdisciplinary point of view. 2 Table of contents Part I - Introductory chapter ................................................................................................................ 7 1. Introduction ........................................................................................................................................... 7 1.1 Problem statement .................................................................................................................................. 7 1.2 Research questions .................................................................................................................................. 8 1.2.1 Main research question .................................................................................................................................................... 8 1.2.2 Sub questions .......................................................................................................................................................................... 8 1.3 Structure ...................................................................................................................................................... 8 Part II - Theoretical background ....................................................................................................... 11 2. Theoretical background - Blockchain Technology ................................................................. 11 2.1 Introduction ............................................................................................................................................ 11 2.2 Short history of blockchain and payment systems .................................................................... 11 2.2.1 “The oldest block chain” ................................................................................................................................................. 11 2.2.2 Satoshi Nakamoto ............................................................................................................................................................... 12 2.2.3 DigiCash .................................................................................................................................................................................... 13 2.2.4 HashCash ................................................................................................................................................................................. 13 2.2.5 B-money ................................................................................................................................................................................... 13 2.3 Introduction to blockchain technology .......................................................................................... 14 2.3.1 Definition ................................................................................................................................................................................ 14 2.3.2 Key characteristics ............................................................................................................................................................ 14 2.3.3 Structure .................................................................................................................................................................................. 15 2.3.4 Cryptography ........................................................................................................................................................................ 16 2.4 Taxonomy of blockchain ..................................................................................................................... 19 2.4.1 Public blockchain ............................................................................................................................................................... 19 2.4.2 Consortium blockchain ................................................................................................................................................... 19 2.4.3 Private blockchain ............................................................................................................................................................. 19 2.4.4 Comparison of types of blockchains ........................................................................................................................ 19 2.5 Distributed system ................................................................................................................................ 20 2.5.1 CAP theorem .......................................................................................................................................................................... 22 2.5.2 Byzantine Generals problem ....................................................................................................................................... 25 3 2.6 Consensus algorithms .......................................................................................................................... 26 2.6.1 Proof of Work (PoW) ........................................................................................................................................................ 27 2.6.2 Proof of Stake (PoS) ........................................................................................................................................................... 29 2.6.3 Comparison of consensus algorithms ..................................................................................................................... 30 2.7 Uses cases and applications ............................................................................................................... 30 2.7.1 Exchange of value ............................................................................................................................................................... 30 2.7.2 Internet of Things (IoT) .................................................................................................................................................. 31 2.7.3 Decentralized markets .................................................................................................................................................... 31 2.7.4 Supply chain management ............................................................................................................................................ 31 Part III - Prototype .................................................................................................................................. 32 3. Prototype - Blockchain and Decentralized Application (DApp) ......................................... 32 3.1 Introduction ............................................................................................................................................ 32 3.2 Blockchain - proof of concept ............................................................................................................ 32 3.2.1 Block class ............................................................................................................................................................................... 32 3.2.2 Hashes ......................................................................................................................................................................................
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