ISBN-10: 0996025553; ISBN-13: 978-0996025553
In the US, the services sector provides employment to about 100 million, while the manufacturing sector provides employment to about 20 million. These sectors are highly automated, and driven by sophisticated business processes forming an integral part of the digital economy. While the applications themselves may be distributed over the Internet in time and space, the core business, regulatory, and financial aspects of the digital economy are still centralized, with the need for centralized agencies (such as banks, customs authorities, and tax agencies) to authenticate and settle payments and transactions. These centralized services often are manual, difficult to automate, and represent a bottleneck to facilitating a frictionless digital economy. The next revolutionary step in the services and manufacturing economy of the future is the development of automated distributed applications that do not depend on these traditional centralized agencies for controlling, facilitating and settling multi-party transactions that may themselves be subject to complex contractual constraints. The blockchain technology is an integral part of these next steps that promises a smart new world of automation of complex services and manufacturing processes. Blockchain is a distributed and public ledger which maintains records of all the transactions on a blockchain network comprising suppliers of products and services and consumers. With the blockchain's ability to establish trust in a peer-to-peer network through a distributed consensus mechanism rather than relying on a powerful centralized authority, the technology is being seen by the industry experts as one of the greatest innovations since the invention of the Internet. As per Santander, blockchain technologies can reduce annual costs for financial firms by $20b by streamlining processes and improving efficiency. In addition, investment and spending on blockchain technology is expected to increase at a compound annual growth rate (CAGR) of 52% through 2019.
We have written this textbook, as part of our expanding "A Hands-On Approach"(TM) series, to serve as a textbook for senior-level and graduate-level courses on financial and regulation technologies, business analytics, Internet of Things, and cryptocurrency. This book is also written for use within industries in the FinTech and RegTech space that may be interested in rolling out products and services that utilize this new area of technology. An accompanying website for this book contains additional support for instruction and learning (blockchain-book.com).
About the Author
Arshdeep Bahga is a researcher in cloud computing, IoT and big data analytics. Arshdeep completed Masters degree in Electrical & Computer Engineering from Georgia Institute of Technology in 2010. He worked as Research Scientist with Georgia Tech from 2010-2016. Arshdeep has authored several scientific publications in peer-reviewed journals. Arshdeep received the 2014 Roger P. Webb - Research Spotlight Award from the School of Electrical and Computer Engineering,Georgia Tech.
Vijay Madisetti is a Professor of Electrical and Computer Engineering at Georgia Institute of Technology. Vijay is a Fellow of the IEEE, and received the 2006 Terman Medal from the American Society of Engineering Education and HP Corporation.
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