Sustainability of Cryptocurrency in Blockchain Technology for a Banking System in Asian Countries

【Author】 Tello, Alcides Bernardo; Bernardo, Anderson Daniel Torres; Cruz, Josue Canchari de la; Yang, Shuyuan

【Source】PACIFIC BUSINESS REVIEW INTERNATIONAL

【影响因子】0.000

【Abstract】Objective:The Aim of this paper is to analyze the suitability of digital currencies and blockchain innovation for getting monetary exchanges in Asian nations. A new understanding of money has arisen in the wake of the global economic crisis caused by the subprime mortgage crisis. It is entirely digital money, and all transactions take place across a decentralized network. Methods:This algorithm-encrypted currency is dependent on a dispersed network called the Blockchain and is said to be tamper-proof, transparent, and inclusive. Exchanges in blockchain innovation are amassed inside the chain of blocks, rather than customary registers, which paginate and consecutively record processes. Since it is replicated over numerous geographical locations all over the world, it is decentralized. Results:We suggest adding the Proof of Work idea to the SimBlock test system to spread out additional specific measurements roughly the block shape at the blockchain local area, in between one block and some other, to portray the hour of the mining system, and to show the hashing cost made. Conclusion:The objective is to furnish clients with intensive realities so it will perceive the way the PoW-basically based blockchain network works. Our analysis based on the proof of work (PoW) and Merkle tree model indicates that the sustainability of cryptocurrencies is a significant problem for developing nations. Its practicality presents a variety of challenges, particularly in Asia.

【Keywords】Cryptocurrency; Blockchain technology; Banking sector; Asian Countries

【发表时间】2022 SEP

【收录时间】2022-11-30

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币