Blockchain technology

Blockchain technology is derived from ledger system that aims at maintaining the integrity of transaction data. It was initially proposed as the decentralized managing technique and a public ledger of Bitcoin for issuing and transferring tokens for the Bitcoin currency transaction (Nakamoto, 2008). The concept of Proof-of-Work (PoW) is was firstly invented by Cynthia Dwork and Moni Naor in 1992 (Dwork & Naor, 1992) while the term was formalized by Markus Jakobsson and Ari Juels in 1999 (Jakobsson & Juels, 1999). It was then innovatively implied in blockchain technology for data integrity (Pilkington, 2016). Each transaction in public ledger is confirmed by consensus of a majority of participants and recorded in blocks so that it is very hard for all information to be manipulated.

The advantages of blockchain technology are prominent (Zyskind & Nathan, 2015). Its decentralized architecture makes sufficient use of distributed computing to avoid centralized hardware or authorities which usually are the bottleneck of systems. Another significant is its information tamper-proofing feature, which could greatly guarantee the data reliability in peer-to-peer network because of distributed consensus mechanisms. Additionally, both openness and privacy protection are enabled in blockchain so that privacy of counterparty could be well protected, while other transactions information is transparent for enquiry. Due to the characteristics of blockchain, initial coin offering is now one of the most popular application directions in financial field. Many virtual currencies that are similar to Bitcoin are designed and published as monetary instruments. The prosperity of blockchain also facilities its applications in industry. Early attempts have been made to address credit issues in supply chain management. To fight against counterfeit and substandard products is a mainstream application direction (Tian, 2016). Meanwhile, supply chain finance is also a cross emerging field for blockchain to offer reliable supply chain information to banks for their risk management (Guo & Liang, 2016). Additionally, blockchain also acts as a complementary technology to associate with other technologies. The integration of blockchain with IoT technology attracts many researchers (Conoscenti, Vetro, & De Martin, 2016), especially, to solve the security and privacy problems in IoT systems (Dorri, Kanhere, Jurdak, & Gauravaram, 2017). A conceptual framework is also proposed by Huckle, Bhattacharya, White, and Beloff (2016) to apply blockchain in sharing economy in smart cities, while few considerations have been paid to specific resource sharing problems using blockchain. 

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