The Opportunities and Benefits in Migrating to Blockchain Based Services

Full Article - PDF

Published: 2021-09-23

Page: 265-288

Sean Blain

School of Computing, Engineering & Intelligent Systems, Faculty of Computing, Engineering & Built Environment, Ulster University, Northern Ireland, United Kingdom.

Kevin Curran *

School of Computing, Engineering & Intelligent Systems, Faculty of Computing, Engineering & Built Environment, Ulster University, Northern Ireland, United Kingdom.

*Author to whom correspondence should be addressed.


The migration towards blockchain based services is already underway. With many of the world’s leading companies offering blockchain as a service to operational businesses and prospective start- ups. This disruptive technology is tightening its grip across multiple industry sectors, as a greater understanding of its operation and transformative potential is attained. This realization in potential has led to the creation of blockchain networks such as Ethereum and EOS which offer systems that facilitate in the building of decentralized applications. which in turn has led to the founding of ambitious projects that are striving to change how we interact and conduct business. The operation of smart contracts and decentralized applications through protocols built on the blockchain are examined here in addition to the integration of blockchain technology in major industries. We also examine the current technologies utilized for data storage which exposes aspects that justify the migration towards blockchain technology.  Conditions that may inhibit blockchain adoption are also reviewed as part of an investigation into the technology.

Keywords: Blockchain, distributed ledger technology, Ethereum, cryptocurrencies

How to Cite

Blain, S., & Curran, K. (2021). The Opportunities and Benefits in Migrating to Blockchain Based Services. Asian Basic and Applied Research Journal, 3(1), 265–288. Retrieved from


Download data is not yet available.


Nakamoto S. Bitcoin: A peer-to-peer electronic cash system. bitcoin. org; 2008. Available: (Accessed: 21.05. 2019)

Krishnan S, Balas VE, Golden J, Robinson YH. Handbook of Research on Blockchain Technology. Elsevier Science. 2020; 9780128204153.

Chakraborty M, Chakrabarti S, Balas V. Proceedings of International Ethical Hacking Conference 2019: eHaCON 2019, Kolkata, India. Springer Singapore, 2019. (Advances in Intelligent Systems and Computing. 2019;9789811503610.

Bandara IB, Ioras F, Arraiza MP. The emerging trend of blockchain for validating degree apprenticeship certification in cybersecurity education; 2018.

Romiti M, Judmayer A, Zamyatin A, Haslhofer B. A deep dive into bitcoin mining pools: An empirical analysis of mining shares. arXiv preprint arXiv: 1905.05999; 2019.

Natoli C, Yu J, Gramoli V, Esteves-Verissimo P. Deconstructing blockchains: A comprehensive survey on consensus, membership and structure. arXiv preprint arXiv:1908.08316; 2019.

Nakamoto S. Bitcoin: A peer-to-peer electronic cash system. Manubot; 2019.

King S, Nadal S. Ppcoin: Peer-to-peer crypto-currency with proof-of-stake. self-published paper, August, 19, 2012.

Schar F. Blockchain Forks: A Formal Classification Framework and Persistency Analysis; 2019.

Islam N, Mäntymäki M, Turunen M. Understanding the role of actor heterogeneity in blockchain splits: An actor-network perspective of bitcoin forks; 2017.

Meynkhard A. Fair market value of bitcoin: halving effect. Investment Management & Financial Innovations. 2019;16(4):72.

Delgado-Segura S, Pérez-Sola C, Navarro-Arribas G, Herrera-Joancomartí J. Analysis of the Bitcoin UTXO set. Springer. 2019;78-91.

Houy N. The economics of Bitcoin transaction fees. GATE WP. 2014;1407.

Zhai S, Yang Y, Li J, Qiu C, et al. Research on the Application of Cryptography on the Blockchain. IOP Publishing. 2019;032077.

Eskandari S, Clark J, Barrera D, Stobert E. A first look at the usability of bitcoin key management. arXiv preprint arXiv: 1802.04351; 2018.

Oliva GA, Hassan AE, Jiang ZMJ. An exploratory study of smart contracts in the Ethereum blockchain platform. Empirical Software Engineering. 2020;1-41.

Chepurnoy A, Kharin V, Meshkov D. Self-reproducing coins as universal turing machine. In: Data Privacy Management, Cryptocurrencies and Blockchain Technology: Springer. 2018;57-64.

Wu K, Ma Y, Huang G, Liu X. A first look at blockchain‐based decentralized applications. Software: Practice and Experience; 2019.

Kovacevic, A. Ethereum 2.0 Includes Major Changes That Could End Bitcoin's Dominance; 2017.

Hong G, Zhang L, Yang M, Yang Z. How You Get Shot in the Back: A Systematical Study about Cryptojacking in the Real World; 2018.

Klages-Mundt A, Minca A. (In) Stability for the Blockchain: Deleveraging Spirals and Stablecoin Attacks. arXiv preprint arXiv: 1906.02152; 2019.

Insights L. US Air Force awards blockchain cybersecurity contract to Xage. Ledger Insights; 2020.

Shahaab A, Lidgey B, Hewage C, Khan I. Applicability and appropriateness of distributed ledgers consensus protocols in public and private sectors: A systematic review. IEEE Access. 2019;7:43622-43636.

Hewage TN, Halgamuge MN, Syed A, Ekici G. Big data techniques of google, Amazon, Facebook and Twitter. Journal of Communications. 2018;13(2):94-100.

Wong JC. The Cambridge Analytica scandal changed the world - but it didn't change Facebook. San Francisco; 2019.

Jin XL, Zhang M, Zhou Z, Yu X. Application of Blockchain Platform to Manage and Secure Personal Genomic Data: A Case Study of LifeCODE. ai in China. J Med Internet Res. 2019;21(9): 13587.

Mangold B. Learning Google AdWords and Google Analytics: Second Edition. Loves Data Pty Limited. 2018;9780994390486.

Chappell B. EU Fines Google $1.7 Billion Over 'Abusive' Online Ad Strategies. npr, 2019.

Press A. YouTube fined $170m for collecting children's personal data. The Guardian; 2019.

Lova V. How to Get Paid for Your Web Search: A Start-up to Give Data Control Back to Users; 2018.

Yunus MAM, Krishnan SKVG, Nawi NM, Surin ESM. Study on Database Management System Security Issues. JOIV: International Journal on Informatics Visualization. 2017;1(4-2):192-194.

Bertino E, Sandhu R. Database security-concepts, approaches, and challenges. IEEE Transactions on Dependable and Secure Computing. 2005; 2(1):2-19.

Turner S. Data Breaches The Biggest Beaches of the Year; 2019.

Bosamia M, Patel D. Current Trends and Future Implementation Possibilities of the Merkel Tree. International Journal of Computer Sciences and Engineering. 2018;6(8):294-301.

Shivalingaiah D, Naik U. Comparative Study of web 1.0, web 2.0 and web 3.0; 2008.

Mcgarry K, Martin A, Addison D. Data Mining and User Profiling for an E-Commerce System. In: Classification and Clustering for Knowledge Discovery: Springer. 2005;175-189.

Ugarte H. A more pragmatic web 3.0: Linked blockchain data. Bonn, Germany; 2017. 2020. OWASP Top Ten Web Application Security Risks | OWASP. [online] Available:<> [Accessed 8 June 2020].

Ahmed M. Blockchain in Data Analytics. Cambridge Scholars Publisher. 2020; 9781527545502.

Khandelwal S. Critical RCE Flaw Discovered in Blockchain-Based EOS Smart Contract System; 2019.

Dasgupta D, Shrein JM, Gupta KD. A survey of blockchain from security perspective. Journal of Banking and Financial Technology. 2019;3(1):1-17.

Mcginn D, Mcilwraith D, Guo Y. Toward Open Data Blockchain Analytics: A Bitcoin Perspective. Royal Society Open Science, 5, 02/21 2018.

Chen H, Pendleton M, Njilla L, Xu S. A Survey on Ethereum Systems Security: Vulnerabilities, Attacks and Defenses; 2019.

Cai W, Wang Z, Ernst JB, Hong Z. Decentralized applications: The blockchain-empowered software system. IEEE Access. 2018;6:53019-53033.

Hiullet M. BitPay's Copay Wallet Compromised by Malicious Code, Firm Issues Advice for Users; 2018.

Avital N. Addressing The Threat Of Cryptomining Malware. Bitcoin Magazine. Bitcoin Magazine; 2018.

He N, Wu L, Wang H, Guo Y. Characterizing code clones in the Ethereum smart contract ecosystem. arXiv preprint arXiv: 1905.00272, 2019.

Kiffer L, Levin D, Mislove A. Analyzing Ethereum's Contract Topology. 2020;494-499.