Blockchain-Based Financial Systems Deployment and Challenges: Comparative Study Across Several Countries

Blockchain-Based Financial Systems Deployment and Challenges: Comparative Study Across Several Countries

R. Jeevitha, P. Bhanumathi, Sourav Mukherjee
Copyright: © 2024 |Pages: 28
DOI: 10.4018/979-8-3693-1878-2.ch006
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Abstract

Web3 encompasses decentralized finance (DeFi), which leverages blockchain and smart contracts to create an open and accessible financial system. They promote decentralization, trust, and innovation across industries. However, challenges include scalability, energy consumption, price volatility, regulatory uncertainty, and security vulnerabilities. Governments are working on regulatory frameworks, and adoption is growing. Education and awareness are crucial. In particular, there is a need to identify and address the technical, economic, social, and legal issues that may arise from the adoption and implementation of Web 3.0, including concerns around governance, scalability, interoperability, security, and regulation. Therefore, the purpose of the book chapter is to cover the key issues and challenges associated with blockchain technology and to develop a comprehensive understanding of the opportunities and limitations of this technology in order to inform the development and adoption of Web 3.0 applications and services.
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Introduction Of Web

Network for the web consists of web servers, which host websites and web applications, and client devices, such as laptops, smartphones, and tablets, that access these resources. The communication between these devices is enabled by the underlying protocols and technologies, for instance the Internet Protocol (IP), Transmission Control Protocol (TCP), and Hypertext Transfer Protocol (HTTP). HTTP is the prime protocol which is used for communication between web servers and client devices. It defines the rules for exchanging information between the two parties, including requests for web pages and resources and delivering those resources to the client device. In addition to the primary network components, the web relies on other technologies and protocols, such as domain name system (DNS), which translates sphere names into IP addresses, and Secure Sockets Layer (SSL), which provides secure communication between web servers and client devices.

Networks: Advantages

  • a)

    Sharing Resources: Networks permit devices to segment resources, such as printers, files, and applications, which can surge efficacy and lessen costs.

  • b)

    Communication: Networks provide a means for users to communicate and collaborate, regardless of location.

  • c)

    Centralized Management: Networks can be managed centrally, allowing administrators to monitor and control devices, applications, and user access from a single location.

  • d)

    Cost-Effective: Sharing resources and centralizing management can reduce hardware, software, and maintenance costs.

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