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Blockchain is defined as a distributed ledger technology that can implement financial models. An improved blockchain provides a democratic virtual economic system (DVES) that can verify payments, reach consensus, and store encrypted data in virtual economic systems. In this paper, we review the latest progress and possibilities in improved blockchain with respect to openness, data security, and scalability. This paper outlines the challenges of value, existence, and status (VES) and thedoi:10.1109/access.2018.2888697 fatcat:wd6fwoejnvfsfamdzthpf2hi44