Blockchain Technology - An Introduction
Sarvesh Kumar Chauhan · International Journal for Research in Applied Science and Engineering Technology · 2019
A Blockchain is basically a decentralized, distributed ledger of all the transactions or events which takes place only after involving multiple parties.It ensures high level of security as the transactions which takes place are entirely anonymous.Each transactions or digital events taking place in a Blockchain network is verified, only if it is agreed upon by the consensus of the majority party of the users participating in this process.Bitcoin has been the most popular cryptographic currency since it was invented and it is the best example that uses the Blockchain technology.Transactions between individuals have always been a part and parcel of human society for the division of labour made people interdependent.The medium of transaction has also been evolving along with the evolution of society and human consciousness from barter system to commodity money to fiat currency and now to digital currency or cryptocurrency.But as the evolution is a form of error correction, the problem of double spending in digital currency was solved by a distributed ledger system called Blockchain.This paper includes Introduction, Literature survey, architecture, application., future direction of blockchain, current use, advantages and challenges of blockchain Technology.I.