Block Chain Technology: Architecture, Application and Limitations
Durga Bhavani Dasari, Sandhya Rani D, Bala Krishna Priya G., Gagan Somashekar, K L S Sirisha, Pradeep Kumar · 2023
A public ledger in which all transactions are recorded as blocks is known as a block chain. It is a chain that is constantly growing, with new blocks being automatically added in accordance with the volume of transactions. In the block chain we will use cryptographic techniques such as digital signatures and different consent algorithms for user security and the consistency of the stored data. Consider any block chain that follows the following characteristics. They are transparency, invisibility, continuity and decentralization with these characteristics that a block chain can work efficiently and save costs. Because a Block chain is a growing list of public access records, each user has a public and private key to view and sign transactions without any intermediary. It is also applicable to and usable in other contexts, such as smart contracts, Iot, organizations financial. Because a transaction cannot be manipulated once placed in the block chain, organizations must be honest when creating and signing transactions. Although it has great potential for building a system of future transactions, it faces some difficulties. The main issue is archiving because a transaction volume rises, block chain size also grows.. In second place comes the loss of privacy in which the data are subject to losses and third comes the part of the algorithm. Here we cannot say which of all the algorithms, for example, pow, which is a test of labor wasting electricity and the POS test of participation, which makes the rich richer in the phenomenon. Therefore, depending on the application, it is necessary to use and implement our block chain accordingly