Exploring the Landscape of Blockchain Technology: History, Applications, Challenges and Future Directions
Debarati Dutta, G. Nalini Priya · Journal of Engineering Science and Technology Review · 2024
In several companies throughout the world, blockchain technology is gaining greater attention and implementation.In this article, first of all, we conduct an in-depth survey of blockchain technology, focusing on its history, phases, types, technologies, consensus algorithms, frameworks, and layers.Further, it describes its extensive list of applications for blockchain in several industries, including asset management, stock exchange, healthcare, insurance, digital identity, data storage and management, IoT, supply chain, voting, DNS services, etc. Blockchain has various advantages, including decentralisation, anonymity, immutability, integrity, auditability, and transparency.These features encourage the adoption of blockchain in every sector.In spite of these advantages, it has some challenges which as not letting it to accepted by common people.In this paper, we describe those challenges into two categories: security and attacks on blockchain and explain them thoroughly.Unlike other blockchain documents that focus on topics like cryptocurrencies, IoT, and security, this paper highlights the cutting-edge advancements and widespread implementation of blockchain technology, particularly in areas beyond digital currencies.Finally, it discusses the potential future research areas and objectives for blockchain technology.