A Review on Block Chain Technology

Abstract

Block chain is the foundation of all cryptocurrencies, including Bitcoins. Without the need of a third-party media, Blockchain is utilized for bitcoin transactions all around the world. Blockchain is used for worldwide decentralized transactions in the same manner that the internet is used for global decentralized communication. It aids in the protection of both the provider and the customer from third-party participation, the establishment of a tolerance network, the prevention of data tampering, and the lowering of operating expenses. It was first invented in 1991 and reintroduced to the world in 2008 by Satoshi Nakamoto, and now, with Blockchain 2.0, it is expected to be used not only in cryptocurrency but also in the electronic industry, including supply chain management, electronics manufacturing, and power and energy systems. Blockchain is a new kind of information technology that has the potential to transform technology, business, and commerce by making it more transparent, secure, and dependable. The decentralized record-keeping potential of block-chain is unlimited. This technology may be used in a variety of applications in the future, from increased user privacy and security to cheaper processing costs and fewer mistakes owing to less human involvement.