A STUDY ON THE APPLICATION OF BLOCKCHAIN TECHNOLOGY SUPPORTS CRYPTOCURRENCY

Abstract

A Blockchain is essentially a distributed database of records, or public ledger, of all completed and shared transactions or digital events. Each transaction in the public ledger is validated by a majority of the system's members. Information can never be deleted after it has been submitted. The Blockchain includes a precise and verifiable record of every single transaction that has ever occurred. The most well-known application of Blockchain technology is Bitcoin, a decentralized peer-to-peer digital money. Although the digital currency bit coin is very contentious, the underlying Blockchain technology has performed perfectly and has found a wide range of uses in both the financial and non- financial worlds. The basic idea is that the Blockchain creates a means for achieving distributed consensus in the digital online world. By producing an unquestionable record in a public ledger, involved entities may be assured that a digital event occurred. It paves the way for the transition from a centralized to a democratic, open, and scalable digital economy. This innovative technology offers huge possibilities, and the change in this field has just begun. This research paper describes Blockchain technology supports crypto currency and some specific applications in both the financial and non- financial sector and also this research paper will examine the difficulties that lie ahead and the business opportunities for this fundamental technology that is going to transform our digital world. Keywords: Blockchain, Bitcoin, Financial and non-financial sector, Technology