Abstract
Blockchain is a revolutionary technology that is making a great impact on modern society due to its transparency, decentralization, and security properties. Blockchain gained considerable attention due to its very first application of Cryptocurrencies e.g., Bitcoin. In the near future, Blockchain technology is determined to transform the way we live, interact, and perform businesses. Recently, academics, industrialists, and researchers are aggressively investigating different aspects of Blockchain as an emerging technology. Unlike other Blockchain surveys focusing on either its applications, challenges, characteristics, or security, we present a comprehensive survey of Blockchain technology’s evolution, architecture, development frameworks, and security issues. We also present a comparative analysis of frameworks, classification of consensus algorithms, and analysis of security risks & cryptographic primitives that have been used in the Blockchain so far. Finally, this paper elaborates on key future directions, novel use cases and open research challenges, which could be explored by researchers to make further advances in this field.
Highlights
The concept of secured chain of blocks is not a new idea
PROOF OF ELAPSED TIME (PoET) This consensus mode uses lottery-based election model to randomly select the new leader for adding block in the Blockchain
In [123], authors argue that the security challenges associated with Internet of Things (IoT) and Blockchain technologies can be examined from the perspective of Bitcoin, which enables transactions to occur in a decentralized manner [125]
Summary
MUHAMMAD NASIR MUMTAZ BHUTTA 1, AMIR A. KHWAJA1, ADNAN NADEEM 2, (Member, IEEE), HAFIZ FAROOQ AHMAD3, MUHAMMAD KHURRAM KHAN 4, (Senior Member, IEEE), MOATAZ A. HANIF5, HOUBING SONG 5, (Senior Member, IEEE), MAJED ALSHAMARI1, AND YUE CAO 6, (Member, IEEE).
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