Abstract
A blockchain technology allows untrusting parties with common interests to cocreate a permanent, unchangeable, and transparent record of exchange and processing without relying on a central authority. It serves as an immutable ledger that allows transactions to take place in a decentralized manner and secured by cryptographic primitives. Its exceptional characteristics include irreversibility, decentralization, persistence, and anonymity. With these advantages, it has found applications in almost all fields requiring data sharing among multiple parties but with secure authentication, anonymity, and permanence. Some of the applications are finance, real estate, smart grid, transportation system, and IoT. In this chapter, we have described the working and structure of blockchain in the real-world. We described the mining process during validation and verification on the blockchain network.
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