Abstract
As the base of bitcoin, the blockchain has received widespread consideration recently. Blockchain stands for an immutable ledger which permits transactions to occur in a decentralized ways. Applications based on blockchain are numerous for instance financial services, industrial and supply chain services, legal and healthcare services, IoT and blockchain integration, bigdata analytics, and so on. Nevertheless, there are still numerous confronts of blockchain technology like security and fork problems that have to be resolved. This research highlights an inclusive indication on blockchain technology with blockchain architecture in the first phase. And in the second phase, the security challenges and problems associated with blockchain are highlighted. It further proposes and measures up to various typical consensus algorithms used in different blockchains. Research has been concluded with the potential prospects of blockchain as future trends.
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