Blockchain Technology and its Use Cases

Abstract

Abstraction: Blockchain is a disruptive core technology that has the potential to change the internet as we know it, forever. Transactions on blockchain are completely decentralised. Although , we can say it is its very crucial property that we need over traditional second generation web aka web2.0. In this research, we had discussed about the fundamentals, working principles, and upcoming future use cases to get a stable, privacy oriented working. We explored the top articles, most productive countries, top most education sources to do evaluation on the future use cases of blockchain in day to day life. In this paper, we will get knowledge about the top most advantages of blockchain over previous technology. Architecture of blockchain like nodes & networks are also discussed in this paper. We had discussed the core principles of decentralisation, distributed database ledgers: bill book type management to store all activities & transaction, cryptography: to protect the system from unethical activities. Cryptography derived or explains the us concepts of proof of work (POW) and proof of stake (POS). These concepts increases the trust and productivity on the blockchain. We will discuss about all types of security practices like Hashing, Private keys, Consensus: inspector of modern blockchains, architecture ( nodes & network) etc. At last we will discussed the future use cases of blockchain. Keywords: Blockchain, Decentralised web, NFT, Consensus, ledgers, bitcoin, blockchain’s use cases