Blockchain Technology

Abstract

Blockchain came because of the occurrence of incredulity to single authorities by introducing the concept of network decentralization and data distribution saved in a ledger. Decentralization is used to validate discrepancies in the majority of data. The consensus mechanism collectively maintains the consistency of the ledger. A blockchain is a set of blocks containing transaction data interconnected to each other using the concept of cryptography. A mining process is an effort to add new blocks to the blockchain. The mining computer carries out the process after passing several complex mathematical problems. The fastest miner is rewarded with crypto coins. Some consensus mechanisms commonly used in blockchain are proof of work, proof of stake, practical byzantine fault tolerance, and proof of elapsed time. Blockchain network is designed and implemented in such a way that it can guarantee the security of its data, is easy to be audited, is robust to denial of service and majority attacks, and is private and confidential. The application of blockchain is not limited to finance systems; it can also be applied in health, education, supply chain, and state democracy systems.