CBCT: CryptoCurrency Based Blockchain Technology

Abstract

Abstract With the continuous development in technology, the interest in Blockchain Technology has been increasing since 2008. It is a data management technology which is decentralized and mainly it is being used for Bitcoin cryptocurrency. Blockchain technology is having certain attributes like security, integrity and data preservation without the intervention of third party and in resultant; it provides its usage in various applications. Blockchain is an emerging technology in this era. Blockchain has gained prominence due to its highly secured features. Blockchain, as the name suggests, is a chain of blocks. Blockchain technology is made secured by incorporating the features of cryptographic hash. Each block maintains a hash value. Further, this hash value also depends on all the previous blocks. All the blocks are connected like a linked list. A single block contains a cryptographic hash of previous blocks, a timestamp and transaction data. A block is represented as a merkle tree root hash. All the blocks follow the same structure, only the data varies. The major application of blockchain due to which it has gained popularity is Bitcoin. Here, in the proposed research work, we would like to discuss various applications of Blockchain Technology like finance, academics, medical sciences, Intellectual Property Rights and how it is impacting the lives of people in day-to-day life. This paper focuses on the application of blockchain. Along with it, a comparative statistical literature review has been presented..KeywordsCryptographyBlock chainToolsCryptocurrencyApplications