Blockchain technology’s overview: Consensus, architecture and future trends

Blockchain has been recently widely used as the foundation of Bitcoin. Blockchain is an immutable ledger that allows for a decentralized transaction. There are emergent Blockchain apps covering numerous areas including financial services, reputation system and the Internet of Things (IoT), etc. None...

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Bibliographic Details
Main Authors: Naaz, Rohaila, Saxena, Ashendra Kumar, Shah, Pradeep Kr
Format: Conference Proceeding
Language:English
Subjects:
Algorithms
Blockchain
Cryptography
Digital currencies
Internet of Things
Trends
Online Access:Get full text
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Summary:Blockchain has been recently widely used as the foundation of Bitcoin. Blockchain is an immutable ledger that allows for a decentralized transaction. There are emergent Blockchain apps covering numerous areas including financial services, reputation system and the Internet of Things (IoT), etc. Nonetheless, blockchain knowledge problems as security and scalability issues are still to come addressed. Bitcoin is limited to a maximum of 7 transactions per second that cannot accommodate high frequency trading. Nonetheless, bigger blocks mean greater space for storage and less network transmission. This will eventually contribute to centralization because fewer people want to hold such a massive blockchain. A full overview of blockchain technology is presented here. Researcher gives first of all an outline of blockchain design and compared several widely used consensus algorithms in various blockchains. Furthermore, there is a short list of technical challenges and recent developments. They also identify potential blockchain future trends.
ISSN:0094-243X
1551-7616
DOI:10.1063/5.0125073