1Blockchain Technology: Concepts and Applications
Hermehar Pal Singh Bedi1*, Valentina E. Balas2, Sukhpreet Kaur1 and Rubal Jeet1
1Department of Computer Science and Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India
2Department of Automatics and Applied Software, University of Arad, Arad Romania
Abstract
Many new technologies evolve and deplete over time, but the most significant technological innovation in recent years has been blockchain technology, which not only has changed almost all aspects of life but also could incorporate all the existing technologies. In this chapter, we will be elaborating all the concepts of blockchain technology and try to understand its purpose in today’s world. We will also look into its use cases especially from a security point of view. As we delve a bit more into the details, we will be looking into the workings of blockchain technology, the different types of blockchains available depending on the network and the consensus mechanism, its structure, and the opportunities for blockchains. Lastly, we will also be exploring some of the challenges that blockchain is facing due to public perception and also the future prospects of blockchain technology.
Keywords: Blockchain, cryptocurrency, smart contracts, decentralized applications
1.1 Introduction
The proposal of a protocol similar to that of blockchain was proposed by cryptographer David Chaum in his dissertation “Computer Systems Established, Maintained, and Trusted ...
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