CHAPTER 2BLOCKCHAIN: A PATH TO THE FUTURE
Avinash Kaur,1 Anand Nayyar,2 Parminder Singh1
1 Lovely Professional University, Punjab, India
2 Duy Tan University, Da Nang, Vietnam
AbstractBlockchain, which was invented by Satoshi Nakamoto to serve as the public transaction ledger of Bitcoin, has received a great amount of attention. Blockchain allows transactions to be performed in a decentralized manner. It is currently being applied in various fields such as reputation systems, internet of things (IoT) and financial services. There are still many challenges in blockchain yet to be solved such as security and scalability. This chapter presents the blockchain technology architecture along with the consensus algorithms involved in it. Also, types of blockchain systems and applications are also discussed. Finally, future directions in the field of blockchain are discussed.
Keywords: Blockchain, consensus algorithm, Bitcoin, Ethereum, consortium, mining, Bitcoin smart contracts
2.1 Introduction
Nowadays, the buzzword in industry and academia is cryptocurrency. The highly successful cryptocurrency bitcoin is a huge success, with the market reaching as high as 10 billion dollars [1]. Bitcoin with a specific data storage structure and transactions occurs without the involvement of a third party. The core technology for Bitcoin is blockchain. Blockchain was first proposed in 2008 and implemented in 2009 [2]. All transactions in blockchain are stored in blocks. It is regarded as the ...
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