Emerging Computing Paradigms

13 Blockchain and Cryptocurrencies Techniques, Applications, and Challenges

Snehlata Barde

Professor, MSIT, MATS University Raipur (CG), India

13.1 Introduction

The primary objective of security to make a shield for computers, networks, and applications that protect from those people who are not authorized and do not get permission to them for accessing or updating the content or complete information. After an evaluation of the new technologies blockchain provides, the facilities of the person that stored the transaction record digitally and the cryptocurrency is known as a product of blockchain.

13.2 Problems with the Current Transaction System

There are many problems that organizations, business companies, and share advisers are facing.They found that the current system has a number of challenges, some of which include

• Some additional charges have to be paid by the customers when they transfer money from one bank to another.
• The third party/mediator increase the transaction charge.
• Transaction amount size is fixed, whichmeans its range is defined previously.
• It is a prolonged and time consuming process.
• System fairness and transparency rates are low.
• Control and power in the hand of central authority.

13.3 Distributed System

To overcome the challenges of the current system and open the path for new technology development, a new system was invented, known as a distributed system.

• Decentralization of a central system for providing the facilities, all the nodes perform ...