Blockchain and Cryptocurrencies: Model, Techniques, and Applications

Abstract

As an emerging decentralized architecture and distributed computing paradigm underlying Bitcoin and other cryptocurrencies, blockchain has attracted intensive attention in both research and applications in recent years. The key advantage of this technology lies in the fact that it enables the establishment of secured, trusted, and decentralized autonomous ecosystems for various scenarios, especially for better usage of the legacy devices, infrastructure, and resources. In this paper, we presented a systematic investigation of blockchain and cryptocurrencies. Related fundamental rationales, technical advantages, existing and potential ecosystems of Bitcoin and other cryptocurrencies are discussed, and a six-layer reference model of the blockchain framework is proposed with detailed description for each of its six layers. Potential applications of blockchain and cryptocurrencies are also addressed. Our aim here is to provide guidance and reference for future research along this promising and important direction.