Blockchain 2.0

Abstract

Blockchain is a shared and distributed ledger across an open or private processing system that expedites the process of recording transactions and data management in a business network. It empowers the design of decentralized transactions, smart contracts, and intelligent assets that can be managed over internet. It formulates the revolutionary decision-making governance systems with more egalitarian users, and autonomous organizations that can control over internet without any third-party involved. This disruptive technology has tremendous opportunities that open the doors to detract the power from centralized authorities in the sphere of communications, business, and even politics or law. This chapter outlines an introduction to the blockchain technologies and its decentralized architecture, especially from the perspective of challenges and limitations. The objective is to explore the current research topics, benefits, and drawbacks of blockchain. The study explores its potential applications for business and future directions that is all set to transfigure the digital world.