Prospective Applications of Blockchain and Bitcoin Cryptocurrency Technology

Abstract

This paper presents a literature review of Blockchain and Bitcoin technology future applications. Recently Blockchain has received special attention and is used as a new platform for digital information and to store encrypted data and process secure digital transactions. Noticeably, the majority of Blockchain cryptocurrency is structured based on the elliptic curves digital signature algorithm (ECDSA). In particular, Bitcoin uses special ECDSA called secp256k1. Losses of personal and organizational data occurred due to security breaches of data at small and large scales using traditional transactional and financial platforms. Furthermore, data on Blockchain and Bitcoin platforms are assumed to be highly encrypted and in secured state.