Distributed ledgers and blockchain: concepts and applications

Abstract

Blockchain is steadily becoming a disruptive technology, capable of profoundly impacting a wide range of industries. Established applications such as cryptocurrency (e.g., Bitcoin, etc.) have brought blockchain into the limelight. Blockchains, as one implementation of distributed ledgers, promises the ability to maintain critical information in a trustworthy repository without any centralized management. The reliability of blockchain-enabled applications is based on the innate immutability of stored data, maintained through cryptographic means, which enables blockchains to provide transparency, efficiency, auditability, trust, and security. Technological additions such as smart contract capabilities and various consensus algorithms have allowed novel blockchain use cases in both the public sector (e.g., identity governance, regulations, healthcare, etc.) and the private sector (e.g., finance, supply chain management, etc.).