Blockchain Analysis, Challenges and Applications: A Review

Abstract

The most dependable service on the planet is blockchain. It functions like a ledger to enable distributed transaction processing. The internet of things (IoT), financial services, non-financial services, and a plethora of other sectors are only a few of the domains in which blockchain technology finds application. Without the requirement for central authority verification, blockchain combines a distributed ledger and a distributed database. The many consensus methods, blockchain challenges, and their extent are covered in this study. This technology is still facing numerous obstacles that need to be resolved, like scalability. The ripple protocol consensus algorithm (RPCA), delegated proof of stake (dPOS), proof of work (POW), proof of stake (POS), stellar consensus protocol (SCP), and proof of importance (POI) are the consensus algorithms behind the technology known as blockchain. This Review discusses the fundamental idea behind blockchain technology as well as different mining techniques, consensus problem algorithms for consensus, and performance-based comparison algorithms, blockchain’s benefits, the architecture of Blockchain and applications of blockchain such as ATM.