Chapter 1 Blockchain technology: architecture, consensus protocol and applications

Abstract

Blockchain technology is a database of transactions. It is immutable, distributed, transparent and secure. Blockchain technology is an upcoming technology that has tremendous scope. This chapter discusses the components of a blockchain and its applications. The components of a blockchain include block, linked list, chain, genesis block and consensus protocol. A block is a single transaction. Blockchain is a collection of blocks linked by hash cryptography. Each user on the blockchain has a dedicated chain. The consensus protocol defines the mechanism using which transactions are added to the blockchain. The design of consensus protocol emphasizes on suitability to fight against network attacks and fast database update. Some consensus protocols included in this chapter are proof of work, proof of stake and proof of elapsed time. The several applications of blockchain as namely, internet of things, cloud computing, healthcare, medicine, storage and education. Smart city development and financial applications are other domains of use.