Review of Blockchain Security and Privacy

Abstract

Blockchain is a progressive innovation technology that permits individuals to record message exchanges or transactions on an advanced, decentralized, distributed ledger, with no central controlling authority as in case of financial banking systems. Recorded transactions are seen to all users within the blockchain network and cannot be modified by any user or node. Blockchain has become popular with many other applications including IoT, healthcare, industry, supply chain management etc. Blockchain technology is ready to change almost every aspect of our advanced digital lives. By obviating third parties, blockchains guarantee to make our frameworks more effective. By going around oversight, they guarantee to make our frameworks more impartial. Also, if appropriately executed, they could make our frameworks more dependable and secure. The purpose of this review is to understand blockchain technology and challenges associated with its security and privacy.