Blockchain Technology and its Applications: Focus on Bitcoin and Peer-to-Peer Electronic Currency

Abstract

You might think of a blockchain as a group of records or as an open record that all parties involved share. Participant verification is the initial step in the incorporation of any transaction. The blockchain cannot ever remove or change data that has been recorded. The blockchain may therefore be viewed as a record of all completed transactions. Decentralized cryptocurrencies like bitcoin and Ethereum, commonly referred to as peer-to-peer electronic currency, utilise blockchain technology as well. This article discusses the development of bitcoin, a few literary analyses, how the blockchain works, and some of its applications.