Survey on Transaction Verification Model based on Blockchain Architecture

Abstract

Similar to decentralized communication systems, a new technology called Blockchain (BC) has the potential to store and manage data in a decentralized manner. By removing the role of third party, all member in the chain has equal access to data. The concept BCT (Blockchain Technology) is not just limited to the cryptocurrencies, but it has been implemented in other areas like e-health, voting, finance, education, smart contract and even in Databases. This paper discusses various Blockchain applications and platforms and then compares these platforms on basis of different parameters. Despite of the advantages, Blockchain faces a significant issue of privacy. This paper examines various security related issues and challenges and presents an account of known possible attacks.