A Survey Paper on Blockchain Technology

Abstract

Block Chain is mainly used for Cryptocurrency i.e Digital Currency which is used in verification and currency units of Fund transfer are independently operated without a central bank. Characteristics of block chain are explained in this paper. There are 4 types of characteristics such as Decentralization, Persistency, Anonymity, and Audit ability. A Consensus algorithm is used in blockchain. Key factors of blockchain are introduced such as Decentralized & distributed, Secure, Next smart contract, consensus & immutable. Here block structure and hierarchical layer explained in blockchain example: Data Layer, Network Layer, Consensus Layer, and Incentive Layer, contract Layer & application Layer. , Also some features of blockchain are explained which are Public Distributed Ledger, mining, Proof of work and hash encryption. We have explained the types of blockchain viz. Public Blockchain, Private Block Chain & consortium. we have explained the applications of block chain.