Blockchain technology: An overview with notable features and challenges

Abstract

Since inception of bitcoin, blockchain have drawn a significant interest of researchers and academicians around the world. Bitcoin is viewed as electronic cash that eliminated the involvement of any central governing authority. Bitcoin network enables participants to exchange any amount of bitcoin in a non-trusted environment. In actual, Blockchain acts as a foundation of bitcoin by providing the underlying concept of bitcoin and is supported by distributed ledger technology (DLT) available with each node and allows every node to initiate and commit transactions in an untrustworthy system. This article provides a general introduction to blockchain technology, its kinds, transaction flow, and how blockchain works. Additionally, we discussed the inherent features of blockchain technology and the significant issues it faces, which will undoubtedly help researchers and academics better comprehend the innovation and assist companies in accessing the potential of blockchain in near future.