Working principle, Application areas and Challenges for Blockchain Technology

Abstract

In the modern world where we reside in everything is shifting towards being digital, from online transaction to teaching”, thus this paper aims at something like this only that is blockchain and its application in multiple domains. The paper investigates blockchain and its current scenario, it first focuses on the emergence of blockchain and its working and also briefly explains the characteristics and challenges faced by technology. The blockchain serves as an immutable way that allows the transactions to happen in a decentralized manner and by allowing the digital information to be distributed, blockchain has built a backbone for a new type of internet. In this paper, application areas of blockchain such as banking, healthcare, etc. are also discussed.