Blockchain : A Revolutionary Technology

Abstract

A Blockchain is defined as a distributed database which consists of records, or public ledgers of all the transactions or digital events executed and shared among participating network. In this each transaction in the public ledger is verified by consensus of a majority of the participants in the network. As soon as the information is entered, it can never be erased. The Blockchain contains a verifiable record of every single transaction ever made. [9]It was developed firstly for Bitcoin as a peer-to-peer digital currency or popularly called as 'cryptocurrency'. The ide Blockchain was coined in 2008. Since then the interest in Blockchain technology has been increasing. The reason for this increase in interest in Blockchain is its central attributes which provide security and data integrity without any third party organization in control of the transactions. Therefore it creates interesting and vast research areas, especially from the perspective of technical challenges, expectations and limitations. It was found wide range of applications in both financial and non financial market.