An overview on blockchain and its applications

Abstract

Since the advent of Bitcoin, the first and biggest cryptocurrency, blockchain technology has been recognized as a digital currency platform. It has previously been used for decentralization of markets in general, rather than just decentralization of money and payments. A distributed system has several advantages, including increased computing power by combining the computing power of all connected nodes, increased reliability due to the lack of a single point of failure, and so on. The blockchain's decentralized transaction ledger may be used to register, confirm, and transmit various types of contracts to other network participants. We fully examine state-of-the-art blockchain-related applications that have appeared in the literature in this article. A number of previously published publications were carefully considered for inclusion based on their contributions to the blockchain body of knowledge. In the last part of the article, many points are examined and debated.