Blockchain Technology: Applications and Open Issues

Abstract

Due to its distributed, decentralized and secure nature, data stored within blockchain can not be modified easily by an unauthorized party and because of this it has become the preferred technology for record keeping. Today, every application domain where data or records need to be stored in a secure manner, are migrating to blockchain. Though blockchain provides a secure and convenient way of record keeping, like any other technology, it too suffers from some challenges such as high transaction processing time, resource wastage, and certain types of attacks. This paper provides a systematic review of the various application areas of blockchain and the challenges there in.