The Revolutionary Potential of Blockchain using Smart Contracts: Unlocking the Next Generation of Technology

Abstract

Blockchain is a technology that uses decentralized network of nodes (miners), blockchain consists of blocks. Each block has three parts data, hash, hash of previous block. Once data is stored it is very difficult to change the data to temper the data. Miners verify the transaction by calculating its hash function for which they get to keep some commission. In this review paper will provide a deep understanding of Blockchain technology and its applications through a Smart contract used for industries like banking, healthcare, supply chain, security, and numerous others. Blockchain is a growing field of worlds with newer applications throughout the various types of fields in the industry from the use of cryptocurrency to hospital management and various others, these applications are only made possible because of How blockchain works and does things.