Technology Development and Application of Blockchain: Current Status and Challenges

Abstract

Blockchain, as the backbone of the future "Internet of Value," is considered to have the potential to considerably alter the economy and society that we have today. This paper focuses on explaining the state-of-the-art of blockchain technology and its applications, especially presenting the challenges of using blockchain widely in different domains and from the perspective of technology. We conclude this paper by providing suggestions for enforcing the further development of blockchain technologies in China.