Conceptual Insights in Blockchain Technology

Abstract

The global popularity of digital cryptocurrencies and research in a decentralized system have led to the foundation of blockchain, which is fundamentally a public digital ledger to share information in a trustworthy and secure way. The concept and applications of blockchain have now spread from cryptocurrencies to various other domains, including business process management, smart contracts, IoT, and so on. Cryptocurrency is a mechanism designed to work for the online secure payments system using cryptography. Cryptography maintains confidentiality, integrity, and authentication. Cryptocurrency has come as a novel way of making payments that keep all the transactions secure and safe, which avoids any type of intermediaries such as a bank. This chapter will shed light on the concept of blockchain technology, security, and its applications in various domains.