A Study on Blockchain Technology: Application and Future Trends

Abstract

In the current competitive scenario, everyday new technology is coming. With the latest advancement in technology, blockchain technology has emerged. It has many advantages and applications in various areas such as cryptocurrencies, banking and financial services, many internet things, managing risk etc. There are many researches that were conducted in the concerned area, but there is no research that has conducted to understand the application of this technology and also summarizing the future trends. This article is focusing on the application of blockchain technology in different areas and also understanding the future opportunities that will be opened in different areas due to this technology. As it says blockchain is made up of two different words: block and chain. Here, block is referred to as the small units of individual transactions done in the cryptocurrency via many of computers across the globe. While chain is referred to as the linkage of all the network computers that combines all the transactions and forms a ledger of all the records. So, from here we come to know blockchain is the record of all the small units of transactions done on the cryptocurrency like Bitcoin, just like a ledger, on a particular network that is connected with all the computers performing these transactions. Blockchain technology is emerging technology just like artificial intelligence (AI). As AI is creating a huge difference in the current scenarios and in different sectors, likewise, blockchain is creating impacts and getting different sectors revaluated. In this chapter, we are not talking about the whole situation or sector we can say on which blockchain is creating its impact. Rather, the main focus is on the IT sector in which the blockchain technology is creating a huge revaluation on. So, here we discuss the following revaluation that blockchain creates on IT.