Blockchain Technology

Authors

Shubham Ghodke, Aniruddh Sarkar, Aditya Shinde, Sanjog Rathod, Namrata Naikwade

Abstract

A blockchain is a public ledger, or distributed ledger, containing all completed transactions or functions that may be shared among participants. A majority of the system's participants double-check each transaction in the shared ledger. Once data has been input, it cannot be removed. Every single transaction that has ever taken place is recorded in the blockchain, which is both secure and verifiable. Bitcoin, a decentralized peer-to-peer digital money, is the most well-known application of blockchain technology. Despite the fact that the virtual currency bitcoin is divisive, the blockchain technology that underpins it has functioned well and has a wide range of applications in both the financial and non­financial sectors. The underlying notion is that in the digital internet age, the blockchain now creates a smart contracts system. Involved parties can already see that a digital event occurred by creating an unequivocal log in a public ledger. It lays the path for a digital economy that is democratic, open, and resilient to emerge from a centralized one. This cutting-edge technology has enormous potential, and the revolution in this field has just begun. This white paper provides an overview of blockchain technology and some of its most favorable environments in the monetary and non­financial sectors. Then we examine the issues and opportunities that this basic technology, which has the potential to transform our modern society, brings.

Keywords

Blockchain, Decentralized Ledger, Consensus Mechanisms

Blockchain Technology. Shubham Ghodke, Aniruddh Sarkar, Aditya Shinde, Sanjog Rathod, Namrata Naikwade. 2022. IJIRCT, Volume 8, Issue 4. Pages 1-7. https://www.ijirct.org/viewPaper.php?paperId=2204001