Blockchain technology and application: an overview
In recent years, with the rise of digital currency, its underlying technology, blockchain, has become increasingly well-known. This technology has several key characteristics, including decentralization, time-stamped data, consensus mechanism, traceability, programmability, security, and credibility...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
PeerJ Inc.
2023-11-01
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| Series: | PeerJ Computer Science |
| Subjects: | |
| Online Access: | https://peerj.com/articles/cs-1705.pdf |
| _version_ | 1797434939645362176 |
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| author | Shi Dong Khushnood Abbas Meixi Li Joarder Kamruzzaman |
| author_facet | Shi Dong Khushnood Abbas Meixi Li Joarder Kamruzzaman |
| author_sort | Shi Dong |
| collection | DOAJ |
| description | In recent years, with the rise of digital currency, its underlying technology, blockchain, has become increasingly well-known. This technology has several key characteristics, including decentralization, time-stamped data, consensus mechanism, traceability, programmability, security, and credibility, and block data is essentially tamper-proof. Due to these characteristics, blockchain can address the shortcomings of traditional financial institutions. As a result, this emerging technology has garnered significant attention from financial intermediaries, technology-based companies, and government agencies. This article offers an overview of the fundamentals of blockchain technology and its various applications. The introduction defines blockchain and explains its fundamental working principles, emphasizing features such as decentralization, immutability, and transparency. The article then traces the evolution of blockchain, from its inception in cryptocurrency to its development as a versatile tool with diverse potential applications. The main body of the article explores fundamentals of block chain systems, its limitations, various applications, applicability etc. Finally, the study concludes by discussing the present state of blockchain technology and its future potential, as well as the challenges that must be surmounted to unlock its full potential. |
| first_indexed | 2024-03-09T10:41:04Z |
| format | Article |
| id | doaj.art-e23136ae2eec4d209d4f0a9f7a08a14b |
| institution | Directory Open Access Journal |
| issn | 2376-5992 |
| language | English |
| last_indexed | 2024-03-09T10:41:04Z |
| publishDate | 2023-11-01 |
| publisher | PeerJ Inc. |
| record_format | Article |
| series | PeerJ Computer Science |
| spelling | doaj.art-e23136ae2eec4d209d4f0a9f7a08a14b2023-12-01T15:05:16ZengPeerJ Inc.PeerJ Computer Science2376-59922023-11-019e170510.7717/peerj-cs.1705Blockchain technology and application: an overviewShi Dong0Khushnood Abbas1Meixi Li2Joarder Kamruzzaman3School of Computer Science and Technology, Zhoukou Normal University, Zhoukou, Henan, ChinaSchool of Computer Science and Technology, Zhoukou Normal University, Zhoukou, Henan, ChinaSchool of Computer Science and Technology, Zhoukou Normal University, Zhoukou, Henan, ChinaSchool of Science, Engineering and Information Technology, Federation University Australia, Ballarat, AustraliaIn recent years, with the rise of digital currency, its underlying technology, blockchain, has become increasingly well-known. This technology has several key characteristics, including decentralization, time-stamped data, consensus mechanism, traceability, programmability, security, and credibility, and block data is essentially tamper-proof. Due to these characteristics, blockchain can address the shortcomings of traditional financial institutions. As a result, this emerging technology has garnered significant attention from financial intermediaries, technology-based companies, and government agencies. This article offers an overview of the fundamentals of blockchain technology and its various applications. The introduction defines blockchain and explains its fundamental working principles, emphasizing features such as decentralization, immutability, and transparency. The article then traces the evolution of blockchain, from its inception in cryptocurrency to its development as a versatile tool with diverse potential applications. The main body of the article explores fundamentals of block chain systems, its limitations, various applications, applicability etc. Finally, the study concludes by discussing the present state of blockchain technology and its future potential, as well as the challenges that must be surmounted to unlock its full potential.https://peerj.com/articles/cs-1705.pdfBlockchain technologyIoTConsensus mechanismSafety |
| spellingShingle | Shi Dong Khushnood Abbas Meixi Li Joarder Kamruzzaman Blockchain technology and application: an overview PeerJ Computer Science Blockchain technology IoT Consensus mechanism Safety |
| title | Blockchain technology and application: an overview |
| title_full | Blockchain technology and application: an overview |
| title_fullStr | Blockchain technology and application: an overview |
| title_full_unstemmed | Blockchain technology and application: an overview |
| title_short | Blockchain technology and application: an overview |
| title_sort | blockchain technology and application an overview |
| topic | Blockchain technology IoT Consensus mechanism Safety |
| url | https://peerj.com/articles/cs-1705.pdf |
| work_keys_str_mv | AT shidong blockchaintechnologyandapplicationanoverview AT khushnoodabbas blockchaintechnologyandapplicationanoverview AT meixili blockchaintechnologyandapplicationanoverview AT joarderkamruzzaman blockchaintechnologyandapplicationanoverview |