An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends

An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends
Author(s):
Prabhjot Kaur, Jaspreet kaur
Keywords:
Blockchain, decentralization,consensus, scalability
Abstract
Blockchain, the foundation of Bitcoin, has received extensive attentions recently. Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-based applications are springing up, cov- ering numerous ﬁelds including ﬁnancial services, reputation system and Internet of Things (IoT), and so on. However, there are still many challenges of blockchain technology such as scalability and security problems waiting to be overcome. This paper presents a comprehensive overview on blockchain technology. We provide an overview of blockchain architechture ﬁrstly and compare some typical consensus algorithms used in different blockchains. Furthermore, technical challenges and recent advances are brieﬂy listed. We also lay out possible future trends for blockchain.
Article Details
Unique Paper ID: 156483 Publication Volume & Issue: Volume 9, Issue 3 Page(s): 790 - 799
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