Adoption of Blockchain to build a Cryptocurrency for Ledger Systems

Abstract

The idea of the cryptocurrency was to decentralize the currency system by establishing transactions over distributed peer to peer network [1]. The technology of Blockchain was adopted to achieve this motive. The term blockchain comes from the idea of list of blocks, growing continuously over time wherein every block carries the data relating to the transactions and data regarding the cryptographical linkage using secure hash algorithms and the protocols [2]. Through this paper, we have shown the implementation of the blockchain technology so as to build the cryptocurrency. While building up the cryptocurrency, called the ‘SantCoin’, the idea about how this technology can revolutionize the traditional existing ledger systems can be upgraded so as to implement secure means of transactions over a distributed network. This implementation work suggests the use of technology in almost every governing body so that they can secure themselves and limit the dependency on human resource to do their central authoritative work [3].