Blockchain technology: Introduction, applications, challenges

Abstract

Blockchain—the technology behind the popular cryptocurrency bitcoin is revolutionizing the world and bringing significant changes in our technology and business environment. Blockchain is a tamper-proof, distributed and decentralized peer-to-peer technology that could track and verify digital transactions. It aims to bring in transparency, security and integrity of data. This most trusted, decentralized ledger finds it application in almost all the domains varying from finance, education, energy, supply chain, health care and many more. This chapter elaborates the different components that makes this technology more trustable and reliable. It uncovers the various application areas of blockchain technology. While detailing the space with blockchain it also brings out the shortcomings, difficulties and threats of this this technology. This chapter will act as a guide for people interested to explore blockchain and blockchain based solution for any application.