A Review on Blockchain Technology: Components, Issues and Challenges

Abstract

A Blockchain stores data into distributed manner which maintains a list of records that goes on increasing continuously that are secured from tampering and reformation. It includes data-structure blocks that may hold data or programs. Each block containing batches of individual transactions and the results of any blockchain executables. The blockchain makes trust due to an entire replica of the chain that shows every transaction, is held by the entire network. If someone tries to exploit the system, they can be quickly identified. Blockchain technology, ensures enhanced security and privacy for various application using consensus algorithms. Blockchain technology provides secure, reliable, better fault tolerance, faster and efficient operations against threats, like unauthorized access, data manipulation and discloser of sensitive information. This article presents an overview of this technology, like different types of blockchain, its components, some issues and challenges.