Blockchain Technology: A Compendious Overview

  • Anand Mittal Associate Professor, Department of Economics, Hansraj College, University of Delhi, Delhi, India Mobile : +91-9810082979
  • Shivam Goel Student Scholar, Hansraj College, University of Delhi, Delhi, India
  • Arjun Mittal Assistant Professor, Shri Ram College of Commerce, University of Delhi, Delhi, India
Keywords: Blockchain, Technology, Cryptocurrency, Ledger, Mining, Hash, Decentralization, Bitcoin, Network

Abstract

Blockchain, the new age technology has turned the world upside down. It has received immense appreciation from the critics, though, some opposed as well. The emergence of Bitcoin is possible only due to blockchain. Blockchain is an immutable ledger, in which the transactions are executed in a decentralized way. Blockchain-based applications are growing like a hell, covering numerous fields like financial services, energy services and so on. However, there are still many challenges that are to be rectified in blockchain technology, such as high initial costs, massive power use and security demands. Recapitulation of topics like history of blockchain, its architecture, and types of blockchain, advantages and limitations are listed in this paper. Furthermore, technical challenges are also listed. Authors are of the opinion that blockchain is a tremendous technology that has numerous applications and will benefit the world economy as a whole if used in a positive manner; Blockchain has a variety of applications in the fields of Financial Services, Governance, Voting, Healthcare Management, Agriculture etc. More specifically it can be used to treat agricultural problems in India dealing with the illegal land possessions. In a very short time, blockchain has widened its base from applications of digital currencies to issues pertaining specifically to a developing economy like India.

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Published
2019-04-27
Section
Articles