Blockchain : A Revolutionary Technology

A Blockchain is defined as a distributed database which consists of records, or public ledgers of all the transactions or digital events executed and shared among participating network. In this each transaction in the public ledger is verified by consensus of a majority of the participants in the network. As soon as the information is entered, it can never be erased. The Blockchain contains a verifiable record of every single transaction ever made. [9]It was developed firstly for Bitcoin as a peer-to-peer digital currency or popularly called as '˜cryptocurrency'. The idea for Blockchain was coined in 2008. Since then the interest in Blockchain technology has been increasing. The reason for this increase in interest in Blockchain is its central attributes which provide security and data integrity without any third party organization in control of the transactions. Therefore it creates interesting and vast research areas, especially from the perspective of technical challenges, expectations and limitations. It was found wide range of applications in both financial and non-financial market. In this paper, we have conducted a procedural and organized mapping study with the goal of collecting all relevant information about the evolution of Blockchain technology since 2008. Our objective here is to understand the enhancement, challenges and future expectations regarding Blockchain technology from the technical perspective. The focus is on working of Blockchain Technology including the revolutionary rise of Blockchain Technogy generation 1.0, 2.0, 3.0. This paper describes Blockchain technology and some of its compelling specific applications in both financial and non- financial sector. We then look at the challenges abroad and business opportunities in this fundamental technology that is all set to revolutionize our digital world. Rajshree Srivastava | Shubham Kumar | Animesh Singh | Harshit Mohan Saraswat"Blockchain : A Revolutionary Technology" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd12751.pdf http://www.ijtsrd.com/engineering/computer-engineering/12751/blockchain--a-revolutionary-technology/rajshree-srivastava