Review on Blockchain Technology : Architecture, Characteristics, Benefits, Algorithms, Challenges and Applications

Abstract

Today, blockchain technology is playing a vital role in the professional world as one of the most important discoveries and creative developments.  Blockchain technology is continuously advancing and revolutionizing our society. An overview of blockchain technology is presented in this paper. The blockchain is a distributed ledger technology that allows different transactions and operations to be recorded in a chain of blocks without requiring a third party. A growing number of businesses and industrial communities are exploring blockchain technology as a technological option. In the last decade, blockchain technology has completely changed the paradigm of computer applications. Blockchain was created with the vision of creating an immutable, confidential, open-source, decentralized P2P network located on a decentralized network to facilitate data sharing. An overview of blockchain applications in different areas is presented. We provide a timely summary of blockchain research for individuals and organizations interested in this field. This paper presents an overview of blockchain technology, listing all the key characteristics, benefits, and features which make blockchain technology both superior and unique. We also discuss popular consensus protocols and taxonomy for blockchain systems.