Blockchain technology and application: an overview

Shi Dong; Khushnood Abbas; Meixi Li; Joarder Kamruzzaman

doi:10.7717/peerj-cs.1705

Blockchain technology and application: an overview

PeerJ Comput Sci. 2023 Nov 29:9:e1705. doi: 10.7717/peerj-cs.1705. eCollection 2023.

Authors

Shi Dong¹, Khushnood Abbas¹, Meixi Li¹, Joarder Kamruzzaman²

Affiliations

¹ School of Computer Science and Technology, Zhoukou Normal University, Zhoukou, Henan, China.
² School of Science, Engineering and Information Technology, Federation University Australia, Ballarat, Australia.

Abstract

In recent years, with the rise of digital currency, its underlying technology, blockchain, has become increasingly well-known. This technology has several key characteristics, including decentralization, time-stamped data, consensus mechanism, traceability, programmability, security, and credibility, and block data is essentially tamper-proof. Due to these characteristics, blockchain can address the shortcomings of traditional financial institutions. As a result, this emerging technology has garnered significant attention from financial intermediaries, technology-based companies, and government agencies. This article offers an overview of the fundamentals of blockchain technology and its various applications. The introduction defines blockchain and explains its fundamental working principles, emphasizing features such as decentralization, immutability, and transparency. The article then traces the evolution of blockchain, from its inception in cryptocurrency to its development as a versatile tool with diverse potential applications. The main body of the article explores fundamentals of block chain systems, its limitations, various applications, applicability etc. Finally, the study concludes by discussing the present state of blockchain technology and its future potential, as well as the challenges that must be surmounted to unlock its full potential.

Keywords: Blockchain technology; Consensus mechanism; IoT; Safety.

Grants and funding

This article is supported by the project supported by the Key Scientific Research Projects of Colleges and Universities in Henan Province (Grand No. 23A520054), and the Open Foundation of State Key Laboratory of Networking and Switching Technology (Beijing University of Posts and Telecommunications) (KLNST-2020-2-01). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.