A quick synopsis of blockchain technology. (20th August 2019)

• Record Type: Journal Article
• Authors: Karthika, Veeramani; Jaganathan, Suresh
• Is Part Of: International journal of blockchains and cryptocurrencies. Volume 1:Number 1(2019)
• Page Start: 54
• Page End: 66
• Publication Date: 2019-08-20
• Subjects: distributed public ledger -- decentralisation -- consensus mechanisms -- digital signature -- hash function -- blockchain protocols; Blockchains (Databases) -- Periodicals; Cryptocurrencies -- Periodicals; Electronic funds transfers -- Periodicals; 332.404
• Languages: English
• ISSNs: 2516-6425

Abstract

Blockchain evolved as a core technology of Bitcoin, and earned a significant attraction for entrepreneurs and researchers nowadays. The blockchain is an open, immutable distributed public ledger that allows transactions to take place in a decentralised manner without a need for a trusted third party. Bitcoin, the first successful cryptocurrency, is a peer-to-peer electronic payment system. The thought for Bitcoin started as a means for making a secure currency that had no centralised control. Blockchain application is not only restricted to Bitcoin, but it also ignited the idea of using it for a wide range of fields such as ehealth, governance, arts, culture, education, electricity trading, etc. To apply this technology to many areas, one should have a complete understanding of what it is, this paper is meant to give a quick synopsis of blockchain technology (BT).