Exploring the Blockchain Technology: Issues, Applications and Research Potential

Abstract

The blockchain is revolutionizing the current IT industry by increasing its integration with other prominent technologies like Artificial Intelligence, Internet of Things, Big Data and Cloud Computing to name a few. It works as a distributed network with no central authority, where the data is continuously added in the form of blocks. The blocks are validated by the network itself, which makes it transparent and secure. It was first used as a ledger for the transactions of a crypto currency named bitcoin, but with time, innumerable industries have started to implement it. And because of its promising future, it would not take much time to spread in all the IT related areas globally. The blockchain technology is contemplated to be a technology that is still in its infancy and needs a thorough research so that it can be utilized to its full capacity. Consequently, in order to provide a thorough analysis, this paper gives a systematic and comprehensive review of architecture and working of the blockchain along with its types and important characteristics. This paper also discusses about the prominent blockchain platforms available today along with the description of diverse blockchain supported application areas. The issues related to the blockchain technology and the areas in which the work can be done in future are also pointed in this paper, which would be helpful for practitioners and researchers who are willing to work on this fast growing platform.