Blockchain Technology: Opportunities and Challenges in Various Domains

Abstract

Blockchain has been used in non-financial applications since it was first introduced with Bitcoin. Bitcoin uses peer-topeer technology to operate without a central authority or banks; the management of transactions and the issuance of bitcoins is carried out collectively by the network. Bitcoin is open source; its design is public, no one owns or controls bitcoin, and anyone can participate. In blockchain technology, no intermediaries are used to establish a decentralized system. Based on literature reviews, this paper discusses blockchain technology concepts, mechanisms, applications, opportunities, and other relevant solutions for real-world problems. Blockchain concepts are discussed in this paper using healthcare, education, and logistics examples. Finally, it will discuss the various blockchains, their permissions, architectures, and emerging features.