The Literature Review of Blockchain and Its Applications

Abstract

Blockchain has been viewed as a breakthrough and an innovative technology due to its privacy, security, immutability, and data integrity characteristics. This technology enables cryptographically secure and anonymous financial transactions among the user nodes of the network enabling the transactions to be validated and approved by all the users in a transparent environment. It is a revolutionary technology that earned its emerging popularity through the usage of digital cryptocurrencies. Even though blockchain holds a promising scope of development in the online transaction system, it is prone to several security and vulnerability issues. In this paper, blockchain methodology, literature review, its applications, and security issues are discussed which might shed some light on blockchain enthusiasts and researchers.