A Survey on Blockchain Tehnology

Blockchain is an emerging technology for decentralized and transactional data sharing across a large network of no trusted participants. It empowers to have a distributed database of records or public log of all transactions or digital events that have been executed and shared among participating parties. Every transaction in the public log or ledger is confirmed by agreement of a majority of the participants in the system and, once entered, data can never be deleted. The blockchain contains a certain and verifiable record of every single transaction ever made. Bitcoin, the decentralized digital money, is the most popular example that uses blockchain technology. The digital currency, bitcoin itself is highly useful along with the underlying blockchain technology which has worked incredibly and found wide range of applications in both financial and non financial industry. This paper describes blockchain technology and some compelling specific applications in both financial and nonfinancial sector. We then look at the challenges ahead in this booming technology that is all set to revolutionize the digital world.