Blockchain Technology and Its Application: A Review

Abstract

With the advent of every of new technology, we feel that we are at the dawn of a revolution. Blockchain, also commonly referred to as ‘Distributed Ledger Technology (DLT)’ (synonym but not the same), is one of those technologies that have brought revolution in the field of technology. While blockchain technology might be considered as disruptive in various contexts, there is still a need to understand the term and to know the effective areas, particularly different industries (in broader sense), where the technology is applicable. The aim of this paper is to understand the term as defined by various researchers; investigate its effective application in various industries by reviewing different papers; and understand the success rate of blockchain in its various applications.

Keywords: Blockchain, Distributed Ledger Technology (DLT), Bitcoin, Application of Blockchain