Blockchain Technology: Cryptocurrency Application Arena

Abstract

The digital currency industry is the one where blockchain technology is most commonly utilized. The distributed and decentralized nature of blockchain technology aids in resolving a number of problems with knowledge processing security, transparency, trust, and dependability in businesses and organizations. Blockchain is a decentralized, peer-to-peer ledger or database that can be used safely with cryptocurrencies to manage all online transactions. Every node that updates its ledger to confirm a new node before adding it to the blockchain does so by updating the ledger with any modifications made to the blockchain. The most recent version of this ledger is then broadcast around the network. The collection of all transactions carried out by different users is known as the blockchain ledger, or database. A blockchain, in its most basic form, is a distributed ledger that keeps track of individual transactions in a tamper-proof manner. Each block in the chain is linked to the others in a linked list, and each block contains a timestamp and a link to a previous block that provides security. This manuscript will go over the many forms of blockchain, how they function, and how they support cryptocurrencies like Litecoin, Ethereum, and Bitcoin.

Keywords: Blockchain,Bitcoin,Cryptocurrency,Consensus,Mining