Application, Classification and System Requirements of Blockchain Technology

Abstract

Blockchain serves as shared ledger for many cryptocurrencies such as ethereum and bitcoin. Blockchains are now paving way for healthcare, real estate and other applications. In this paper, we described the state-of-the art of blockchain technology by untangling the complexity of blockchain systems. We also have defined the prerequisites for blockchain to work, the process of adding a new entry in blockchain though various consensus algorithms, security factors and the system requirements of blockchain systems. This paper focuses on explaining every working aspect of blockchain systems and how it can transform human lives by mentioning some latest and exciting real time use cases of blockchains.

Keywords: blockchain, bitcoin, consensus, mining, security, internet of things, hyperledger