The Revolution of Blockchain: State-of-the-Art and Research Challenges

With the rapid development of Information Technology (IT) industries, data or information security has become one of the critical issues. Nowadays, Blockchain technology is widely using for improving data security. It is a tool for the individual and organization to interchange the digital asset without the intervention of a trusted third party i.e. a central administrator. This technology has given the ability to create digital tokens for representing assets, innovation and likely reshaping the scenery of entrepreneurship. Blockchain has several key properties, such as decentralization, immutability and transparency without using a trusted third party. It can be used in several fields, such as healthcare, digital voting, Internet of Things (IoT) and many more. This study aims to discuss the fundamentals of Blockchain. In this paper, the technology or working procedure of Blockchain including many applications in several fields are discussed. Finally, future work directions and open research challenges in the domain of Blockchain have been also discussed in detail.

Automated summary

With the rapid development of the IT industry, data security has become a critical issue, and Blockchain technology is widely used to enhance data security. This technology allows for decentralized, immutable, and transparent transactions without the need for a trusted third party. The study discusses the fundamentals of Blockchain, its working procedure, applications in various fields, as well as future research challenges.