Blockchain Technology: Methodology, Application and Security Issues (2012.13366v1)

Abstract: Blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. This technology enables cryptographically secure and anonymous financial transactions among the user nodes of the network enabling the transactions to be validated and approved by all the users in a transparent environment. It is a revolutionary technology that earned its emerging popularity through the usage of digital cryptocurrencies. Even though Blockchain holds a promising scope of development in the online transaction system, it is prone to several security and vulnerability issues. In this paper, blockchain methodology, its applications, and security issues are discussed which might shed some light on blockchain enthusiasts and researchers.