Blockchain Technology: Bitcoins, Cryptocurrency and Applications (2107.07964v2)

Abstract: Blockchain is a decentralized ledger used to securely exchange digital currency, perform deals and transactions efficient manner, each user of the network has access to the least copy of the encrypted ledger so that they can validate a new transaction. The blockchain ledger is a collection of all Bitcoin transactions executed in the past. Basically, it's distributed database that maintains continuously growing tamper-proof data structure blocks that holds batches of individual transactions. The completed blocks are added in a linear and chronological order. Each block contains a timestamp and information link which points to a previous block. Bitcoin is a peer-to-peer permissionless network that allows every user to connect to the network and send new transactions to verify and create new blocks. Satoshi Nakamoto described the design of Bitcoin digital currency in his research paper posted to a cryptography listserv 2008. Nakamoto's suggestion has solved the long-pending problem of cryptography and laid the foundation stone for digital currency. This paper explains the concept of bitcoin, its characteristics, the need for Blockchain, and how Bitcoin works. It attempts to highlight the role of Blockchain in shaping the future of banking , financial services, and the adoption of the Internet of Thinks and future Technologies.