Review Paper on Blockchain and Its Current Applications

Abstract

Since the advent of Bitcoin, the first and biggest cryptocurrency, blockchain technology has been recognized as a digital currency platform. It has previously been used for decentralization of markets in general, rather than just independence of currency and transactions. The blockchains distributed transactional ledger may be used to register, confirm, and transmit various types of contracts to other network participants. We fully examine state-of-the-art blockchain-related applications that have appeared in the literature in this article. A software application may be categorized as either centralized or distributed, depending on its architectural approach. A centralized software system's nodes are dispersed and connected to a single central coordinating node. A distributed system, on the other hand, is made up of numerous linked nodes that are controlled by a single point. A distributed system offers a number of benefits, including increased processing power by pooling the computing capability of all linked nodes, better dependability due to the absence of a single point of failure, and so on. A number of previously published publications were carefully considered for inclusion based on their addition to the blockchain body of knowledge. In the last part of the article, many points are examined and debated.