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Open Access
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Saurav Singh, Madhu Vaishy
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- Research Scholar, Research Scholar, Master of Computer Application, Thakur Institute of Management Studies, Career Development & Research (TIMSCDR), Master of Computer Application, Thakur Institute of Management Studies, Career Development & Research (TIMSCDR), Mumbai, Maharashtra, Mumbai, Maharashtra, India, India
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Abstract
nBlockchain technology has surfaced as a transformative power, restructuring sectors by offering increased security, transparency, and decentralization. This research paper serves as a comprehensive examination of blockchain, aiming to dissect its intricate structure, explore its myriad applications, confront existing challenges, and envision future advancements. At its core, the problem addressed herein is the imperative to comprehend the present landscape of blockchain technology, discern its limitations, and chart a course toward innovative solutions.
Fundamentally, blockchain operates as a distributed ledger, where transactions are securely and immutably recorded across a network of computers. This foundational structure has facilitated the development of numerous applications spanning diverse sectors, including finance, supply chain management, healthcare, and beyond.
Through the utilization of cryptographic principles and agreement mechanisms, blockchain instills trust among users, removing the requirement for intermediaries and promoting increased transactional efficiency.
However, despite its transformative potential, blockchain is not devoid of challenges. Scalability remains a pertinent issue, as the throughput of most blockchain networks lags behind traditional payment systems. Additionally, concerns surrounding energy consumption, interoperability, and regulatory uncertainty persist, hindering widespread adoption and integration into existing infrastructures.
Nevertheless, the future of blockchain holds promise for continued innovation and evolution.
Ongoing research and implementation efforts are focused on scaling solutions like sharding and layer-two protocols, which aim to improve network throughput while maintaining security standards. Additionally, interoperability protocols are being developed to connect different blockchain networks, facilitating smooth communication and cooperation. Moreover, advancements in privacy-
In conclusion, this research paper endeavors to provide a comprehensive overview of blockchain technology, from its foundational principles to its multifaceted applications and inherent challenges. By critically examining its current state and envisioning future possibilities, it seeks to inspire further exploration and innovation in the realm of decentralized technologies.
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Keywords: Blockchain Architecture, Decentralization, Smart Contracts, Scalability Challenges, Future Innovations
n[if 424 equals=”Regular Issue”][This article belongs to International Journal of Computer Science Languages(ijcsl)]
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References
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- Daniel Drescher. Basics B. A Non-Technical Introduction in 25 Steps. New York City. 2017. Available from: https://app.scnu.edu.cn/iscnu/learning/block_chain/Blockchain%20basic.pdf
- Antonopoulos, Andreas M.. Mastering Bitcoin: Unlocking Digital Cryptocurrencies. United States, O’Reilly Media, 2014;1-365.
- Tapscott, Don, and Tapscott, Alex. Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies Is Changing the World. United States, Penguin Publishing Group, 2018;1-348.
- Bahga A, Madisetti V. Blockchain applications: a hands-on approach. Vpt; 2017 Jan 31.
- “Blockchain Basics: A Simple Non-Technical Introduction in 25 Steps” by Sebastien Auroux – A begin
- Lawlor B. An overview of the NFAIS conference: Blockchain for scholarly publishing. Information Services & Use. 2018 Jan 1;38(3):111-30.
- CoinDesk . @coindesk. 2024 . Available from: https://www.coindesk.com/
- Cointelegraph: Bitcoin, Ethereum, Crypto News & Price Indexes. Cointelegraph. Cointelegraph; 2024 . Available from: https://cointelegraph.com/
- Dorri A, Kanhere SS, Jurdak R, Gauravaram P. Blockchain for IoT security and privacy: The case study of a smart home. In2017 IEEE international conference on pervasive computing and communications workshops (PerCom workshops) 2017 Mar 13 (pp. 618-623). IEEE.
- Lin IC, Liao TC. A survey of blockchain security issues and challenges. Int. J. Netw. Secur.. 2017 Sep 1;19(5):653-9.
- Bao J, He D, Luo M, Choo KK. A survey of blockchain applications in the energy sector. IEEE Systems Journal. 2020 Jul 2;15(3):3370-81.
- Abdelhamid M, Hassan G. Blockchain and smart contracts. InProceedings of the 8th International Conference on Software and Information Engineering 2019 Apr 9 (pp. 91-95).
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| Volume | 02 | |
| [if 424 equals=”Regular Issue”]Issue[/if 424][if 424 equals=”Special Issue”]Special Issue[/if 424] [if 424 equals=”Conference”][/if 424] | 01 | |
| Received | February 29, 2024 | |
| Accepted | March 21, 2024 | |
| Published | May 9, 2024 |
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