Blockchain, Evolution, and Future Scope: An Overview

Year : 2024 | Volume : 11 | Issue : 02 | Page : 14 24
    By

    Preeti Bansal,

  • Nidhi Chahal,

  • Simarpreet Kaur,

  • Pooja Sahni,

  • Sukhdeep Kaur,

  1. Assistant Professor, Department of Electronics & Communication Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India
  2. Assistant Professor, Department of Electronics & Communication Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India
  3. Assistant Professor, Department of Electronics & Communication Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India
  4. Professor, Department of Electronics & Communication Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India
  5. Professor, Department of Electronics & Communication Engineering, Chandigarh Engineering College, Landran, Mohali, Punjab, India

Abstract

A blockchain serves as a transparent and immutable record of transactions, offering unparalleled security and trust in a digital environment. Its decentralized nature ensures that no single authority has control over the network, fostering a level playing field for all participants. While cryptocurrencies such as Bitcoin have popularized blockchain technology, its potential extends far beyond digital currencies. In addition to financial transactions, blockchain can revolutionize various industries, including supply chain management, healthcare, real estate, and voting systems. Its tamper-proof nature and ability to track assets in real-time make it invaluable for ensuring the authenticity and integrity of products throughout the supply chain. Moreover, blockchain-based solutions in healthcare can securely store and share patient data, enhancing interoperability and privacy. Furthermore, the concept of decentralized autonomous organizations represents a paradigm shift in governance and decision-making. By leveraging smart contracts on the blockchain, decentralized autonomous organizations enable autonomous, transparent, and efficient collaboration among individuals or entities without the need for intermediaries. This innovation not only streamlines processes but also mitigates risks associated with centralized authority and human error. As blockchain technology continues to evolve, its impact on society and the economy will become even more profound. From enabling peer-to-peer transactions to revolutionizing governance structures, the potential applications of blockchain are virtually limitless. Embracing this technology opens up new possibilities for innovation and collaboration, ushering in a new era of trust and transparency in the digital age.

Keywords: Blockchain, bitcoin, cryptographic currency, Ethereum BCT, transaction, Healthcare systems

[This article belongs to Journal of Advanced Database Management & Systems ]

How to cite this article:
Preeti Bansal, Nidhi Chahal, Simarpreet Kaur, Pooja Sahni, Sukhdeep Kaur. Blockchain, Evolution, and Future Scope: An Overview. Journal of Advanced Database Management & Systems. 2024; 11(02):14-24.
How to cite this URL:
Preeti Bansal, Nidhi Chahal, Simarpreet Kaur, Pooja Sahni, Sukhdeep Kaur. Blockchain, Evolution, and Future Scope: An Overview. Journal of Advanced Database Management & Systems. 2024; 11(02):14-24. Available from: https://journals.stmjournals.com/joadms/article=2024/view=152449


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Regular Issue Subscription Review Article
Volume 11
Issue 02
Received 16/04/2024
Accepted 29/04/2024
Published 29/06/2024
315

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