The Paradigms of Blockchain Technology: Myths, Facts & Future

Abstract

The invention of blockchain technology has paved the way for the decentralization of existing systems. Blockchains have consistently delivered prominent applications, particularly in the finance sector. The most popular application of blockchain is cryptocurrency. Blockchain technology however has a variety of applications beyond cryptocurrencies. This article discusses the basics of blockchain technology along with some of its potential applications. With the rising use of this technology, the security of these systems is a major concern. The security threats and risks to blockchain systems are also reviewed along with the tools and methodologies to prevent and handle it in more sophisticated manner.