A quick synopsis of Blockchain Technology

Abstract

Blockchain evolved as a core technology of Bitcoin, and earned a significant attraction for entrepreneurs and researchers nowadays. The blockchain is an open, immutable distributed public ledger that allows transactions to take place in a decentralised manner without a need for a trusted third party. Bitcoin, the first successful cryptocurrency, is a peer-to-peer electronic payment system. The thought for Bitcoin started as a means for making a secure currency that had no centralised control. Blockchain application is not only restricted to Bitcoin, but it also ignited the idea of using it for a wide range of fields such as ehealth, governance, arts, culture, education, electricity trading, etc. To apply this technology to many areas, one should have a complete understanding of what it is, this paper is meant to give a quick synopsis of blockchain technology (BT).