A Study of Blockchain’s Architecture and it’s Applications

Abstract

Blockchain, the underlying framework of Bitcoin has recently received extensive limelight due to its distributed and decentralized architecture. Unlike other ledger approaches, blockchain guarantees tamper-proof storage of approved transactions. Apart from Bitcoin, Blockchain can serve as a backbone for many applications. The unique properties of Blockchain – decentralized architecture, reliability and immutability, are attracting start-ups to integrate it in their systems rather than relying on centralized services. In this paper, we have done an extensive literature survey of blockchain architecture and it’s applications in various fields and presented our analysis based on parameters like consensus algorithm, viability and implementation.