Next generation blockchain architectures: An in depth study of cryptocurrency driven innovation

Abstract

Blockchain has transformed computerized business applications over the last decade. This was initially intended to be a transparent record of Bitcoin transactions, it has already proved its ability to transform the world, offering trust, security, privacy, and anonymity. Data stored within a blockchain is unalterable and resistant to any alteration, as well as distribution throughout different locations within a system of a decentralized nature. The presence as well as the availability of blockchain are reliant upon strong cryptographic primitives since these are a critical component to the functionality thereof. In light of the continuously increasing cryptographic attacks, the challenge of developing strong evolving software and hardware technologies, the blockchain has managed to retain its position regarding security owing to its basic cryptography primitives. This article explores the conceptual background blockchain, some consensus mechanisms, including the potential impacts of quantum technologies. This research will explore the current level of scientific study on cryptography used in the technologies for blockchains, as well as aims to fill gaps, together with supply a full understanding of their importance in the security of the blockchain. The present investigation employs an exploratory qualitative research approach, which is informed by the most recent literature on the subjects. The results of this study offer a significant resource for the existing knowledge base and improve the understanding of blockchain, the use of cryptography along with cryptographic primitives in the context of blockchain for researchers, whether they are new or experienced. This enables them to recognize new possibilities and difficulties in this field with supporting case studies.