A critical review of blockchain and its current applications

Abstract

Blockchain technology has been known as a digital currency platform since the emergence of Bitcoin, the first and the largest of the cryptocurrencies. Hitherto, it is used for the decentralization of markets more generally, not exclusively for the decentralization of money and payments. The decentralized transaction ledger of blockchain could be employed to register, confirm, and send all kinds of contracts to other parties in the network. In this paper, we thoroughly review state-of-the-art blockchain-related applications emerged in the literature. A number of published works were carefully included based on their contributions to the blockchain's body of knowledge. Several remarks are explored and discussed in the last section of the paper.