{"title":"Breaking Down the Blockchain Architecture: Components, Characteristics\u0000and Future Trends","authors":"Aarti Goel, Anurag Mishra, Vikash Yadav","doi":"10.2174/0123520965303926240401053649","DOIUrl":"https://doi.org/10.2174/0123520965303926240401053649","url":null,"abstract":"\u0000\u0000Blockchain, the revolutionary technology behind the existence of cryptocurrencies has\u0000received enormous recognition worldwide due to its immutable system which allows transactions\u0000to take place in a decentralized manner ensuring security and accountability. In a trustless environment,\u0000blockchain systems work consistently, where each block’s data is distributed across a\u0000dense peer-to-peer (P2P) network. In this type of network, each node acts as a backup because all\u0000transactions are stored in every node. It follows a set of validation criteria that provide transparency,\u0000trust, and data security. Blockchain primarily works on a P2P network which is generally\u0000more secure, prohibiting any attack or failure at a single point that might be encountered in the\u0000case of a centralized network. All nodes present in it work in association with a consensus algorithm\u0000to provide services in a synchronized manner, which makes the working of blockchain robust\u0000and much more resilient.\u0000A blockchain network is defined as the interconnection of many nodes, and each node holds a\u0000copy of the ledger. It can be observed as a continuously growing chain of blocks, and blocks are\u0000interconnected with the support of a hash function. Block-chain-based solutions are used in financial\u0000services, healthcare, the Internet of Things, and so on. However, this technology holds\u0000the potential to overcome many obstacles such as technical issues, rapid change, and lack of acceptance\u0000on a global level that it is currently facing. This chapter deals with blockchain Architecture,\u0000various consensus algorithms used in different blockchains, and future trends of this technology.\u0000It also explains its key components and characteristics that would help us understand the\u0000topic in greater depth.\u0000","PeriodicalId":506996,"journal":{"name":"Recent Advances in Electrical & Electronic Engineering (Formerly Recent Patents on Electrical & Electronic Engineering)","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140696319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}