BLOCKCHAIN TECHNOLOGY

K. GOWTHAM (17CSR046)
CSE - ‘A’ , 2nd year ,DEPARTMENT OF CSE,
KONGU ENGINEERING COLLEGE.
Mail id: gowthamkg21@gmail.com

ABSTRACT :

The blockchain is a relatively new technology used to verify and store

transaction records for online cryptocurrencies like Bitcoin. The blockchain is the growing
list of records called the blocks. The system is redundant and distributed, making it difficult
for transactions to be rescinded, duplicated, or faked. Beyond online currencies, the blockchain
has potential uses in health care, education, and many other fields. This column will briefly
describe what the blockchain is and how it is being used, potential future uses that may be of
interest to librarians and medical practitioners, and some of the problems with the system. The
most well-known implementation of blockchain technology is the Bitcoin. Created in 2008, this
was a breakthrough in Blockchain technology and is often referred to as Blockchain 1.0. Bitcoin
is a transaction focused implementation that allows for anonymous trading without a
consortium, whilst still offering the basic distributed ledger of all transactions. Other
implementations exist, such as Digital Asset Holdings and Ripple, however these have been
more financially focused rather than implementations designed with the individual consumer at
the forefront. There is also the Hyperledger Project by IBM, but similarly this is geared more
towards larger organisations than smaller companies or individuals. Finally, we have Ethereum.

keywords: cryptocurrency, bitcoin, ledger.