BLOCKCHAIN TECHNOLOGY: CHALLENGES AND FUTURE PROSPECTS

Abstract

A BlockChain is an open record of all digital money exchanges that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. Each PC associated with the Bitcoin systematize a customer that plays out the task of approving and handing-off exchanges gets a duplicate of the blockchain, which gets downloaded naturally after joining the Bitcoin arrange.
The blockchain has finish data about the addresses and their adjusts ideal from the beginning piece to the most as of late finished square.
Transactions between individuals have always been a part and parcel of human society for the division of labour made people interdependent. The medium of transaction has also been evolving along with the evolution of society and human consciousness from barter system to commodity money to fiat currency and now to digital currency or cryptocurrency. But as the evolution is a form of error correction, the problem of double spending in digital currency was solved by a distributed ledger system called BlockChain.
Since 2008 onwards the blockchain technology has been separated from Bitcoins to be injected to many other problems related especially to banking transactions. Blockchain innovation empowers the production of decentralized monetary forms, savvy contracts and clever resources that can be controlled over the Internet.