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Blockchain Technology: Limitations and Future Possibilities
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Author(s): Suvarna Sharma (Maulana Azad National Institute of Technology, India), Puneeta Rosmin (Kamla Raja Girls Government Post Graduate College, India)and Amit Bhagat (Maulana Azad National Institute of Technology, India)
Copyright: 2021
Pages: 12
Source title:
Blockchain Applications in IoT Security
Source Author(s)/Editor(s): Harshita Patel (Vellore Institute of Technology, India)and Ghanshyam Singh Thakur (Maulana Azad National Institute of Technology, India)
DOI: 10.4018/978-1-7998-2414-5.ch009
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Abstract
Blockchain, as the name suggests, is a linear chain of blocks. It is a digital ledger that holds information on transactions taking place over the web. So every block contains data in the form of coding that is organized in a chronological manner. In 2004, a concept called “reusable proofs of work” was introduced by Hal Finney. In 2009, a mysterious white paper titled “Bitcoin: A Peer to Peer Electronic Cash System,” by visionary Satoshi Nakamoto gave birth to the concept of blockchain. This is a survey of blockchain technology that first provides a short introduction of the blockchain, discussing its advantages and followed by possible limitations and their possibilities for the future.
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