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Intramural Analysis of Blockchain

International Journal of Knowledge Based Computer Systems

Volume 7 Issue 1

Published: 2019
Author(s) Name: Prathyusha Kanakam, Raghu Varma Edarapalli and Shaik Mahaboob Hussain | Author(s) Affiliation: Department of CSE, MVGR College of Engineering, Vizianagaram, Andhra Pradesh, India.
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Abstract

Today blockchain technology is gaining a lot of mainstream attention and is already used in a variety of applications, not limited to cryptocurrencies. Blockchain is a decentralized database system which is the collection of blocks of data. Databases exist before blockchain limited only with the data storage and not providing any security features. These databases are maintained under a trusted third party where it acts as a central server as well as a repository that stores entire data of that particular network. This centralized system has replaced by blockchain technology where every node of the connected network maintained a ledger of transactions. This article gives a clear schematic view of blockchain architecture and its contents in detail. It also extends the preliminaries associated with blockchain technology such as hashing, smart-contracts. Also, the authors proposed the influence of the Internet of Things along with blockchain technology in several domains where the blockchain can be indulged to associate the data with evading any tampering from outside sources like supply chain management, etc.

Keywords: Blockchain, Hash function, Hashing, Proof of Work (PoW), Smart-contracts.

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