Everything You Wanted to Know about the Blockchain: Its Promise, Components, Processes, and Problems

Deepak Puthal, Nisha Malik, Saraju P. Mohanty, Elias Kougianos, Gautam Das

Research output: Contribution to specialist publicationArticle

292 Scopus citations

Abstract

In 2008, the emergence of the blockchain as the foundation of the first-ever decentralized cryptocurrency not only revolutionized the financial industry but proved a boon for peer-to-peer (P2P) information exchange in the most secure, efficient, and transparent manner. The blockchain is a public ledger that works like a log by keeping a record of all transactions in chronological order, secured by an appropriate consensus mechanism and providing an immutable record. Its exceptional characteristics include immutability, irreversibility, decentralization, persistence, and anonymity.

Original languageBritish English
Pages6-14
Number of pages9
Volume7
No4
Specialist publicationIEEE Consumer Electronics Magazine
DOIs
StatePublished - Jul 2018

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