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

doi:10.1109/MCE.2018.2816299

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

Electrical Engineering

Research output: Contribution to specialist publication › Article

362 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 language	British English
Pages	6-14
Number of pages	9
Volume	7
No	4
Specialist publication	IEEE Consumer Electronics Magazine
DOIs	https://doi.org/10.1109/MCE.2018.2816299
State	Published - Jul 2018

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

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