The development of blockchain technology

TL;DR

This paper introduces blockchain technology, its types, recent advances, challenges, and its expanding role across various industries, highlighting ongoing issues in performance, privacy, and security.

Contribution

It provides a comprehensive overview of blockchain development, including recent progress, challenges, and its integration into the real economy, offering insights into future directions.

Findings

Blockchain enables decentralized, secure ledgers beyond Bitcoin.

Challenges remain in achieving high performance and privacy.

Blockchain's adoption is expanding across multiple industries.

Abstract

Blockchain technology is the first successful Bitcoin Network. It enables the ledger to become more decentralized and secure. Since it is not limited to bitcoin and controlled by third parties by government, corporations or banks, the technology is capturing the number of industries including cryptocurrency, infrastructure& hardware, financial technology, Internet&mobile and so on. Blockchain is used as a public ledger to verify all transactions of peer to peer systems and to maintain traded bitcoin spending from central authorities while transactions have been distributed by Bitcoin. Achieving high blockchain-based performance and privacy & security are global issues that are desire to be overcome as claims show they are still significant challenges in many blockchain applications. Thus, this paper provides an introduction of Blockchain and the process of this technology in a way of outlining blockchain types. In addition, recent advances & challenges, real economy integration and current situations of this technology have been listed.