Blockchain Technology: Methodology, Application and Security Issues

TL;DR

This paper discusses blockchain technology's methodology, diverse applications, and security vulnerabilities, highlighting its potential and challenges in digital transactions and cryptocurrencies.

Contribution

It provides a comprehensive overview of blockchain's methodology, explores various applications, and analyzes security issues, offering insights for researchers and enthusiasts.

Findings

Blockchain enables secure, anonymous digital transactions.

Security vulnerabilities pose challenges to blockchain adoption.

The paper highlights areas for future research in blockchain security.

Abstract

Blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. This technology enables cryptographically secure and anonymous financial transactions among the user nodes of the network enabling the transactions to be validated and approved by all the users in a transparent environment. It is a revolutionary technology that earned its emerging popularity through the usage of digital cryptocurrencies. Even though Blockchain holds a promising scope of development in the online transaction system, it is prone to several security and vulnerability issues. In this paper, blockchain methodology, its applications, and security issues are discussed which might shed some light on blockchain enthusiasts and researchers.