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Title: A quick synopsis of blockchain technology

Authors: Veeramani Karthika; Suresh Jaganathan

Addresses: Department of Computer Science and Engineering, SSN College of Engineering, Tamilnadu, India ' Department of Computer Science and Engineering, SSN College of Engineering, Tamilnadu, India

Abstract: Blockchain evolved as a core technology of Bitcoin, and earned a significant attraction for entrepreneurs and researchers nowadays. The blockchain is an open, immutable distributed public ledger that allows transactions to take place in a decentralised manner without a need for a trusted third party. Bitcoin, the first successful cryptocurrency, is a peer-to-peer electronic payment system. The thought for Bitcoin started as a means for making a secure currency that had no centralised control. Blockchain application is not only restricted to Bitcoin, but it also ignited the idea of using it for a wide range of fields such as ehealth, governance, arts, culture, education, electricity trading, etc. To apply this technology to many areas, one should have a complete understanding of what it is, this paper is meant to give a quick synopsis of blockchain technology (BT).

Keywords: distributed public ledger; decentralisation; consensus mechanisms; digital signature; hash function; blockchain protocols.

DOI: 10.1504/IJBC.2019.101852

International Journal of Blockchains and Cryptocurrencies, 2019 Vol.1 No.1, pp.54 - 66

Received: 26 Aug 2018
Accepted: 12 Dec 2018

Published online: 20 Aug 2019 *

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