An Overview of the Emerging Technology: Blockchain

A Blockchain is basically a decentralized, distributed ledger of all the transactions or events which takes place only after involving multiple parties. It ensures high level of security as the transactions which takes place are entirely anonymous. Each transactions or digital events taking place in a Blockchain network is verified, only if it is agreed upon by the consensus of the majority party of the users participating in this process. Blockchain is one of the emerging technologies in today's world and a lot of revolution and research has just began regarding this distributed technology. Bitcoin has been the most popular cryptographic currency since it was invented and it is the best example that uses the Blockchain technology. In this paper, we will discuss about the research being done on this new domain of Computer Science. We will outline the underlining concepts about this new technology. We will try to peek a bit into its applications in the financial and non financial sector. It is not only the most popular topic to discuss about, but is the most technological breakthrough, that is all set to revolutionize the entire world.