Blockchain-based Security Solutions to Preserve Data Privacy And Integrity

The emerging blockchain technology helps in the decentralization of transactions, where every participant network verifies and validates the transaction making it immutable. With the rapid expansion of the technology, transactional data which is stored and validated is also increasing. The blockchain technology came into prominence largely due to the bitcoin and the security aspects of the technology. This technology is comparatively fast, secure and efficient. This paper discusses the generalized overview, different algorithms to reach consensus, system workflows and various security aspects of handling, transacting and storing data. This paper also throws light Smart Contracts and their applications.