Blockchain: from Invention to Transformation

A massive population believes that the blockchain would be as extensive as Internet was, as blockchain provides transparent and secured transactions. Blockchain was introduced in 2008 with the invention of cryptocurrency, bitcoin. Bitcoin and blockchain are confused as same but they are not same, as blockchain offers more operations than bitcoin and is used for more than cryptocurrency. This technology has transformed digital world by bringing new outlook to adaptability, reliability and productivity of systems. Not only large companies want to adopt this technology but small companies are also interested in this transformation. It provides a tamper proof system to interchange any form of good, service or transaction and offers lower transaction costs with an entrust agreement supervised without arbitration from intermediaries who may not add direct efficacy. It promotes participation, accordance and smart contracts with implicit, resilient networked security attributes. This paper presents extensive succinct on blockchain technology and provides comparison of traditional vs blockchain transactions. Also the study focuses on, effective summary of blockchain, its components, technicalities, types, use cases in financial and non-financial sectors and how small companies can harness this advance technology and get benefit out of it. This paper focuses, not only on the benefits, future scope and the adoption of this technology in various sectors but the risks and limitations associated with it while incorporating it in the live environment.