Blockchain Technology: Applications and Research Challenges

Blockchain technology has become a catchword in the recent technological era. It is used in industry as well as by researchers. Blockchain technology concept was used first time in bitcoin application and now its application areas are expanding through all directions in the digital world. Blockchain technology has characteristics as transparency, decentralization, persistency, auditability. There are pros and cons of these characteristics. Based on the advantages, the various domains are adopting the blockchain technology for the development of applications. Different industries and governments are developing their projects using blockchain technology to fulfil their goals as they are getting solutions to their problems through this technology. For developing the applications, various platforms are introduced. These development platforms support by various feature and there is an add-on in that features as per requirements come up. Toward the end of the discussion, the paper is enlightening the challenges in blockchain technology. As the demand of the technology increases, the issues are raising and attackers are attracting to break the system and find out the loopholes in that. The report mentioned the challenges with examples which will be pointing towards various areas of the research.