Blockchain Technology: A case study of its Decentralized Use

The world of technology has experienced a paradigm shift in the span of two decades which in turn demands better and more effective measures for data security. Blockchain technology is used for serving this purpose widely. It is a tool which can be used for Peer to Peer (P2P) transactions and exchange assets digitally without the need of a central administration to govern and mediate, i.e. a decentralized system. It works by integrating various technologies like digital signatures, consensus algorithms, hashing etc. All these technologies make it possible to craft a system that provides a way for easy tracking of the previous transactions, adding a feature of security and transparency. Blockchain has revolutionized and transformed the outlook of business functionality in terms of transparency and decentralization. Apart from being the core of crypto-currencies which have impacted the global economy drastically, blockchain can prove to be beneficial in the healthcare sector, bringing reforms in social services, revolutionizing the financial sector, the education system and many more. This study aims to discuss the architecture of Blockchain, the features including privacy, security and transparency, the various domains in the modern world which can make use of blockchain technology to overcome the prevailing challenges.