BLOCKCHAIN TECHNOLOGY AN OVERVIEW
DOI:
https://doi.org/10.59743/jbs.v37i2.304Keywords:
Blockchain, Distributed, Transparency, DLT, End-to-EndAbstract
Blockchain technology, a decentralized and secure digital ledger system, has revolutionized the recording and validation of transactions. Initially introduced with Bitcoin in 2008, blockchain has evolved beyond cryptocurrencies into applications like supply chain management, identity verification, and smart contracts. Its core features include Distributed Ledger Technology (DLT), transparency, immutability, end-to-end communication, and computational logic, which ensure trust, security, and efficiency. Key architectural components include nodes, consensus mechanisms (e.g., Proof of Work, Proof of Stake), cryptographic hashing, and peer-to-peer networks. Optional features like smart contracts further enhance functionality. Blockchain operates by grouping transactions into cryptographically linked blocks validated through consensus, forming a tamper-proof chain ideal for applications requiring integrity and auditability. Advancements such as alternative consensus algorithms and permissioned blockchains address challenges like scalability and governance. Blockchain's transformative potential spans industries, offering benefits like decentralization, enhanced security, transparency, and traceability. However, issues like scalability, energy use, and interoperability remain.This paper presents an overview of blockchain technology, and its history, how its work, architecture, benefits and challenges faced by this technology.
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