The Evolution of Block Chain Technology

Block chain is the latest trending technology that is used in many fields worldwide. Block chain technology has been implemented in many leading areas which is brought up to date on in this paper. Its applications consist of concepts that can be traced and easily tracked in the form of blocks by using a Blockchain network. These blocks acts like a storage for data to perform transactions which are further chained together by validating and adding the block chaining the previous hash address. The main objective of this paper is to gain deep knowledge about the implementation of Blockchain technology, the areas of application, the working of Blockchain technology by incorporating different algorithms like Proof of Stake, Delegated Proof of Stake, Proof of Authority, Proof of Burn etc. and also highlight about its concepts, types, and the challenges of the Block chain technology. It also gathered many core concepts implemented in the research.