Blockchain Overview and Applications

Blockchain technology is a distributed, decentralised ledger system that keeps track of transactions on several different computers. It uses consensus processes and cryptographic hashes to guarantee the security and integrity of data. Because of its decentralised structure, there is no single point of failure, and data manipulation is very challenging. Blockchain serves as the foundation for cryptocurrencies like Bitcoin and has applications in a number of industries, including supply chain management, digital identity verification, and finance due to its inherent properties, namely, transparency, immutability, and security. An overview of blockchain technology is also presented in this paper. This paper is based on existing literature emphasising blockchain technology, including its features, architecture, and characteristics with a focus on its types, consensus algorithm, benefits, and applications.