Understanding Blockchain Technology and Its Application in the Emerging Fintech Industry

Blockchain is one of the core technologies of the present world. Its decentralized architecture has received extensive research attention. Peer-to-peer technology has given freedom and transparency to the user. With the implementation of blockchain inside investment, finance, or trading platforms the problem of security, transparency, and trust can also be addressed. The most suitable consensus protocol can help in fault tolerance. Distribution of blockchain-like hyper ledger promises strong consistency of state and can perform thousands of operations at the same time. Blockchain technology can be helpful in tracing carbon footprints and can be proven helpful in controlling global warming. This paper illustrates what blockchain is, its different consensus mechanisms, its implementation inside an application, its distribution hyper ledger, and how blockchain can be used for tracing carbon footprints.