ABSTRACT
Blockchain is a public ledger of all Bitcoin transactions or digital events that have been performed and shared among the network. It can be viewed as a distributed database of records that stores information with a digital signature. Every transaction logged in the public ledger is verified by the consensus of a majority of the network participants. Transactions once recorded can never be reversed. Bitcoin, the decentralized, peer-to-peer digital currency, is a well-known example of using blockchain technology. Since blockchain has some unique features like decentralization, immutability, transparency, tamper-proof, auditability, and security, it has a wide range of applications in both financial and non-financial sectors. This chapter describes blockchain technology in detail and highlights some of the applications in which it can be used. It also specifies some challenges and benefits of this technology that is all set to transform the digital world.
