ABSTRACT
Blockchain as the name says, it's a chain of multiple blocks linked together. As a distributed ledger, Blockchain built from a chain of blocks where each block consists of various exchanges or transactions and block header. Each blockchain has a block header which helps in differentiating the first block and helps in making the chain.
Basically a Blockchain is a distributed ledger, distributed across systems and accessible to all and it is stored and updated across the world by many systems. The beautify of the Blockchain technology is that it does not need any central or any third party involvement to manage, approve or control the transaction.
Now a days Blockchain technology has become the backbone not for the cryptocurrency but also for all kind of applications where security and transparency is at most priority. Blockchain technology is used where there is a need to gain trust of the application or technology users such as banking, supply chain, drug counterfeit detection, health care data as the entire word is now storing all information on computer system. This technology is helping in building the trust and transparency across the machines and the human.
The chapter discuss how Blockchain Technology works, what are the Consensus protocols. The chapter also talks about the Decentralized and Peer-to-Peer transactions in detail. The Proof of Work, Proof of Stake, Proof of Elapsed Time (PoET), and Practical Byzantine Fault Tolerance (PBFT) also discussed in detail.
