ABSTRACT
Blockchain is a new generation of information technology for providing fault-tolerant distributed systems. Blockchain has been effectively employed in the architecture of numerous cryptocurrencies to retain transactions among distributed users because of its immutability and decentralization. Further, blockchain can be used to create decentralized systems in a variety of disciplines such as cloud and sustainable manufacturing. Blockchain technique has progressed beyond cryptocurrency and finds usage in other real-world applications. Reliability, tolerance of faults, flexibility, adaptability and clear methodology are the desirable qualities of blockchain technology. This chapter focuses on theories of blockchain technology by paying special attention to its evolution, applications, benefits and challenges in distributed transaction ledgers and financial transaction systems. It also provides a complete overview of blockchain technology, significant issues and applicability in several sectors. The role of blockchain is discussed elaborately along with a description of several cryptocurrencies with respect to different transaction systems.
