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Blockchain technology and application: an overview
Shi Dong1, Khushnood Abbas1, Meixi Li1
1School of Computer Science and Technology, Zhoukou Normal University, Zhoukou, Henan, China.
Peerj. Computer Science
|December 11, 2023
Summary
Blockchain technology, known for its decentralization and security, offers solutions to traditional finance limitations. This article explores its fundamentals, applications, and future potential in digital currency and beyond.
Area of Science:
- Computer Science
- Information Technology
- Digital Finance
Background:
- The rise of digital currency has brought blockchain technology to prominence.
- Blockchain technology offers key characteristics like decentralization, security, and immutability.
- These features address shortcomings in traditional financial systems.
Purpose of the Study:
- To provide an overview of blockchain technology fundamentals.
- To explore the diverse applications of blockchain.
- To discuss the future potential and challenges of blockchain adoption.
Main Methods:
- Literature review of blockchain technology principles.
- Analysis of blockchain's evolution from cryptocurrency to broader applications.
- Exploration of blockchain system fundamentals, limitations, and applicability.
Main Results:
- Blockchain technology is characterized by decentralization, immutability, transparency, and security.
- It has evolved from cryptocurrency to a versatile tool with numerous potential applications.
- Significant attention is being paid by financial, technological, and governmental sectors.
Conclusions:
- Blockchain technology presents a robust alternative to traditional financial institutions.
- Its future potential is vast, but challenges to full adoption remain.
- Continued research and development are crucial for unlocking blockchain's capabilities.
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