Decentralized Ledger Systems with Blockchain Technology: Benefits, Challenges, and Applications

A decentralized network of nodes (miners) is used by blockchain technology, which is made up of blocks. There are three components to each block: data, hash, and prior block’s hash. It is exceedingly difficult to modify data once it has been saved in order to temper the data. By computing the transaction’s hash function, miners can validate the transaction and earn a small commission. This review paper will provide readers a thorough grasp of blockchain technology and how it may be applied across a wide range of sectors, including finance, healthcare, supply chains, and many more. Prior to recently, Bitcoin was one of the most well-known blockchain applications that the general public was familiar with. We will examine some of these research articles and discuss the difficulties encountered in the implementation of these applications as several research papers regarding the novel uses of this technology have been published. Blockchain is a rapidly expanding field of worlds with more recent applications in a variety of industries, including the usage of cryptocurrencies, hospital administration, and other disciplines. These applications are only made feasible by the way blockchain functions and operates.