Saranya A, Mythili R
Abstract: Most of commercial and industry applications are centralized and time consuming and also need third party to audit the information. Need of middle man in every application are prone to error sometimes. The Blockchain technology merely conquers the issues of centralized middle party communication. The decentralized computation and information sharing platform that enables multiple authoritative domains, to cooperate, coordinate and collaborate each other with rational decision making process. A Blockchain is an open distributed ledger, which can record transactions between two parties efficiently and in a verifiable and permanent way. A decentralized database with strong consistency support provides to update the local copy of the global information. Every transaction ensures the integrity at the last minute of the Blockchain to make the entire chain to be tamper proof. Here our study gives the overview of blockchain terminologies, consensus algorithms and various fields of applications of Blockchain. In this paper, we discussed smart contract based applications, government information sharing systems, healthcare, b-voting systems. Consensus algorithms will be differed based on the blockchain types. This paper will direct the researchers with correct path towards the blockchain.
Keywords: Distributed, Decentralized, Blockchain, Consensus algorithms, Applications