An Overview on Blockchain

Mrinal Paliwal; Pankaj Saraswat

doi:10.55524/

Authors

Mrinal Paliwal Sanskriti University, Mathura, Uttar Pradesh, India Author
Pankaj Saraswat Sanskriti University, Mathura, Uttar Pradesh, India Author

DOI:

https://doi.org/10.55524/

Keywords:

Blockchain, Cryptocurrency, Ledger, Network, Transaction

Abstract

Blockchain is a decentralized technology. When it comes to resolving business issues, it wields considerable power. Every transaction on the blockchain is encrypted, and each transaction is linked to a previous transaction or record. Blockchain transactions are validated by algorithms running on nodes. A single entity cannot start a transaction. Eventually, blockchain provides transparency by allowing any participant to view transactions at any moment. Smart contracts provide secure transactions, minimizing the risk of third-party interruptions. Ethereum is a decentralized platform based on smart contracts. It enables developers to create markets that transfer money according to the instructions given years ago. Blockchain is distinguished by two key characteristics: immutability and decentralization. Deals are completed faster; Transactions and authentication are completed in a matter of seconds, and much more.

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