Development of Blockchain Technology

Subject Areas : Network Security

behnam Kiani Kalejahi ¹ , Jala Guluzade ² , shabnam maharramli ³

1 - Khazar university
2 - Khazar university
3 - Department of Computer Science, School of Science and Engineering, Khazar University, Baku, Azerbaijan

Received: 2020-11-22 Accepted : 2021-01-16 Published : 2020-11-01

Keywords: future directions, Blockchain, transaction, Privacy, Consensus,

Abstract :

AbstractBlockchain technology is the first successful Bitcoin Network. It enables the ledger to become more decentralized and secure. Since it is not limited to bitcoin and controlled by third parties by government, corporations, or banks, the technology is capturing several industries, including cryptocurrency, infrastructure& hardware, financial technology, Internet & mobile and so on. Blockchain is used as a public ledger to verify all peer-to-peer system transactions and maintain traded bitcoin spending from central authorities while bitcoin has distributed transactions. Achieving high Blockchain-based performance and privacy & security are global issues that are desire to be overcome as claims show they are still significant challenges in many Blockchain applications. This paper presents an introduction to Blockchain and the process of this technology in the way of outlining Blockchain types. Also, recent advances, challenges, real economy integration, and current situations of this technology have been listed. Key Words: Blockchain, transaction, nodes, privacy, scalability, consensus, future directions

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