The Process of Blockchain Technology

Abstract

Blockchain technology, an emergent digital technology that in recent years has gained popularity especially in finance and banking due to the rapid increase in the Cryptocurrency values. Blockchain's distributed and decentralised nature can help businesses increase efficiency, reduce costs, improve integrity and transparency, security, and traceability. Blockchain has been most widely used in finance and banking, but other industries are now experimenting with it. This paper discusses blockchain technology, its key design features, typical consensus, and its advantages. Lastly, a brief insight is presented into open challenges and potential future advancements in the field of Blockchain.