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Concept of Blockchain Technology and Its Emergence
Abstract
Blockchain refers to a distributed ledger technology that helps people to regulate and manage their information without any intermediaries. This technology emerges as a promising panacea for authentication and authorization with potential for use in every possible domain including financial, manufacturing, educational institutions, etc. Blockchain has its birth through the concept of Bitcoin, a digital cryptocurrency by Satoshi Nakamoto, called as Blockchain 1.0. Blockchain 2.0 came into existence in 2014 with Ethereum and smart contracts. The challenges such as scalability, interoperability, sustainability, and governance led to the next generation of Blockchain also called as IOTA, a blockchainless cryptocurrency for the internet of things runs on the top of their own ledger called Tangle, which is immune towards quantum computers. This disruptive technology evolved to provide cross chain support and more security through Blockchain 4.0. Finally, the chapter concludes by discussing the various applications of this technology and its advantages and security issues.
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