August 3, 2021

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Blockchain Technology: Bitcoins, Cryptocurrency and Applications. (arXiv:2107.07964v1 [cs.CR])

Blockchain is a decentralized ledger used to securely exchange digital
currency, perform deals and transactions efficient manner, each user of the
network has access to the least copy of the encrypted ledger so that they can
validate a new transaction. The blockchain ledger is a collection of all
Bitcoin transactions executed in the past. Basically, it’s distributed database
that maintains continuously growing tamper-proof data structure blocks that
holds batches of individual transactions. The completed blocks are added in a
linear and chronological order. Each block contains a timestamp and information
link which points to a previous block. Bitcoin is a peer-to-peer permissionless
network that allows every user to connect to the network and send new
transactions to verify and create new blocks. Satoshi Nakamoto described the
design of Bitcoin digital currency in his research paper posted to a
cryptography listserv 2008. Nakamoto’s suggestion has solved the long-pending
problem of cryptography and laid the foundation stone for digital currency.
This paper explains the concept of bitcoin, its characteristics, the need for
Blockchain, and how Bitcoin works. It attempts to highlight the role of
Blockchain in shaping the future of banking , financial services, and the
adoption of the Internet of Thinks and future Technologies.