Blockchain Concepts, Architecture, Characteristics and Challenges: A Survey

Abstract

The blockchain is a revolutionary technology transforming how assets are managed digitally and securely on a distributed network. Blockchain decentralized technology can solve distrust problems of the traditional centralized network and enhance the privacy and security of data. It provides a distinct way of storing and sharing data through blocks chained together. The blockchain is highly appraised and endorsed for its decentralized infrastructure and peer-to-peer nature. However, much research about the blockchain is shielded by Bitcoin. But blockchain could be applied to a variety of fields far beyond Bitcoin. Blockchain has shown its potential for transforming the traditional industry with its essential characteristics: decentralization, persistency, anonymity, and audibility. Undoubtedly, blockchain technology can significantly change the global business environment and lead to a paradigm shift in the functioning of the business world. However, to unlock the tremendous potential, various challenges in the adoption and viability of blockchain technology must be addressed before we can see the legal, economic, and technical viability of this technology in the operation of various business applications. In this study, the fundamental concepts of blockchain are discussed at the beginning, and the way it works and its architecture is mentioned, and since all technologies face challenges, this technology is no exception and has challenges based on the works related to the challenges It is mentioned.