Everything You Wanted to Know About the Blockchain: Its Promise, Components, Processes, and Problems
Deepak Puthal, N. Malik, S. Mohanty, E. Kougianos, Gautam Das
2018.6.15IEEE Consumer Electronics Magazine
tlooto Summary
The blockchain is a public ledger that works like a log by keeping a record of all transactions in chronological order, secured by an appropriate consensus mechanism and providing an immutable record.
Abstract
In 2008, the emergence of the blockchain as the foundation of the first-ever decentralized cryptocurrency not only revolutionized the financial industry but proved a boon for peer-to-peer (P2P) information exchange in the most secure, efficient, and transparent manner. The blockchain is a public ledger that works like a log by keeping a record of all transactions in chronological order, secured by an appropriate consensus mechanism and providing an immutable record. Its exceptional characteristics include immutability, irreversibility, decentralization, persistence, and anonymity.
Citation format
PUTHAL, Deepak, et al. Everything you wanted to know about the blockchain: Its promise, components, processes, and problems. IEEE Consumer Electronics Magazine, 2018, 7: 6–14.