Everything You Wanted to Know about the Blockchain: Its Promise, Components, Processes, and Problems
- Publication Type:
- Journal Article
- IEEE Consumer Electronics Magazine, 2018, 7 (4), pp. 6 - 14
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© 2012 IEEE. 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.
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