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Scirj Volume XI, Issue X, October 2023 Edition
ISSN: 2201-2796

Blockchain Development, Architecture, Prospects, Applications, Difficulties, and Future Directions

KA Hossain

Abstract: A blockchain is a distributed database or ledger that is shared amongst a computer network nodes. In an effort to address the 2008 European financial crisis, Satoshi Nakamoto suggested using blockchain technology for Bitcoin. Numerous more applications as well as cryptocurrencies like Bitcoin are supported by this technology. Satoshi introduced Bitcoin as a new form of payment that uses a blockchain—a cryptographically secure chain of interconnected data blocks—to do away with central authorities like central banks. This method was initially applied to cryptocurrencies, with Bitcoin demonstrating its viability. These days, blockchain technology has numerous uses, some of which are covered in this paper. Ether, like with many other cryptocurrencies, is built on top of blockchain technology. The current market capitalization of cryptocurrencies is $2.79 trillion, which is equal to the eighth largest economy in the world. Every day, 30,000 postings on social media about Bitcoin are put online. This translates to 1500 posts every hour or 30 posts every minute. Blockchain technology has limitations and difficulties that prevent its complete acceptance in some domains, despite its promise, prospects, strength, and success. This article discusses these issues. The goal of this thorough study is to analyze how blockchain technology is used in different application contexts and to assess its prospects, difficulties, features, and future directions.

Reference this Paper: Blockchain Development, Architecture, Prospects, Applications, Difficulties, and Future Directions by KA Hossain published at: "Scientific Research Journal (Scirj), Volume XI, Issue X, October 2023 Edition, Page 104-162 ".

Search Terms: AI, NFTs, P2P, DLT, blockchain, bitcoin, Ethereum, Cryptocurrency

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