BlockChain: Properties, Application, and Bitcoin Case study

Blockchain is a decentralized distributed network that allows Peer-to-Peer (P2P) communication among the users. As the name suggests, it deals with a group of records called blocks. We are in an era where it is important to maintain the integrity of data as well as to fasten the process of the transaction. Blockchain helps perform these by maintaining the timestamp on blocks and the time required for a transaction can be shortened by eliminating the need of the third party during the process of the transaction. Bitcoin and Smart contract are two major applications based on blockchain technology. Bitcoin is the first application that was developed on blockchain technology and is a popularly known cryptocurrency. Satoshi Nakamoto is the so-called creator of bitcoin and its development [1]. Smart contract was defined by Szabo as a "set of promises, specified in digital form, including protocols within which the parties perform on these promises [2]. This paper aims to present a detailed overview of blockchain and its applications followed by a case study on bitcoin.