The IUP Journal of Information Technology
Blockchain Technology and Its Application: A Review

Article Details
Pub. Date : March, 2019
Product Name : The IUP Journal of Information Technology
Product Type : Article
Product Code : IJIT41903
Author Name : Richa Bhargava
Availability : YES
Subject/Domain : Management
Download Format : PDF Format
No. of Pages : 09

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Abstract

With the advent of every of new technology, we feel that we are at the dawn of a revolution. Blockchain, also commonly referred to as 'Distributed Ledger Technology (DLT)' (synonym but not the same), is one of those technologies that have brought revolution in the field of technology. While blockchain technology might be considered as disruptive in various contexts, there is still a need to understand the term and to know the effective areas, particularly different industries (in broader sense), where the technology is applicable. The aim of this paper is to understand the term as defined by various researchers; investigate its effective application in various industries by reviewing different papers; and understand the success rate of blockchain in its various applications.


Description

A trend of fluctuation has been observed between centralization and subsequent decentralization of computing power, infrastructure, storage, code and protocols. Initially, mainframe computers made the computing power, memory, data storage and code centralized, but with the advent of PCs and private networks, a concept of 'client-server' architecture was introduced which gave rise to the term 'distributed architecture'. Over time, Internet and cloud computing architectures have originated the new term 'decentralization', and we are experiencing the transition from centralized system (computing, storage and processing) to decentralized architecture and systems. 'Distributed Ledger Technology (DLT)' is one of the key innovations that plays a major role in this transition.


Keywords

Blockchain, Distributed Ledger Technology (DLT), Bitcoin, Application of Blockchain

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