International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 9 Issue 4, Jul-Aug 2025 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

An Overview of Blockchain
Matthew N. O. Sadiku1, Paul A. Adekunte2, Janet O. Sadiku3
1
Roy G. Perry College of Engineering, Prairie View A&M University, Prairie View, TX, USA
2
International Institute of Professional Security, Lagos, Nigeria
3
Juliana King University, Houston, TX, USA

ABSTRACT How to cite this paper: Matthew N. O.

With the rise of digital currency in recent years, its underlying Sadiku | Paul A. Adekunte | Janet O.
technology, blockchain, has become increasingly popular. Sadiku "An Overview of Blockchain"
Blockchain is a decentralized digital ledger that securely stores Published in
International Journal
records across a network of computers in a way that is transparent,
of Trend in
immutable, and resistant to tampering. Blockchain is one of the most Scientific Research
disruptive technologies since the Internet was invented. As a and Development
disruptive technology, blockchain has become a strategic priority for (ijtsrd), ISSN: 2456-
many businesses. The trust issues with the existing technologies 6470, Volume-9 | IJTSRD97256
inspired practitioners and governments to focus on alternative options Issue-4, August
such as blockchain. In this paper, we will go over how blockchain 2025, pp.456-468, URL:
works, what benefits it provides, and some of its potential www.ijtsrd.com/papers/ijtsrd97256.pdf
applications.
Copyright © 2025 by author (s) and
KEYWORDS: blockchain, distributed digital ledger, overview of International Journal of Trend in
blockchain Scientific Research and Development
Journal. This is an
Open Access article
distributed under the
terms of the Creative Commons
Attribution License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)

INTRODUCTION
The 21st century is all about technology. With the node has a replica of the entire database. These blocks
increasing need for modernization in our day-to-day are linked using cryptography. Blockchain owes its
lives, people are open to accepting new technologies. name to the way it stores transaction data—in blocks
Technologies like artificial intelligence and IoT that linked together to form a chain.
have gained pace in the past decade and now there is WHAT IS BLOCKCHAIN?
a new addition to the pack, i.e. blockchain Blockchain, a type of distributed digital ledger
technology.
technology (DLT), is a relatively new and
Blockchain technology is a shared database or ledger exciting way of recording transactions in the
that allows transparent information sharing within a digital age. It is a decentralized and distributed
business network. Traditional database technologies digital ledger technology that securely records and
present several challenges for recording financial verifies transactions across multiple computers or
transactions. To avoid potential legal issues, a trusted nodes in a network. Basically, it is a chain of blocks
third party has to supervise and validate transactions. in which each block contains a list of transactions.
Blockchain mitigates such issues by creating a The symbol of a blockchain is depicted in Figure 1
decentralized, tamper-proof system to record [1].The blockchain technology was created as the
transactions. The key difference between a traditional foundational basis for Bitcoin – a digital currency in
database or spreadsheet and a blockchain is how the which secure peer-to-peer transactions occur over the
data is structured and accessed. A blockchain is a Internet. It is expected that the spending on
series of blocks of data which are linked to each other blockchain solutions worldwide would grow from 4.5
via cryptographic hash functions. Each of these billion USD (2020) to an estimated value of 19 billion
blocks contains data that is secured cryptographically, USD by 2024 [2].
which makes it resistant to modification. Blocks are Originally developed as the accounting method for
linked in a chronological "chain" and each network
the virtual currency Bitcoin, blockchains are

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appearing in a variety of commercial applications party. A centralized architecture presents several
today. Blockchain technology is a type of distributed issues including a single point of failure and
digital ledger that uses encryption to make entries problems of scalability.
permanent and tamper-proof and can be programmed
 Encryption: BC uses technologies such as public
to record financial transactions. It is used for secure
and private keys to record data securely and semi-
transfer of money, assets, and information via a
anonymously. Completed transactions are
computer network such as the Internet without
cryptographically signed, time-stamped, and
requiring a third-party intermediary. It is now being
sequentially added to the ledger.
adopted across financial and non-financial sectors. As
a catalyst for change, the blockchain technology is  Immutability: Immutability means something
going to change the business world and financial cannot be changed, altered, or deleted. No
matters in major ways. The key characteristics of participant can tamper with a transaction once
blockchain are displayed in Figure 2 [3]. someone has recorded it to the shared ledger. The
data stored on the blockchain is secured via
Blockchain is a combination of three leading
cryptographic hash functions and thus cannot be
technologies [4,5]:
tampered with. Blockchain lacks the capability to
1. Cryptographic keys which consist of two keys – modify or delete data once it is recorded. No
Private key and Public key. These keys help in entity can modify the transaction records. Thus,
performing successful transactions between two Blockchains are secure and meddle-free by
parties. Cryptography is a technique of securing design. Data can be distributed, but not copied.
communication by converting plain text into
 Tokenization: Tokenization is the process of
unintelligible ciphertext. It plays a fundamental
creating a digital representation of an asset or
role in ensuring the security and integrity of
commodity on the blockchain. Tokens can
blockchain technology.
represent anything from stocks and bonds to real
2. A peer-to-peer network with every node having a estate and artwork. Value is exchanged in the
copy of the ledger. This is a network structure form of tokens, which can represent a wide
where any participant in the network known as a variety of asset types, including monetary assets,
node acts as both a client and a server. units of data or user identities.
Interconnected nodes ("peers") share resources
 Decentralization: Decentralization is a key
among each other without the use of a centralized
feature of blockchain technology, which refers to
administrative system. New transactions must be
the distribution of power and decision-making
confirmed by a predetermined number of
across a network of nodes or participants rather
computer nodes.
than being controlled by a central authority or
3. Consensus algorithm is a process used to achieve system. All the data inside the blockchain is not
agreement on a single data value among owned by a single centralized entity. Rather, the
distributed processes or systems. Consensus nodes, which are the people who help manage the
algorithms are designed to achieve reliability in a network, all download the blockchain data onto
network involving multiple unreliable nodes. In a their computers, which means that no one party
blockchain system, each node stores a complete owns the data. Decentralization in blockchain
record of all transactions in a database. refers to transferring control and decision making
Blockchain combines existing technologies such as from a centralized entity (individual,
distributed digital ledgers, encryption, immutable organization, or group) to a distributed network.
records management, asset tokenization and No single entity controls a majority of the nodes
decentralized governance to capture and record or dictates the rules. A consensus mechanism
information that participants in a network need to verifies and approves transactions, eliminating the
interact and transact. As illustrated in Figure 3, a need for a central intermediary to govern the
complete blockchain incorporates all the following network. Figure 4 shows the decentralized
five elements [6]: property of blockchain [7].

 Distribution: Digital assets are distributed, not Blockchain became famous when it was used to
copied or transferred. A protocol establishes a set develop the most popular cryptocurrency, Bitcoin.
of rules in the form of distributed mathematical Bitcoin’s status as digital gold is merely the tip of this
computations that ensures the integrity of the data technology. Cryptocurrencies like Bitcoin, Ethereum,
exchanged among a large number of computing and Litecoin are mentioned as interchangeable with
devises without going though a trusted third blockchain. Figure 5 shows Bitcoin [8], while Figure

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6 shows how blockchain works [9]. Although transactions. Their significant contribution was
blockchain technology will for all time be associated the smart contracts feature.
with Bitcoin due to their common genesis, it has
 Third generation – the future: As companies
broader applications.
discover and implement new applications,
A blockchain is a tamper-proof, distributed database blockchain technology continues to evolve and
that stores blocks of information for cryptographically grow. Potential opportunities are limitless in the
bound transactions via peer-to-peer networks. At the ongoing blockchain revolution.
heart of blockchain’s functionality is cryptographic
TYPES OF BLOCKCHAIN
hashing. Each block in a blockchain contains a
There are several ways to build a blockchain network.
cryptographic hash of the previous block, creating an
Blockchains fall into three general categories —
immutable chain of blocks. If anyone attempts to
public, private, and consortium blockchains. They are
tamper with the data in a block, it would alter the
illustrated in Figure 7 [13] and explained as follows
block’s hash. This would disrupt the entire chain,
[14]:
making it virtually impossible to manipulate. The
security feature ensures data integrity and prevents  Public Blockchains: These are also called
unauthorized changes [10]. “permissionless” blockchains. Public blockchains
are open to the public, and anyone can access and
In a nutshell, blockchain technology involves three
participate in these networks without anyone’s
basic concepts [11]: (1) It is a system for recording a
permission. These include Bitcoin, Ethereum,
series of data items (such as transactions between
Litecoin, and many other cryptocurrencies.
parties); (2) It uses cryptography to make it difficult
People primarily use public blockchains to
to tamper with past entries; (3) It has an agreed
exchange and mine cryptocurrencies like Bitcoin,
process for storing copies of the ledger and adding
Ethereum, and Litecoin. The main advantage of
new entries (also called a consensus protocol).
public blockchains is that it is simple to join their
BRIEF HISTORY OF BLOCKCHAIN network since it is open to whomever wants to
Blockchain technology has its roots in the late 1970s participate, provided that the rules of the network
when a computer scientist named Ralph Merkle are followed. Public blockchains are decentralized
patented Hash trees or Merkle trees. In the late 1990s, and transparent; there is no one central body
Stuart Haber and W. Scott Stornetta used Merkle controlling the data on the blockchain. Many
trees to implement a system in which document public blockchains suffer from scalability issues.
timestamps could not be tampered with. This was the For example, Bitcoin can only manage
first use of blockchain. The technology has continued somewhere between 3–7 transactions per second,
to evolve over these three generations [12]: and it takes 10 minutes to mine a block. This is
 First generation – Bitcoin and other virtual not good enough for big enterprises who need to
currencies: In 2008, an anonymous individual or deal with millions of transactions per day with
group of individuals known only by the name near zero latency.
Satoshi Nakamoto outlined blockchain
 Private Blockchains: These are also known as
technology in its modern form. Satoshi's idea of
permissioned or managed blockchains. They are
the Bitcoin blockchain used 1 MB blocks of
controlled by a central authority and only allow a
information for Bitcoin transactions. Many of the
select few to take part in the network. Members of
features of Bitcoin blockchain systems remain
private blockchains need permission to
central to blockchain technology even today.
participate. Because the number of nodes are
Bitcoin is the first decentralized digital currency
limited in private blockchains, consensus can be
to enable peer-to-peer transactions without a
reached very quickly. Thus transactions can be
central authority. Since Bitcoin was an early
executed faster and the system can be scaled more
application of blockchain technology, people
easily. Since no random person can enter the
inadvertently began using Bitcoin to mean
network and become a participant, privacy is
blockchain, creating a misnomer.
increased. For example, Walmart, the world’s
 Second generation – smart contracts: A few years largest retailer, is working with IBM to use
after first-generation currencies emerged, blockchain to track the source of their vegetables
developers began to consider blockchain throughout the supply chain. Ripple, a digital
applications beyond cryptocurrency. For instance, currency exchange network for businesses, is
the inventors of Ethereum decided to use another example of a private blockchain.
blockchain technology in asset transfer

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 Consortium Blockchains: A consortium financial trading services throughout Asia, uses
blockchain is a hybrid blockchain. It combines blockchain technology to build a more efficient
elements from both private and public networks. interbank payment account. Perhaps no industry
Consortium blockchains follow a permission stands to benefit from integrating blockchain into
system called shared permissioned ledgers. its business operations more than personal
Instead of allowing anybody to participate in the banking. Unlike banks, blockchain never sleeps.
blockchain (as in public blockchains) or having Transactions can take place any time, regardless
one entity primarily control the network (as in of holidays or the time of day or week. Banking
private blockchains), a small number of entities with blockchain technology is depicted in Figure
are selected to manage the network. The right to 10 [18].
read the blockchain may be public, but the ability
 Media and Entertainment: Companies in media
to form consensus and edit the network data is
and entertainment use blockchain systems to
restricted only to the participants. Consensus is a
manage copyright data. Copyright verification is
dynamic way of reaching agreement in a group.
critical for the fair compensation of artists. It
For example, hybrid blockchains can grant public
takes multiple transactions to record the sale or
access to digital currency while keeping bank-
transfer of copyright content. Sony Music
owned currency private.
Entertainment Japan uses blockchain services to
APPLICATIONS OF BLOCKCHAIN make digital rights management more efficient.
Blockchain has numerous uses besides keeping track They have successfully used blockchain strategy
of monetary transactions like those involving Bitcoin. to improve productivity and reduce costs in
It has numerous applications to improve efficiency, copyright processing.
accuracy, and sustainability. It plays a crucial role
 Retail: Retail companies use blockchain to track
across industries such as agriculture, healthcare,
the movement of goods between suppliers and
supply chain, finance, accounting, energy, food
buyers. For example, Amazon retail has filed a
safety, commerce, and media and entertainment.
patent for a distributed ledger technology system
Some of these applications are shown in Figure 8 [15]
that will use blockchain technology to verify that
and are explained as follows [11,16]:
all goods sold on the platform are authentic.
 Energy: The energy industry is undergoing a shift
 Smart Contracts: A smart contract is computer
towards a clean and distributed approach in
code that can be built into the blockchain to
response to the energy revolution and
facilitate transactions. It operates under a set of
environmental protection movement. Energy
conditions to which users agree. When those
companies use blockchain technology to create
conditions are met, the smart contract conducts
peer-to-peer energy trading platforms and
the transaction for the users. Companies use smart
streamline access to renewable energy.
contracts to self-manage business contracts
Blockchain-based energy companies have created
without the need for an assisting third party. They
a trading platform for the sale of electricity
are programs stored on the blockchain system that
between individuals. Homeowners with solar
run automatically when predetermined conditions
panels use this platform to sell their excess solar
are met. They run if-then checks so that
energy to neighbors. The process is largely
transactions can be completed confidently. For
automated: smart meters create transactions, and
example, a logistics company can have a smart
blockchain records them. Figure 9 shows an
contract that automatically makes payment once
implementation of blockchain in the energy sector
goods have arrived at the port. Figure 11 displays
[17].
the concept of smart contract [18].
 Finance: Financial service providers find
 Voting: If we store personal identity information
blockchain technology useful to enhance
on a blockchain, it brings us closer to the
authenticity, security, and risk management.
possibility of using blockchain for voting.
Blockchains have been heralded as a disruptive
Blockchain could facilitate a modern voting
force in the finance sector, especially with the
system. Voting with blockchain carries the
functions of payments and banking. Traditional
potential to eliminate election fraud and boost
financial systems, like banks and stock
voter turnout, as was tested in the November 2018
exchanges, use blockchain services to manage
midterm elections in West Virginia. Using
online payments, accounts, and market trading.
blockchain in this way would make votes nearly
For example, Singapore Exchange Limited, an
impossible to tamper with. The blockchain
investment holding company that provides
protocol would also maintain transparency in the

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electoral process, reducing the personnel needed automatically when the trigger criteria are met.
to conduct an election and providing officials Smart contracts facilitate the seamless automation
with nearly instant results. This would eliminate of transactions, enhancing efficiency and
the need for recounts or any real concern that accelerating real-time processes. Once predefined
fraud might threaten the election. conditions are met, they automatically trigger the
 Blockchain-as-a-Service (BaaS): This is a next step, reducing the need for manual
managed blockchain service that a third party intervention.
provides in the cloud. You can develop  Less Human Error: The design of blockchain
blockchain applications and digital services while reduces the risk of fraud and human errors.
the cloud provider supplies the infrastructure and Transactions on the blockchain network are
blockchain building tools. approved by thousands of computers and devices.
 Healthcare: One of the primary applications of This removes almost all people from the
blockchain in healthcare is electronic medical verification process, resulting in less human error
records (EMRs) management. Healthcare and an accurate record of information. Even if a
providers can leverage blockchain to store their computer on the network were to make a
patients’ medical records securely. When a computational mistake, the error would only be
medical record is generated and signed, it can be made to one copy of the blockchain and not be
written into the blockchain, which provides accepted by the rest of the network. By spreading
patients with proof and confidence that the record that information across a network, rather than
cannot be changed. These personal health records storing it in one central database, blockchain
could be encoded and stored on the blockchain becomes significantly more difficult to tamper
with a private key so that they are only accessible with.
to specific individuals, thereby ensuring privacy.  Cost Reductions: Typically, consumers pay a
Healthcare payers and providers are using bank to verify a transaction or a notary to sign a
blockchain to manage clinical trials data and document. Blockchain eliminates the need for
electronic medical records while maintaining third-party verification and their associated costs.
regulatory compliance. Figure 12 shows For example, business owners incur a small fee
healthcare blockchain [19]. when they accept credit card payments because
 Digital Identity: The need of the hour is to have a banks and payment-processing companies have to
system that manages individual identification on process those transactions. Bitcoin, on the other
the web. With the rapid development of the hand, does not have a central authority and has
Internet, digital identity is becoming increasingly limited transaction fees. Goods are costlier than
prevalent in various industries. Generally, digital they need to be because middlemen add fees and
identity enables the association of a person’s charges. With blockchain, these intermediaries
stored computer information with their societal are kept to a minimum because of the
identity. Broadly speaking, a digital identity is trustlessness of the network, thus reducing costs.
used to identify an individual’s presence in an  Time Savings: Blockchain slashes transaction
Internet scenario and is a combination of relevant times from days to minutes. Transaction
characteristics. Individuals can control their settlement is faster because it does not require
identity securely, reducing the risk of identity verification by a central authority.
theft. Blockchain technologies make tracking and
 Transparency: Many blockchains are entirely
managing digital identities efficient and secure
open source. This means that everyone can view
resulting in less fraudulent incidents.
its code. The nodes that have downloaded the
BENEFITS blockchain onto their computers can see all the
The key benefit of blockchain lies in its ability to data that is stored on blockchain. Every single bit
provide security, transparency, and trust without of data can be traced right back to its very origins.
relying on traditional intermediaries, such as banks or For example, in the Bitcoin blockchain, every
other third parties. Perhaps the most profound facet of single bitcoin (or fraction of a bitcoin) can be
blockchain and cryptocurrency is the ability for traced back to see who owned the currency in the
anyone, regardless of ethnicity, gender, location, or past and what transactions those coins were
cultural background, to use it. Other benefits include involved in.
the following [12,14]:
 Greater Trust: You no longer have to trust a
 Automation: Blockchain is programmable and can
central party to execute a transaction. The
generate systematic actions, events, and payments

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decentralized nature of blockchains allows peer- time-consuming record reconciliations is
to-peer transactions to be carried out without a eliminated. Smart contracts, which are stored on
single party sitting in the middle. Blockchain’s the blockchain, can automate processes and speed
transparency lets everyone see that these up transactions. Business-to-business transactions
transactions were executed. Blockchain creates a can take a lot of time and create operational
secure, members-only network, ensuring accurate bottlenecks, especially when compliance and
and timely data access. Confidential records are third-party regulatory bodies are involved.
shared only with authorized network members, Transparency and smart contracts in blockchain
fostering trust and creating end-to-end visibility make such business transactions faster and more
across the system. efficient.
 Better Traceability: Traceability ensures that the  Faster Auditing: Enterprises must be able to
transactions made are traceable. Blockchain offers securely generate, exchange, archive, and
instant traceability with a transparent audit trail of reconstruct e-transactions in an auditable manner.
an asset’s journey. Transactions on the blockchain Blockchain records are chronologically
are tracked in chronological order and cannot be immutable, which means that all records are
changed or reversed due to the cryptographic always ordered by time. This data transparency
hashing. All of the network’s nodes have access makes audit processing much faster.
to every transaction, which makes it very easy to
 Decentralized System: Decentralization is the key
trace what transactions took place, when, and by
feature of blockchain technology. In a
whom.
decentralized blockchain, no single central
 Censorship Resistance: If a central party manages authority can control the network.
a network’s data, it has the ability to censor how Conventionally, transactions require the approval
you use their app. For instance, PayPal has a of regulatory authorities like a government or
history of not allowing pornography workers to bank; however, with Blockchain, transactions are
use its payment system. done with the mutual consensus of users,
 Increased Speed: Blockchain is increasingly resulting in smoother, safer, and faster
replacing slow, paper-based processes, as well as transactions. Blockchain's decentralized nature
processes that require alignment of multiple helps eliminate the need for intermediaries,
separate databases. By aggregating data on a reduce costs, and increase efficiency.
single distributed ledger, transactions can be  Finality: Finality refers to the irreversible
executed and shared more efficiently, leading to confirmation of transactions in a blockchain. If
faster operations in many cases. and when a transaction is added to a block, and
 Secure Transaction: Blockchain technology the network confirms the block, it becomes
achieves decentralized security and trust in immutable and cannot be reversed. This feature
several ways. Blockchain systems provide the ensures the integrity of the data and prevents
high level of security and trust that modern digital double spending, providing a high level of
transactions require. The combination of security and trust.
distributed data and cryptographic hashing makes  Openness: Openness in blockchain technology
blockchains more difficult to hack than makes the blockchain accessible to anyone who
centralized databases. Hackers no longer have a intends to participate in the network. This implies
single database to attack. Rather, they will have to that it is open for all, and anyone can join the
find a way to overcome the security provided by network, validate transactions, and add new
thousands of computers across the world who are blocks to the blockchain, so long as they know
monitoring the network. Blockchain uses the the consensus rules. Openness promotes
three principles of cryptography, decentralization, inclusivity, transparency, and innovation,
and consensus to create a highly secure allowing participation from various stakeholders.
underlying software system that is nearly
 Inclusion: Blockchain technology can expand the
impossible to tamper with. There is no single
access and availability of lending to the unbanked
point of failure, and a single user cannot change
and underbanked populations, who may lack the
the transaction records.
formal identification, documentation, or credit
 Increased Efficiency: With a distributed ledger history required by the traditional lending
shared among network members, the need for institutions.

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CHALLENGES government regulation of cryptocurrencies.
Blockchain technology is often seen as a "cure-all" Several jurisdictions are tightening control over
that can solve a wide range of problems because of its certain types of crypto and other virtual
decentralized nature. However, blockchain is not an currencies. However, no regulations have yet
individual system but rather a protocol that allows been introduced that focus on restricting
different participants to transmit information by blockchain uses and development.
synchronizing various databases. The challenges
 Data Storage: Another significant implication of
associated with blockchain adoption include
blockchains is that they require storage. This may
regulatory uncertainties, sustainability concerns, and
not appear to be substantial because we already
the emerging need for skilled professionals. An issue
store lots of information and data. Every node
with many blockchains is that each block can only
stores a complete record of all transactions in a
hold so much data. The block size debate has been
database. This decentralized setup leads to a
and continues to be one of the most pressing issues
notable outcome—the transaction database grows
for the scalability of blockchains in the future. Other
rapidly over time. However, as time passes, the
challenges include [20]:
growing blockchain use will require more storage,
 High Cost: Although blockchain can save users especially on blockchains where nodes store the
money on transaction fees, the technology is far entire chain. Currently, data storage is centralized
from free. The adoption of blockchain technology in large centers. But if the world transitions to
entails significant financial investments, making it blockchain for every industry and use, its
a capital-intensive endeavor for most companies. exponentially growing size would require more
This financial barrier serves as a deterrent to advanced techniques to make storage more
many enterprises considering the implementation efficient.
of blockchain solutions. For example, the Bitcoin
 Interoperability: The diversity in protocols,
network's proof-of-work system to validate
algorithms, and data structures across various
transactions consumes vast amounts of
blockchains hinders seamless information
computational power. Given the scarcity of
exchange, limiting their potential as universal
skilled professionals in this domain, the cost of
transaction platforms. Initiatives to foster data
acquiring such talent can be substantial.
transfer between blockchains are emerging, but
 Data Inefficiency: Bitcoin is a perfect case study interoperability remains a significant challenge.
of the inefficiencies of blockchain. Bitcoin's
 Scalability: Blockchains face scalability issues
proof-of-work (PoW) system takes about 10
due to limited transaction throughput. As more
minutes to add a new block to the blockchain. At
transactions occur, scalability becomes crucial.
that rate, it is estimated that the blockchain
Blockchain technology faces a trade-off between
network can only manage about seven
security, decentralization, and scalability. As the
transactions per second. Although other
number of transactions and users on the
cryptocurrencies, such as Ethereum, perform
blockchain increases, the network becomes more
better than Bitcoin, the complex structure of
secure and decentralized, but also slower and
blockchain still limits them.
more expensive.
 Illegal Activity: While confidentiality on the
 Private Keys: The security of the blockchain
blockchain network protects users from hacks and
network is primarily upheld by the concept of
preserves privacy, it also allows for illegal trading
private keys. These private keys play a crucial
and activity on the blockchain network. This
role in validating blockchain addresses and
system gives anyone access to financial accounts,
ensuring the integrity of transactions. When a user
but allows criminals to transact more easily.
opens a cryptocurrency wallet, they are provided
Many have argued that the good uses of crypto,
with a unique private key. Losing the private key
like banking the unbanked, outweigh the bad uses
can be catastrophic, as it renders the user unable
of cryptocurrency, especially when most illegal
to access their funds. To mitigate this risk, it is
activity is still accomplished through untraceable
essential to store multiple copies of the private
cash.
key securely.
 Regulation: Blockchain technology operates in a
 Education: Blockchain is still an emerging
largely unregulated and uncertain legal
technology, so it is hard to understand how it
environment, which can pose various challenges
works without looking into the code or getting
and risks for automated lending. Many in the
deep into computer science concepts. It is a
crypto space have expressed concerns about

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complex and novel concept, which can be https://www.simplilearn.com/tutorials/blockcha
difficult to understand and use for the average in-tutorial/blockchain-technology
user. The users need to have a basic knowledge
[5] A. Sood, “Blockchain overview,” December
and awareness of how blockchain technology
2018,
works, what are the benefits and risks, and how to
https://www.linkedin.com/pulse/blockchain-
use the tools and platforms available. The
overview-scrum-prince2-and-sap-grc-certified/
blockchain community and industry need to
provide more education and support to the users [6] “The CIO’s guide to blockchain,”
to increase their confidence and competence in https://www.gartner.com/smarterwithgartner/th
using blockchain technology. e-cios-guide-to-
blockchain#:~:text=True%20blockchain%20ha
CONCLUSION
s%20five%20elements,%2C%20immutability%
Blockchain is a shared, immutable digital ledger,
2C%20tokenization%20and%20decentralizatio
enabling the recording of transactions and the
n.
tracking of assets within a business network and
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practical applications for the technology already changer for media and entertainment?”
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Figure 1 The symbol of blockchain [3].

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Figure 2 The key characteristics of blockchain [3].

Figure 3 Five key elements of blockchain [6].

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Figure 4 The decentralized property of blockchain [7].

Figure 5 Bitcoin [8].

Figure 6 How blockchain works [9].

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Figure 7 Types of blockchain networks [13].

Figure 8 Some of these applications of blockchain [15].

Figure 9 An implementation of blockchain in the energy sector [17].

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Figure 10 Banking with blockchain technology [18].

Figure 11 The concept of smart contract [18].

Figure 12 Healthcare blockchain [19].

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