Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the emerging technologies currently in the market attracting lot of attentions from enterprises, start-ups and media. Blockchain has the potential to transform multiple industries and make processes more democratic, secure, transparent, and efficient. The government has to make corresponding laws for this technology, and enterprise should be made ready for embracing Blockchain technologies as its prevention brings too much impact to current system. While we enjoy the advantages of Blockchain technologies, we still have to stay cautious on its influence and security issues that it could have. In the beginning, this paper describes the limitation of traditional transaction system so that readers can understand why we need this technology. This paper highlights the working principle of Blockchain technology with an example. Various applications with advantages and drawbacks of this technology are further explored in this paper. Readers will also get to know the future of this technology in this research paper.

Blockchain, consensus mechanisms in Blockchain, architecture of Blockchain, proof of work (PoW), proof of stake (PoS), smart contract, digital identity and assets management.