A Study of Blockchain Applications and Challenges in the Contemporary Business World

Abstract

The underlying mechanism of many digital currencies is referred to as blockchain technology. This entails a decentralized and distributed block network that preserves data using digital signatures. The unique features of blockchain technology, including decentralization, transparency, immutability, and auditability, make transactions more secure and resistant to tampering. Blockchain technology has many applications beyond cryptocurrencies, including managing security, healthcare, financial, and social services. Numerous studies have focused on the potential that blockchain technology offers in different fields of applications. This paper compares various consensus mechanisms, explains the taxonomy and architecture of blockchain, and discusses challenges like scalability, privacy, interoperability, energy consumption, and regulatory issues. It also shows a comparative study of the tradeoffs of blockchain. The future application of blockchain technology is also mentioned in this study.