Review of Blockchain Technology

Abstract

“One of the greatest technologies of the twenty-first century is blockchain. In technical terminology, a blockchain is a
collection of time-stamped records that contain an immutable record of data and are controlled by a network of
independent computers”. Cryptographic functions are used to secure and connect each of these recordings of data, known
as blocks. The first actual use of blockchain is with bitcoin. Bitcoin is not the only application of blockchain technology,
though. We will discuss the use of blockchain technology across many areas in this paper.