BlockChain : Properties, Application and Bit-coin Case study

Blockchain is a decentralized distributed network which allows peer-to-peer(P2P) communication among the users. As the name indicates, it deals with the group of records called blocks. We are in an era where both it is important to maintain the integrity of data as well as to fasten the process of the transaction. Blockchain helps in doing these by maintaining the timestamp on blocks and time required for a transaction can be reduced by eliminating the need of the third party during the process of the transaction. Bitcoin and Smart contract are the two major applications based on blockchain technology. Bitcoin is the first application which was developed on blockchain Technology and is a popularly known crypto-currency. Satoshi Nakamoto is the person who is behind the development of bitcoin [1]. Smart contract was defined by Szabo as " set of promises, specified in digital form, including protocols within which the parties perform on these promises [2]. This paper aims in bringing a detailed overview of blockchain and its applications followed by a case study on bitcoin.