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What is blockchain?
8 cited papers · March 16, 2026 · Powered by Researchly AI
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TL;DR
Blockchain is a decentralized transaction and data management technology first developed for Bitcoin cryptocurrency, with the foundational idea coined in 2008.…
Blockchain is a decentralized transaction and data management technology first developed for Bitcoin cryptocurrency, with the foundational idea coined in 2008.12Yli-Huumo et al. (2016)1
It functions as a chain of blocks that store information with digital signatures in a decentralized and distributed network, making transactions more secure and tamper-proof. Monrat et al. (2019)
- Distributed Ledger — A shared ledger comprising a series of blocks, each containing a series of transactions, with an identical copy stored on all nodes in the network.
- Decentralization & Immutability — Core features of blockchain that enable trustless, secure data storage without any third-party organization controlling transactions.
- Consensus Mechanisms — Fundamental components of blockchain required to ensure trust, security, and integrity of data and transactions across the distributed network.
- Smart Contracts — Programs embedded in blockchain that enable the automatic execution of agreements; their immutability means code cannot be altered once approved by all parties.
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A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain NetworksWenbo Wang, Dinh Thai Hoang et al.2019IEEE Access
View 3
Fully Decentralised Consensus for Extreme-scale BlockchainSiamak Abdi, Giuseppe Di Fatta et al.2025arXiv
View 4
A Survey of Blockchain From the Perspectives of Applications, Challenges, and OpportunitiesAhmed Afif Monrat, Olov Schelén et al.2019IEEE Access
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Diagram
+----------------------------------------------------------+ | BLOCKCHAIN NETWORK | | | | [Node 1] [Node 2] [Node 3] [Node N] | | | | | | | | [Ledger Copy] [Ledger Copy] [Ledger Copy] [Ledger] | | | | | | | +------+---------------+---------------+---------------+---+ | +---------+---------+ | BLOCKCHAIN | | [Block 1] | | - Transactions | | - Digital Sig. | | - Hash | | | | | [Block 2] | | - Transactions | | - Prev. Hash | | | | | [Block N]... | +-------------------+ | +---------+---------+ | CONSENSUS LAYER | | (PoW, PoS, PBFT, | | PAXOS, RAFT...) | +-------------------+
Blockchain's key technical properties include decentralization, immutability, transparency, and auditability, which together make it resistant to tampering and fraud.1Monrat et al. (2019)2Beyond its original financial use case, blockchain is now envisioned as a powerful backbone for decentralized data processing and data-driven self-organization in open-access networks, with consensus mechanisms being the primary enabler of these properties.13Wang et al. (2019)3
1
Fully Decentralised Consensus for Extreme-scale BlockchainSiamak Abdi, Giuseppe Di Fatta et al.2025arXiv
View 2
A Survey of Blockchain From the Perspectives of Applications, Challenges, and OpportunitiesAhmed Afif Monrat, Olov Schelén et al.2019IEEE Access
View 3
A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain NetworksWenbo Wang, Dinh Thai Hoang et al.2019IEEE Access
View Table
| Feature | Description |
|---|---|
| Data Structure | Chain of cryptographically linked blocks |
| Consensus | PoW, PoS, PBFT, PAXOS, RAFT, Avalanche, etc. |
| Key Properties | Decentralization, Immutability, Transparency |
| Applications | Cryptocurrency, IoT, Healthcare, Supply Chain, Smart Contracts |
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Research shows that the majority of blockchain studies focus on revealing and improving limitations from privacy and security perspectives, indicating these remain significant open challenges. Yli-Huumo et al. (2016)1Key challenges also include scalability, privacy, interoperability, energy consumption, and regulatory issues, all of which constrain broader adoption. Monrat et al. (2019)2
- Blockchain was originally developed as the underlying technology for Bitcoin, with interest growing since 2008.
- Its core features — decentralization, immutability, transparency, and auditability — make it suitable far beyond cryptocurrency.
- Consensus mechanisms are the fundamental component that ensures trust and data integrity across the distributed network.
- Smart contracts extend blockchain's utility by enabling automatic, trustless execution of agreements without intermediaries.
- Scalability, energy consumption, and privacy remain the most pressing technical limitations facing blockchain today.
1
Where Is Current Research on Blockchain Technology?—A Systematic ReviewJesse Yli-Huumo, Deokyoon Ko et al.2016PLoS ONE
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Distributed Ledger Technology: Blockchain Compared to Directed Acyclic GraphFederico Matteo Benčić, Ivana Podnar Žarko2018arXiv
View 3
A Survey of Blockchain From the Perspectives of Applications, Challenges, and OpportunitiesAhmed Afif Monrat, Olov Schelén et al.2019IEEE Access
View 4
Fully Decentralised Consensus for Extreme-scale BlockchainSiamak Abdi, Giuseppe Di Fatta et al.2025arXiv
View 5
A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain NetworksWenbo Wang, Dinh Thai Hoang et al.2019IEEE Access
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- "Proof of Work vs Proof of Stake consensus mechanisms in blockchain"
- "Blockchain applications in healthcare and supply chain management"
- "Smart contract security vulnerabilities and testing methods"
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