Blockchain: Architecture, Features, Challenges, and Applications

Running head: NETWORKED APPLICATION MANAGEMENT
NETWORKED APPLICATION MANAGEMENT
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1NETWORKED APPLICATION MANAGEMENT
Table of Contents
Introduction:...............................................................................................................................2
Part 1: Block chain.....................................................................................................................2
Architecture............................................................................................................................2
Features..................................................................................................................................2
Increased capacity..............................................................................................................3
Better security....................................................................................................................3
Immutability.......................................................................................................................3
Faster settlement.................................................................................................................4
Challenges..............................................................................................................................4
Initial costs.........................................................................................................................4
Integration with legacy systems.........................................................................................4
Energy consumption...........................................................................................................4
Public perception................................................................................................................5
Privacy and security...........................................................................................................5
Part2 Applications of Block chain.............................................................................................5
Currency.................................................................................................................................5
Smart contracts.......................................................................................................................6
Part2 Socio technical aspects.....................................................................................................6
Conclusion..................................................................................................................................7
Reference....................................................................................................................................7

2NETWORKED APPLICATION MANAGEMENT
Introduction:
The blockchain is one of the most advanced and growing technology in the world now
a days. Block chain can be defined as the shared public decentralized ledger which is used in
all the type of the crypto currencies. In order words its works for recording transmission
transaction which occurs across many computer systems so that the records cannot be altered,
tampered without the alteration of the subsequent blocks of thee collusion network. This
paper will discuss about the architectures of the block chain, importance and features of the
block chain concept and the basic working application of the blockchain process.
Part 1: Block chain
Architecture
Block chain architecture is a type of network architecture which does not contain a
central server [1]. It is a mesh type of network where the computers are connected to each
other instead of a central computer [2]. The computers of a block chain work with a shared
state of data and adhere certain constraints implied on the data [3]. This is basically an
algorithmic and accurate globally spread ledger. The core application of block chain is
transaction database modeled as a safe ledger. It is mainly used for the crypto currency
transactions like bit coin, Montero and so on [4]. The block chain has a peer to peer
architecture for transactions without any middle organization like bank[5]. The architecture is
based on various blocks of data and the transaction is done.
Features
The four main features of block chain are