Blockchain Technology: Architecture, Features, Challenges, and Applications

Running head: NETWORK APPLICATION MANAGEMENT
NETWORK APPLICATION MANAGEMENT
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1NETWORK APPLICATION MANAGEMENT
Table of Contents
Introduction....................................................................................................................................2
Discussion.......................................................................................................................................2
Block chain.................................................................................................................................2
Architecture...........................................................................................................................2
Feature...................................................................................................................................2
Challenges..............................................................................................................................2
Application of block chain..........................................................................................................2
Currency.................................................................................................................................2
Smart contracts......................................................................................................................2
Social technical aspects..............................................................................................................2
Conclusion......................................................................................................................................2
References......................................................................................................................................2

2NETWORK APPLICATION MANAGEMENT
Introduction
Blockchain can be defined as digital, decentralization of various kinds of transaction related to
cryptocurrency [10]. In this technology different kinds of records are added in chronological order. It
helps markets participants to keep a track of transaction related to digital currency without the need of
any kind of recordkeeping in a central way [3]. In it each node gets a copy of blockchain which can be
downloaded automatically. Blockchain is also known as distributed ledger technology (DLT) which is
being used in variety of commercial applications. At present this technology is used for verifying
transactions with in digital currencies. It is also possible understanding transaction with digital
currencies as much as possible.
In the coming pages of the report various aspects of blockchain like architecture, features and
challenges has been discussed. After that application of blockchain in two domains like currency and
internet of things has been discussed. The last part of the report focus on social technical aspects of
blockchain technology.
Discussion
Block chain
Architecture
The architecture of blockchain has list of parameter like
 Platform of blockchain
 Role of Nodes in Blockchain.
 Various transaction will help in creation of blocks needed for running nodes.
 Implementation of security which generates blocks.
 It focuses on the process of adding new number of blocks.
Block chain itself is considered to be an application which runs on network of various distributed
servers [11]. The main application is considered to be a transaction database which can be achieved by
sharing of all the available nodes. So it can be concluded that it is 100% decentralized transaction
system.
Block chain is nothing but a network for peer to peer communication which works like IP
protocol on internet [6]. A P2P is considered to be flat topology which no kind of centralized node.
Implementation of blockchain consists of two kinds of records namely blocks and transaction.