Blockchain Technology: Applications and Challenges

This report provides an overview of blockchain technology, detailing its architecture, features, and applications. It begins with an introduction to blockchain, highlighting its security and interconnected record-keeping capabilities. The report then delves into the architecture, including transactions, consensus, mining, and blocks. Key features such as security, immutability, reliability, and integrity are discussed, followed by an examination of challenges like initial costs, energy consumption, and legacy system integration. The applications section focuses on blockchain's use in currency (Bitcoin) and the Internet of Things (IoT), specifically self-driving cars. The report explores the socio-technical aspects of Bitcoin, including transactions, encryption, and virtual money, along with the socio-technical aspects of self-driving cars, such as machine learning and usability. The conclusion emphasizes blockchain's effectiveness and efficiency, its role as a distributed ledger, and its diverse applications. References from various sources are included to support the information provided.