Current trends of blockchain technology: architecture, applications, challenges, and opportunities

Blockchain technology has gained attention in recent times owing to its ability to revolutionize traditional trade through its distributed ledger attribute. The prompt advancement of blockchain demands new systematic studies to investigate and analyze the existing knowledge in this domain. In the cu...

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Bibliographic Details
Published inDiscover Internet of things Vol. 4; no. 1; pp. 7 - 17
Main Authors Abrar, Iram, Sheikh, Javaid A.
Format Journal Article
LanguageEnglish
Published Cham Springer International Publishing 19.07.2024
Springer Nature B.V
Springer
Subjects
Access control
Algorithms
Blockchain
Computer Science
Consensus protocol
Consortia
Cyber-physical systems
Decentralization
Decentralized ledger
Digital currencies
Distributed ledger
Electrical Engineering
Information Systems Applications (incl.Internet)
Internet of Things
IoT
Merkle tree
Privacy
Review
Security
Supply chains
Trends
Decentralized ledger
Merkle tree
Consensus protocol
Security
Blockchain
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Summary:Blockchain technology has gained attention in recent times owing to its ability to revolutionize traditional trade through its distributed ledger attribute. The prompt advancement of blockchain demands new systematic studies to investigate and analyze the existing knowledge in this domain. In the current work, the present standing and emerging trends of blockchain have been analyzed to direct both new and experienced researchers in establishing a baseline for future research projects. Likewise, the research advancement of consensus protocol was reviewed with a particular emphasis on their security perspective. Accordingly, the attributes, appropriate scenarios, and probable weaknesses of different consensus protocols and their future trends were reviewed. This helps in scrutinizing how blockchain technology can be applied to a variety of emerging fields, including economics, healthcare, information systems, wireless networks, and smart grids. Additionally, the current evaluation provides a throughout discussion of blockchain applications in various fields. Finally, the paper offers a brief insight into limitations and prospective future development in this domain. Overall, the aim is to aid newbies in investigating and scheming new solutions while considering the present demands and issues.
ISSN:2730-7239
2730-7239
DOI:10.1007/s43926-024-00058-5