Overview of Blockchain’s Application: Advantages and Disadvantages

The Blockchains concept has recently emerged as an important area of research. Blockchains are records in the form of a list, where each record is linked with the other by cryptographic techniques. Blockchain has been popular because of its decentralized, peer-topeer transaction and immutable properties. It is a shared digital ledger available to all nodes or users present in the public or the private peer-to-peer network. The Blockchain enables a fully decentralized system which has been an important feature because of which no one can control the operations on it. It is an open form of distributed ledger which records all transactions carried on it by all parties. In this paper, we are presenting a systematic overview of working of Blockchain technology which is mainly focused on introduction, types, and basic design elements along with its applications such as currency, smart contracts, digital voting, supply chain management, healthcare services. Each application of blockchain has been critically reviewed and advantages along with shortcoming of each application has been discussed.