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Evolution of Blockchain and consensus mechanisms & its real-world applications by Amrendra Singh Yadav; Nikita Singh; Dharmender Singh Kushwaha is a Computer Science article available to read on EtoBox.

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Distributed Ledger Technology (DLT) and blockchain are two terms that have been used interchangeably for the longest of time ever since the concept of the bitcoin cryptocurrency system was introduced by Satoshi Nakamoto in 2008. DLT can be thought of as an umbrella term that encompasses the blockchain and other type of distributed ledgers. It is a decentralized, permisionless, distributed database where each participant maintains its own copy of the distributed ledger and the records are distributed as a chain of blocks across a peer-to-peer network. This implies that a replicated database is maintained and it does not rely on a single party or an intermediary for its operation. This also happens to be the most ground breaking feature of this technology. Bitcoin blockchain can be understood as the first fully functional DLT that exists. Blockchain is rapidly evolving as the next disruptive innovation in secure connectivity, with the potential to fundamentally alter how we work and live in the twenty-first century.The key components of this technology include the miner, the consensus protocols, hashing and an asymmetric cryptography system to encrypt the data through the use of the

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Author

Amrendra Singh Yadav; Nikita Singh; Dharmender Singh Kushwaha

Publisher

Springer Science and Business Media LLC

Published

2023

Language

EN

Field

Computer Science (Physical Sciences)