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2000
Volume 18, Issue 7
  • ISSN: 2352-0965
  • E-ISSN: 2352-0973

Abstract

Blockchain, the revolutionary technology behind the existence of cryptocurrencies has received enormous recognition worldwide due to its immutable system which allows transactions to take place in a decentralized manner ensuring security and accountability. In a trustless environment, blockchain systems work consistently, where each block’s data is distributed across a dense peer-to-peer (P2P) network. In this type of network, each node acts as a backup because all transactions are stored in every node. It follows a set of validation criteria that provide transparency, trust, and data security. Blockchain primarily works on a P2P network which is generally more secure, prohibiting any attack or failure at a single point that might be encountered in the case of a centralized network. All nodes present in it work in association with a consensus algorithm to provide services in a synchronized manner, which makes the working of blockchain robust and much more resilient.

A blockchain network is defined as the interconnection of many nodes, and each node holds a copy of the ledger. It can be observed as a continuously growing chain of blocks, and blocks are interconnected with the support of a hash function. Block-chain-based solutions are used in financial services, healthcare, the Internet of Things, and so on. However, this technology holds the potential to overcome many obstacles such as technical issues, rapid change, and lack of acceptance on a global level that it is currently facing. This chapter deals with blockchain Architecture, various consensus algorithms used in different blockchains, and future trends of this technology. It also explains its key components and characteristics that would help us understand the topic in greater depth.

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2024-04-16
2025-09-27

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Breaking Down the Blockchain Architecture: Components, Characteristics and Future Trends
Recent Advances in Electrical & Electronic Engineering 18, 923 (2025); https://doi.org/10.2174/0123520965303926240401053649
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  • Article Type:     Review Article
Keyword(s): Blockchain architecture; consensus algorithm; cryptocurrency; decentralization; hashing; P2P network

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