Recent Trends, Architecture and Implementation of Blockchain

Abstract

The advent of the blockchain as a datum to bit coin and cryptocurrency in 2008 transforms the monetary industry and manifests a peer-to-peer (P2P) data exchange in an utmost secure, transparent and efficient way. Blockchain is a reality today, reforming existing industry into smart industry (4.0). Blockchain overcomes many inherent key challenges such as data exchange in heterogeneous network, decentralization, poor interoperability and provides secured environment with its anomalous characteristics such as immutability, decentralization, persistence, anonymity and irreversibility. This paper enumerates the coherent and comprehensive state-of-the-art, architecture layers, various consensus protocol, application, challenges and implementation of blockchain. This work deals with creating a blockchain using Anaconda IDE, developing smart contract using solidity code using remix IDE and processing the transaction using Ethereum test network known as Ganache and Metamask wallet. Despite having enormous benefits, blockchain has some disadvantages in attaining consensus rapidly over a wide network, high energy consumption during computation, and requires storage of complete chain of Blocks.