Blockchain Unpacked: How Consensus, Architecture, and Trends Shape the Future

Abstract

Recent months have seen significant growth for the blockchain technology that powers Bitcoin. The blockchain is an immutable distributed ledger of transactions. New uses for blockchain technology are popping up across many different industries, such as the IoT, financial services, and reputation systems. However, issues related to blockchain technology, such as its scalability and security, remain unresolved. Due to its low transaction throughput, Bitcoin is not a good choice for high-frequency trading. Conversely, larger blocks indicate less network transmission and higher storage space. This will create centralisation in the blockchain industry since fewer people would want to possess a huge blockchain. A thorough explanation of blockchain technology is given in this article. The study begins with a brief introduction to blockchain technology, followed by a comparison of various consensus methods used by various blockchains. I have also provided a quick explanation of the technical obstacles and ongoing advancements. They also draw attention to potential blockchain advancements in the future.