Bitcoin has piqued the interest of both academics and industry, ushering in a new era of cryptocurrencies.
The core technology for operating Bitcoin has long been thought to be blockchain.
The blockchain technology employed in Bitcoin is essentially a public, distributed, and append-only record that is maintained and managed by a group of financially driven miners who do not trust one another.
Transactions (made by users) are authenticated by miners and recorded in a chain of blocks to build a trust environment.
The consensus algorithms attached to the chain are used to build blocks on a regular basis.
This application expresses a few fundamental blockchain aspects, such as distributed ledger storage, transparent operation, and tamper-resistant records.
As previously stated, the blockchain idea highlights a number of important characteristics, including decentralization, persistency, auditability, and anonymity.
These characteristics underscore the fact that blockchain operates in a decentralized and open environment, such as a peer-to-peer (PP) network.
To provide both persistency and auditability, blockchain makes use of cryptographic hashes and signatures.
Because individuals may interact with blockchain using several addresses (i.e., blockchain identities), true identities and actions can be kept hidden to some extent.
Blockchain has been used or is being used in a variety of applications since the advent of smart contracts, far beyond its initial intended intentions. Vehicular networks, the food supply chain, e-health, commercial enterprise, and industry are just a few examples.
The capability of security and privacy in blockchain is also being strengthened by combining security and privacy solutions, such as privacy protection, secure searchable encryption, secure multiparty computation, access control, and identity management.
Furthermore, fast improvements in numerous technical aspects, such as sensors, RFID (radio frequency identification), smartphones, computing and communication technologies, and network protocols, enable the Internet of Things (IoT).
In the linked environment, devices and equipment communicate with one another, sending acquired data (e.g., context or human behaviors) to a control center or a database.
Smart grids, wireless sensor networks, automotive networks, smart homes, e-healthcare, cloud storage services, agricultural networks, and industrial networks are examples of typical IoT applications.
IoT not only connects the physical and digital worlds, but also enables multi-dimensional data to be accessed for better decision-making.