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Challenges in Blockchain technology
The main issues in the Blockchain technology are scalability
and privacy.
In Blockchain technology, only 6 transaction per second is
possible so it is major challenge in this technology.
The privacy issues in this technology is everyone can view
the transaction
history of others with the help of Pseudonymity of public
blockchain and anyone can track the transaction of others
with knowing only the their address.
Blockchain Applications
Real life application of blockchain technologies are listed in
the figure.
Blockchain
technology
are
more attracted by
financial institution[3] due to decentralized and smart
contract technology. Main areas in the financial sectors that
concentrate blockchain technology are insurance, e-
auction, trading, real estate etc. Smart contract allows
better performance in transaction without the third parties
and it is recordable and traceable. Other
areas of blockchain applications are Internet
of Things(IoT),health sector[5], certificate attestation, Anti-
money laundering (AML), Digital money transfer etc.
References
[1] Zibin Zheng,Shaoan xie,An Overview of Blockchain
technology: Architecture, Consensus and Future
trends.2017 IEEE 6th International Congress on Big Data.
[2] Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic
Cash System [online
] https://bitcoin.org/bitcoin.pdf.[
3]https://blockgeeks.com/guides/blockchain-applications/[4]Waseem Akram “Blockchain technology: challenges and
future prospects” International Journal of Advanced
Research in Computer Science, Volume 8, No. 9,
November-December 2017
[5] Tareq Ahram1, Arman Sargolzaei2, Saman Sargolzaei,”
Blockchain Technology Innovations” 2017 IEEE Technology
& Engineering Management Conference (TEMSCON).