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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

[

[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).