Blockchain technology development and its applications

Abstract

Many people may have heard about cryptocurrencies, which became famous around the world due to Bitcoin. Since then, may applications have been developed based on blockchain technology and this trend has continued. The current flourishing cryptocurrency market is based on blockchain technology, which has shown its enormous potential in various areas.

Blockchain technology was used in financial area at the beginning, then it was applied in more and more areas such as Internet of Things (IoT), supply chain, e-government, data storage, etc. because it is secure and decentralized. However, blockchain technology is not perfect and along with its development, some issues like capacity problem, low scalability need to be solved. Many applications are still blueprint and under exploring. This report introduces the main technologies used in blockchain technology and also mentions the mainstream applications of blockchain technology. Then it introduces the project with an interactive webpage which one can experience operating a cryptocurrency account to mine a block and trade with others. The code of the project and its explanations are also included. The project is aimed to help understand cryptocurrency and blockchain technology. In addition, it shows how blockchain technology changes the traditional trading pattern and defines the mode of information exchange around the digital world.