ABSTRACT
Everyone may have a different understanding of the utility of cryptocurrency, but blockchain technology is esteemed as the main technology. In blockchain technology, a series of data are linked together. This technology binds every single transaction with a chain of transactions linked in batches by building different blocks based on the principles of cryptography. These blocks are mutually connected with a unique identifier code called “hash,” which connects the previous blocks with succeeding ones. Overall, this is called a “blockchain” which forms an incessant ledger of transactions. This is not under the control of a single entity, but is decentralized. The whole chain is formed connecting many computers. The ledgers are shared, copied, and stored among those computers. Bitcoins and similar cryptocurrencies are based on blockchain technology. The specialty of blockchain technology, as well as the reason for its popularity, is its transparency and security. On 1 August 2019, the retail business giant Wal-Mart filed a patent for a stable coin via blockchain, which is backed by USD. Various other industries have also been heavily influenced by this technological revolution. Blockchain technology has the potential to become the next major disruption. Blockchain is the technology that countenances cryptocurrencies to occur. The blockchain has the latent to reform the way the financial worth of products is measured in trade. The prospect of blockchain technology is full of perspectives and opportunities. The significance of cryptocurrencies is reliant on the cost of generating belongings of its fundamental blockchain. This chapter deliberates the introduction of the blockchain, background of Bitcoin and cryptocurrency, its history, and definitions. Nevertheless, this chapter also discusses some cybersecurity aspects of blockchain.
