A Study on algorithms used in blockchain applications

Abstract

A blockchain is a distributed database of records, often known as a public ledger, that contains all transactions or digital events that have been completed and shared among various entities. Each transaction in the public ledger is validated by the majority of the system's members. Information can't be deleted once it's been entered. Every transaction ever made is recorded in the blockchain, which is certain and provable. The most well-known example of blockchain technology is Bitcoin, a decentralized peer-to-peer digital currency. The immutability of the stored records is a unique property that sets it apart from previous technology. It employs consensus and cryptographic approaches to achieve immutability. This technology is also known as "Distributed Ledger Technology (DLT)" since the data is kept in distributed nodes. As more scholars and practitioners become interested in blockchain, some are curious about the algorithms that are utilized to execute the technology. A lot of study is being done to better understand the blockchain's adoption and diffusion stages. The details of numerous techniques used to implement blockchain in any domain application are presented in this study.