Blockchain and decentralized applications

Abstract

Bitcoin is a virtual currency that emerged in the aftermath of the financial crisis. It allows people to bypass banks and traditional payment processes to pay for goods and services. The technology on which bitcoin works is of great interest to us. It is called the Blockchain. Blockchain is a continuously growing list of records, which are linked and secured using cryp- tographic methods. It allows its users the exibility to transact with lower costs involved and at higher speeds. Block chain ledgers are also decentralised and a ledger is maintained at each node of the network. The technology eliminates the need of any intermediaries in transactions while still solving the double spending problem.In this report, we highlight the various tools and technologies that run on the Blockchain network and focus deeply on decentralized applications with their examples and uses in the real work.