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Analysis of Blockchain technology: pros, cons and SWOT

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Abstract

Any online transaction that involves digital money is a bit of a challenge these days with the rising threats of hackers trying to steal bank details posted online. This leads to the invention of various kinds of crypto-currency, Bitcoin being one of them. The technology behind using the Bitcoin is popularly called as Blockchain. Blockchain is a digitized, de-centralized, public ledger of all crypto-currency transaction/s. Blockchain tries to create and share all the online transactions, stored in a distributed ledger, as a data structure on a network of computers. It validates the transactions using peer-to-peer network of computers. It allows users to make and verify transactions immediately without a central authority. Blockchain is a transaction database which contains information about all the transactions ever executed in the past and works on Bitcoin protocol. In this analysis paper we discussed what is Blockchain?, SWOT analysis of BC, Types of BC and how Blockchain works along with its advantages and disadvantages.

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Acknowledgments

I thank Dr. T. V. Suresh Kumar, Registrar (Academic), Prof. and Head, Dept. of Computer Applications, RIT, Bangalore-54. He has provided his continuous support for the completion of this paper and my sincere gratitude to RIT management.

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  1. Department of Computer Applications, M S Ramaiah Institute of Technology, Bangalore, Karnataka, 560054, India

    M. Niranjanamurthy, B. N. Nithya & S. Jagannatha

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  1. M. Niranjanamurthy
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  2. B. N. Nithya
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  3. S. Jagannatha
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Correspondence to M. Niranjanamurthy.

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Niranjanamurthy, M., Nithya, B.N. & Jagannatha, S. Analysis of Blockchain technology: pros, cons and SWOT. Cluster Comput 22 (Suppl 6), 14743–14757 (2019). https://doi.org/10.1007/s10586-018-2387-5

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  • DOI: https://doi.org/10.1007/s10586-018-2387-5

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