Blockchain Technology and Decentralized Applications Using Blockchain

Abstract

A blockchain is a collection of blocks, each of which contains a set of transactions that are verified using an encryption algorithm. The blocks are constantly adding to each other, forming a chain of blocks. Blockchain technology is widely used for security and smart contracts, financial and non-financial spheres, a large variety of blockchain systems are used. Decentralized applications (DApps) are in their early stages of development, and several critical issues which services, the Internet of Things (IoT), healthcare services, and supply chain to name a few. This paper throws light on several aspects of blockchain technology, the linkage between blockchain and DApps. It also illustrates working of blockchain transaction process and Ethereum transaction. It also elaborates on the working of smart contracts. Furthermore, this paper also discusses the making of decentralized application in detail and enlighten the architecture of DApps. Moving ahead this paper also discusses the implementation of DApps in various sectors in industry like health care, banking and stock market. It also puts light on the challenges of implementing decentralized application in the present centralized market and its scalability as well. We have also discussed the future of decentralized application and its growing market demand due to its various unique features. The actual user interaction in the projects is exceedingly small: in fact, even the five major applications in any sector, be it games or exchanges, have roughly over 1 k users. However, the marketplace for DApps is expected to increase substantially in the near future.