Blockchain technology is a distributed Despite these challenges,

ledger system that was originally designed to blockchain technology continues to

facilitate transactions of digital currencies be explored and developed in
such as Bitcoin. However, it has since various industries. Its potential
become a versatile technology with a wide benefits, including transparency
range of applications in various industries. In and decentralization, are being
this essay, we will discuss the history, leveraged to enhance security and
advantages,disadvantages, applications, efficiency in various fields such as
limitations, and required technology of supply chain management, digital
blockchain. identity verification, and even
voting systems. As technology
The Importance of Knowing History: Examining its continues to evolve, it has the
Benefits and Drawback potential to transform how we
Blockchain technology, which was first
conduct transactions and exchange
introduced in 2009 with the creation of
values.
Bitcoin, is a reliable platform for secure and
transparent transactions. One of its key
benefits is its transparency, as transactions
Blockchain technology's
are recorded on a public ledger that is decentralized, secure, and
accessible to anyone. This feature is ideal for transparent way to store and transfer
tracking the supply chain of goods, verifying data has the potential to revolutionize
the authenticity of digital assets, and various industries. Challenges such as
preventing fraud. Another advantage is its scalability and interoperability need
decentralization, allowing transactions to be to be addressed before mainstream
processed quickly and at lower costs without adoption. Scalability limits
intermediaries such as banks, which can transaction throughput, and energy
consumption is a concern.
revolutionize the financial industry.
Interoperability challenges arise from
However, blockchain technology faces some
different blockchains using different
challenges. One of the main issues is protocols. Despite these challenges,
scalability. The current infrastructure is not the potential benefits of blockchain
designed to handle a large volume of technology are significant, and it is
transactions, leading to slow transaction likely to play an increasingly
times and high fees. Another disadvantage is important role in various industries in
the significant amount of computing power the coming years, requiring careful
required to validate transactions, leading to consideration and management for
high energy consumption and environmental successful implementation and
adoption.
concerns.
By:Darshana M
A sec CSE