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Fundamentals of blockchain technology

Abstract:

Blockchain is a technology developed for securely storing and transmitting information. It offers transparency and security by design without the need of any trusted third party (TTP) to validate the stored information. More precisely, the blockchain allows its users, connected by a peer-to-peer network, to share data without intermediaries. It also allows the implementation of advanced data structures, called smart contracts, that are used to automate agreements between users and institutions. Recently, the blockchain has gained an increasing attention from research and industry because of its capabilities of secure and transparent information storage. In addition, it is implemented today as a new system to decentralise several types of IT applications. In the field of cryptocurrencies, Bitcoin was the first application based on the blockchain technology, being the first known implementation of a blockchain to solve the problem of a decentralised ledger for financial affairs. In this chapter, we are interested in presenting the main fundamentals of blockchain technology and smart contracts and its current developments beyond cryptocurrencies.