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INTRODUCTION TO BLOCKCHAIN TECHNOLOGY - ITSAPPLICATIONS IN MODERN WORLD

Abstract

Abstract: Block chain, often known as the Internet of Value, is a relatively new technology. There is no consensus on itspotential worth, as there is with other new technology, with some claiming that it will bring greater disruptive changes than theInternet and others disputing its significance. Despite dire predictions, there is evidence that block chain is a unique, innovativetechnology that will transform the way transactions are conducted, owing to its ability to provide confidence among unknownparties, ensure the immutability of records, and eliminate the need for intermediaries. The interest in digital currencies, thelarge number of published block chain studies, and MDPI's journal Future Internet, which solely publishes block chainarticles, including this special issue covering current and future block chain difficulties, all point to the relevance of blockchain. The purpose of this study is to conduct a review of the rapidly expanding. Examining its benefits and pitfalls, as well asits implications for the Internet's future, as well as our personal lives and societies in general. The paper is divided into fivesections: the first provides an overview of block chain and discusses the disruptive changes it has triggered, the second discussesthe unique value of block chain and its general characteristics, the third provides an overview of industries with the greatestpotential for disruptive change, the fourth describes the four major block chain applications with the greatest potential benefits,and the fifth concludes with a conclusion..Keywords- Smart contracts; Decentralized Autonomous Organizations (DAO); trust; immutability; intermediaries;IoT; certification; supply chains 

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