Abstract :
A new model for building massively scalable and profitable applications is emerging. Bitcoin paved the way with its cryptographically stored ledger, scarce asset model, and peer to peer technology. These features provide a starting point for building a new type of software called decentralized applications, or dapps. They are more flexible, transparent, distributed, resilient, and have a better incentivized structure than current software models. Centralized systems are currently the most widespread model for software applications. Centralized systems directly control the operation of the individual units and flow of information from a single center. Blockchain, a massively replicated database of transactions thats able to avoid Sybil attacks. For the first time, the blockchain lets us achieve decentralized consensus without the use of a centralized server. Pradeep Murugan | Suraj Subramanian | Mr. V Pandarinathan | Dr. D. Rajinigirinath "Blockchain beyond cryptocurrencies" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: https://www.ijtsrd.com/papers/ijtsrd11589.pdf Paper URL: http://www.ijtsrd.com/engineering/computer-engineering/11589/blockchain-beyond-cryptocurrencies/pradeep-murugan
Keyword :
Blockchain, Decentralized applications, Proof of work, Cryptography, Smart contracts