Blockchain technology, well known for its security and decentralization, has
become evident as a revolutionary force among multiple global industries. Initially
developed as a foundation for cryptocurrencies like Bitcoin, it is now being used for
user authentication, data sharing, record management, access control, and many more.
Fundamentally, blockchain is an integration of peer-to-peer networking and
cryptography, where each transaction is recorded in the form of blocks. Each block
links to the block before the current block through its hash value, thereby forming a
chain of blocks. This article delves into the underlying principles of blockchain and its
architecture. It also explores the consensus protocols and their application in five key
areas: the Internet of Things, finance, healthcare, supply chain management, and the
Industrial Internet of Things (IIoT). The four primary forms of blockchain— public,
private, consortium, and hybrid —are among the article’s main topics of attention.
Keywords: Bitcoin, Blockchain, Consensus protocols, Cryptocurrency, Decentralization, Ethereum, Finance, Hash, Healthcare, Hyperledger, Industrial internet of things, Internet of things, Mining, Peer-to-peer network, Private blockchain, Proof of stake, Proof of work, Public blockchain, Smart contracts, Supply chain management.
