An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends

Zibin ZHENG, Shaoan XIE, Hongning DAI, Xiangping CHEN, Huaimin Wang

Research output: Book Chapters | Papers in Conference ProceedingsConference paper (refereed)Researchpeer-review

1225 Citations (Scopus)

Abstract

Blockchain, the foundation of Bitcoin, has received extensive attentions recently. Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-based applications are springing up, covering numerous fields including financial services, reputation system and Internet of Things (IoT), and so on. However, there are still many challenges of blockchain technology such as scalability and security problems waiting to be overcome. This paper presents a comprehensive overview on blockchain technology. We provide an overview of blockchain architechture firstly and compare some typical consensus algorithms used in different blockchains. Furthermore, technical challenges and recent advances are briefly listed. We also lay out possible future trends for blockchain.

Original languageEnglish
Title of host publicationProceedings - 2017 IEEE 6th International Congress on Big Data, BigData Congress 2017
EditorsGeorge Karypis, Jia Zhang
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages557-564
Number of pages8
ISBN (Electronic)9781538619964
DOIs
Publication statusPublished - 11 Sep 2017
Externally publishedYes
Event6th IEEE International Congress on Big Data, BigData Congress 2017 - Honolulu, United States
Duration: 25 Jun 201730 Jun 2017

Publication series

NameProceedings - 2017 IEEE 6th International Congress on Big Data, BigData Congress 2017

Conference

Conference6th IEEE International Congress on Big Data, BigData Congress 2017
Country/TerritoryUnited States
CityHonolulu
Period25/06/1730/06/17

Bibliographical note

Funding Information:
ACKNOWLEDGEMENT The work described in this paper was supported by the National Key Research and Development Program (2016YF-B1000101), the National Natural Science Foundation of China under (61472338), the Fundamental Research Funds for the Central Universities and Macao Science and Technology Development Fund under Grant No. 096/2013/A3. The authors would like to thank Gordon K.-T. Hon for his constructive comments.

Publisher Copyright:
© 2017 IEEE.

Keywords

  • Blockchain
  • consensus
  • decentralization
  • scalability

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