Blockchain refers to an immutable chain of blocks, wherein each block holds information (or data). The blocks are linearly added to the chain in chronological order using cryptographic. These blocks construct a public and digital ledger of timestamped and updated transaction records, which may be securely distributed across a peer-to-peer network. Thus, blockchain combines cryptography, smart contracts, peer-to-peer networks, consensus, and market mechanisms to create a secure computational infrastructure for inter-institutional data sharing. However, blockchain’s major innovation pertains to the decentralized nature of data sharing. Every block on the ledger is encoded with an arithmetically produced code, referred to as a hash, which secures the blockchain against any falsification or tampering. This security is attributed to the partial determination of the blockchain through the hash of a previous block. Thus, hashes are critical elements for establishing authenticated transactions. The transaction authentication and alignment of individual blocks in the chain are validated by miners’ consensus. Thus, blockchain enables the decentralization and avoidance of a single point of failure in a trustless system by incorporating peer-to-peer consensus … In terms of business- or management-related issues, smart contracts are a critical element of blockchain architecture with significant implications. These contracts are employed to create and execute contractual transactions among inter-organizational parties in a trustless manner and subject to pre-determined rules or criteria … Due to these elements, blockchain is posited to hold significant implications for applications across multiple knowledge-based and industrial domains.

The evolving applications of blockchain have been categorized into three tiers. The first tier is referred to as blockchain1.0 which focuses on currency; the second is called blockchain 2.0 and focuses on the deployment of contracts in the economic- and market-oriented milieu; the last and current tier is blockchain 3.0, which focuses on areas such as art, culture, education, and government. Recent years have also witnessed discussion centered on integrating blockchain in areas such as supply chains, healthcare, crowdfunding, and banking.

Basics of Blockchain technology

Blockchain is typically defined as a transparent, trusted, and decentralised ledger on a peer-to-peer network and mostly known as the underlying technology of the virtual Bitcoin cryptocurrency invented by Satoshi Nakamoto in 2008. The data unit on the Blockchain is called a transaction, and certain numbers of transactions are bundled in a Block. A decentralized Blockchain ledger is created with all confirmed Blocks. A Block in the distributed ledger is linked to the previously approved Block using a cryptographic hash code of the Block. This emerging technology has already been widely explored to develop a range of applications beyond digital cryptocurrencies. Every participant on a peer-to-peer network can verify the behaviour of other participants within the network, as well as make, verify and approve a new transaction to be recorded in the Blockchain. This infrastructure guarantees stable and efficient Blockchain operations with the benefits of tamper resistance and reduce single point of failure vulnerabilities. The Blockchain ledger is available to all participants but still not regulated by any network authorities. This principle is accomplished by imposing strict rules and mutual agreement among the network nodes, which is characterised as the consensus mechanism. The consensus mechanism refers to the process of synchronising the decentralised ledger across all the nodes in the Blockchain network. Figure provides an overview of how the Bitcoin Blockchain operates.

Description of the Blockchain technologies

 Many research articles partitioned Blockchain technologies into different layers. The section describes five layers of a BC technology along with the investigation of Blockchain’s core properties related to immutability, security, and integrity. The layered structure of the BC depicted in Figure.

We presented to you a brief about BlockChain and now we will give you a practical example in order to demonstrate this technology. This example is a part of our work.  

Pieta Core (Coint) Wallet X20 Algo

It is a Pieta digital currency wallet, which is an innovation from the Matri-x team, we used C ++ in developing this digital wallet. It will be done with the use of the new X20 algorithm which reduces energy consumption in blockchain mining, this will keep the mining equipment cooler. This will result in increasing the life of the mining equipment and in turn the profit of miners. The low energy (carbon) emission will also have a positive impact on the environment. In addition, Pieta is also committed to encouraging the use of renewable solar energy in the crypto mining process to further reduce its cost and save the environment.