Document Type : Research Note


1 Khazar university

2 Department of Computer Science, School of Science and Engineering, Khazar University, Baku, Azerbaijan


Blockchain technology is the first successful Bitcoin Network. It enables the ledger to become more decentralized and secure. Since it is not limited to bitcoin and controlled by third parties by government, corporations, or banks, the technology is capturing several industries, including cryptocurrency, infrastructure& hardware, financial technology, Internet & mobile and so on. Blockchain is used as a public ledger to verify all peer-to-peer system transactions and maintain traded bitcoin spending from central authorities while bitcoin has distributed transactions. Achieving high Blockchain-based performance and privacy & security are global issues that are desire to be overcome as claims show they are still significant challenges in many Blockchain applications. This paper presents an introduction to Blockchain and the process of this technology in the way of outlining Blockchain types. Also, recent advances, challenges, real economy integration, and current situations of this technology have been listed.
Key Words: Blockchain, transaction, nodes, privacy, scalability, consensus, future directions


Main Subjects

[1] S. Meiklejohn, M. Pomarole, G. Jordan, K. Levchenko, D. McCoy, G. M. Voelker, and S. Savage, "A fistful of bitcoins: Characterizing payments among men with no names," in Proceedings of the 2013 Conference on Internet Measurement Conference (IMC'13), New York, NY, USA, 2013
[2] A. Kosba, A. Miller, E. Shi, Z. Wen, and C. Papamanthou, "Hawk: The Blockchain model of cryptography and privacy-preserving smart contracts," in Proceedings of IEEE Symposium on Security and Privacy (SP), San Jose, CA, USA, 2016, pp. 839–858
[3] A. Biryukov, D. Khovratovich, and I. Pustogarov, "Deanonymisation of clients in bitcoin p2p network," in Proceedings of the 2014 ACM SIGSAC Conference on Computer and Communications Security, New York, NY, USA, 2014, pp. 15–29
[4] I. Miers, C. Garman, M. Green, and A. D. Rubin, "Zerocoin: Anonymous distributed e-cash from bitcoin," in Proceedings of IEEE Symposium Security and Privacy (SP), Berkeley, CA, USA, 2013, pp. 397–411
[5] M. Moser, "Anonymity of bitcoin transactions: An analysis of mixing ¨ services," in Proceedings of Munster Bitcoin Conference ¨ , Munster, ¨ Germany, 2013, pp. 17–18
[6] I. Eyal, A. E. Gencer, E. G. Sirer, and R. Van Renesse, "Bitcoinng: A scalable Blockchain protocol," in Proceedings of 13th USENIX Symposium on Networked Systems Design and Implementation (NSDI 16), Santa Clara, CA, USA, 2016, pp. 45–59.
[7] J. van den Hooff, M. F. Kaashoek, and N. Zeldovich, "Versum: Verifiable computations over large public logs," in Proceedings of the 2014 ACM SIGSAC Conference on Computer and Communications Security, New York, NY, USA, 2014, pp. 1304–1316
[8] S. Nakamoto, "Bitcoin: A peer-to-peer electronic cash system," 2008. [Online]. Available:
[9] S. King, "Primecoin: Cryptocurrency with prime number proof-ofwork," July 7th, 2013
[10] J. Kwon, “Tendermint: Consensus without mining,” URL http://tendermint. com/docs/tendermint {} v04. pdf, 2014.
[11] M. Vukolic, "The quest for scalable Blockchain fabric: Proof-of-work' vs. bft replication," in International Workshop on Open Problems in Network Security, Zurich, Switzerland, 2015, pp. 112–125.