A comprehensive review of blockchain technology: Underlying principles and historical background with future challenges

Blockchain is a distributed digital ledger technology that has revolutionized businesses, industries, and commerce by eliminating the need for a central storage and control authority. Blockchain presents time-stamped and immutable blocks of data that are not owned by any single entity but rather managed by a group of nodes or computers where each block is secured and linked using cryptographic principles. The immutable and decentralized nature of blockchain has redefined trust, ownership, identity, and financial systems by providing a secure, fast, transparent, and pseudo-anonymous solution. This paper provides a comprehensive review of blockchain technology focusing on the historical background, underlying…