Blockchain is a decentralized ledger that records all transactions between peer-to-peer networks. No central authority is needed to confirm transactions using this technology. Blockchain is helpful for all of the following: for business, for technology, and for many other things. Blockchain is a type of next-generation software that can handle tasks in many different realms. Blockchain technology has the ability to decrease the amount of trust needed between corporations and make investments in the technology more financially rewarding. Blockchain is a form of a digital ledger, which records transactions chronologically on a public protocol operating on a distributed network. This paper reviews on the concept of Blockchain, its working principles and also on the applications where the blockchain can be used.

Keywords: Blockchain Technology, Hashing Algorithms, Security, Next-Generation Software.