Abstract:

Researchers, critics and industry gurus are agreed that Blockchain is the next big thing. Blockchain is the technology that has shifted the entire paradigm of computer applications in the last decade. The key concept behind the development of Blockchain was to create a chain of data which is immutable, confidential, open-source and located on a de-centralized peer-to-peer (P2P) network. The ownership of Blockchain doesn’t belong to a single person or a group but each node on the network therefore, it works without the involvement of any centralized authority. Blockchain was originally designed for cryptocurrency but this technology has been using in many other fields and application like Health, Finance, Banking and IOT etc. Big things come with big challenges so is the case with Blockchain and beside technical challenges, advancement in technology and hardware, Blockchain technology still claims flawless because of cryptographic primitives. This study contributes to review on different cryptographic techniques like ECDSA, SHA-256 and RIPEMD160 used in Blockchain technology and to exemplify its implementation, we choose Bitcoin.