Applications of Blockchain in Cryptocurrency: Bitcoin and Dogecoin

Abstract

Blockchain is a secure way of storing information in a decentralized manner. It can also be viewed as another paradigm to store and record exchanges. In blockchain, blocks are connected with each other cryptographically with a specific intent to ensure that the contents are immutable thereby making the data stored impossible to tamper with. This emerging technology was developed in 2008 to lay foundation of digital money. This currency is a digital asset which is used to purchase, sell or transfer between two parties securely over the web electronically without involvement of third parties like banks, other types of organizations and government institutions. In this paper, we present a structured analysis of blockchain and compare cryptocurrencies like Bitcoin and Dogecoin. Also related cryptographic techniques, technological advantages and the process of mining is illustrated.