RESEARCH AND ANALYSIS OF MODERN INNOVATIVE TECHNOLOGIES FOR THE SYSTEMATIC IMPLEMENTATION OF BLOCKCHAIN TRANSACTIONS AND TRANSACTION DATA PROCESSING
Keywords:
blockchain, problems, areas of application, consensus, synchronous data processing technologies.Abstract
This paper presents a systematic examination of blockchain technology and explores its application in contemporary digital networks. The primary focus is laid on the challenges of distributed blockchain architectures, with further acknowledgment of primary application areas. The research examines mathematical models and implementation algorithms of basic blockchain components, and performs a systematic analysis of the technology's implicit contradictions, including brief description of its internal processes such as data encoding and consensus algorithms. The research indicates the prospects for the development of blockchain-based services, and particularly through the smart contract mechanism that facilitates independent network users' transactions. These intelligent contracts facilitate simple building of decentralized, autonomous organizational units working on rules established within them and acting with minimal external interference. These dApps are exponentially more capable compared to traditional software systems, particularly in regard to flexibility, transparency, and security. On the principles of P2P networks, where everybody has the same rights, blockchain technologies enable peer-to-peer transactions without mediators. This capability is the foundation for the formation of a core processing platform for decentralized autonomous organizations (DAOs)—an emerging digital business model. Decisions built on blockchains provide a secure and natively decentralized platform for transacting and data processing. Perhaps the most perceptible advantage of blockchain, compared to traditional database paradigms, lies in its algorithmic governance, through a single protocol. In short, the article gives guidance on the utilization of blockchain as a technique for maintaining one data registry, particularly in data management and processing systems that are synchronized.
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