Abstract

In the last few decades, several technologies have been introduced to alleviate the workload. One such technology is Blockchain which was introduced first time by Stuart Haber and W Scott Stornetta in 1991 through a paper and a model of blockchain was established in 2008 by a developer or group of developers working under the pseudonym Satoshi Nakamoto. and to affirm transparency among peers. Blockchain is distributed ledger technology that uses cryptographic hashing to encrypt data in blocks. Each node gets updated whenever any transaction occurs and each node must authenticate every transaction which affirms transparency among peers. Blockchain technology has gained its popularity in a trice due to bitcoin which is a mere application of the technology. The quality of assurance of blockchain has made many corporate leaders avidly interested in adopting the technology. The paper will be elucidating the working of Blockchain technology to understand its industrial application, use cases in the legal field and corporate. Also elaborating upon challenges in its implementation which include cybersecurity, privacy, etc. escorted with some recommendations to escalate the use of technology.

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