Current trends of blockchain technology: architecture, applications, challenges, and opportunities

Abstract Blockchain technology has gained attention in recent times owing to its ability to revolutionize traditional trade through its distributed ledger attribute. The prompt advancement of blockchain demands new systematic studies to investigate and analyze the existing knowledge in this domain. In the current work, the present standing and emerging trends of blockchain have been analyzed to direct both new and experienced researchers in establishing a baseline for future research projects. Likewise, the research advancement of consensus protocol was reviewed with a particular emphasis on their security perspective. Accordingly, the attributes, appropriate scenarios, and probable weaknesses of different consensus protocols and their future trends were reviewed. This helps in scrutinizing how blockchain technology can be applied to a variety of emerging fields, including economics, healthcare, information systems, wireless networks, and smart grids. Additionally, the current evaluation provides a throughout discussion of blockchain applications in various fields. Finally, the paper offers a brief insight into limitations and prospective future development in this domain. Overall, the aim is to aid newbies in investigating and scheming new solutions while considering the present demands and issues.