Blockchain Technology: A Review of Concepts, Blockchain Challenges in Public Services, and Blockchain Token Classification

Blockchain is based on a decentralized, immutable database that makes it easier to record assets and track transactions across a corporate network. An asset may be tangible or intangible. On a blockchain network, almost anything of value may be stored and exchanged, which reduces risk and improves efficiency for all users. In general, a blockchain is a digital ledger of transactions that are being recorded. It is decentralized and not controlled by any one person, group, or company. As a structured technology, it is very difficult to change the blockchain without the approval of the people who use it. Blockchain stores data as a decentralized ledger. Participants in the network can read, write, and verify transactions. Transactions cannot be changed or deleted. Digital signatures, hash functions, and other cryptographic functions are used to support and secure the blockchain system. Blockchain technology has two main types of tokens, including fungible tokens, where all tokens have equal value, and non-fungible tokens, which have unique characteristics and are not fungible. In essence, non-fungible tokens are digital assets with a unique identifier that are stored on a blockchain. This review article examines the basic concepts of blockchain, the challenges of using it, and the classification of blockchain tokens.