What is Proof of Stake (PoS)

Blockchain technology is one of the latest innovations in computer science that has world-wide scale and reach. A blockchain is a mathematical structure for storing digital transactions in a distributed and decentralized digital ledger consisting of multiple blocks that are linked using cryptographic signatures and spread across multiple computers. Each block records digital transactions data securely and has a hash link pointing to the previous block in the network in an efficient manner. New blocks can be added and removed through an agreed consensus of all nodes that each share the distributed ledger without the need for a centralized controlling authority. This chapter aims to introduce the blockchain technology, also known as distributed ledger technology (DLT), and discuss its applications in various sectors of the society including banking, healthcare, transportation, manufacturing, supply chain, and education. Extension of the internet of things vision using the DLT is also briefly discussed.