Blockchain technology was founded by an unknown person with the pseudonym of Satoshi Nakamoto, who is behind the bitcoin innovation. Blockchain is a decentralized ledger-based technology in which the transaction records of the participated entities are stored in the immutable ledger format. The cryptographic systems and timestamps are used to build the immutable blocks of the blockchain technology more securely. Blockchain technology mainly underpins Bitcoin and allows the transactions between two parties through the internet without necessitating the interaction of a third party. Blockchain technology updates the ledgers sequentially. Thus, the network entities accomplish a secure cooperative performance by utilizing the benefits of blockchain. Blockchain technology is revolutionizing different industries, from the financial field to the Internet of Things (IoT).