Abstract
Blockchain technology has emerged as a hot research topic and a viable technological option for many businesses and industrial communities. Blockchain, due to its distributed, decentralised, and trust less nature, can provide businesses with new opportunities and benefits such as increased efficiency, lower costs, increased integrity and transparency, improved security, and improved traceability. Although blockchain's most prominent applications have been in finance and banking, we are now seeing experiments and proposed applications in a variety of fields. This paper provides an overview of blockchain technology; it brings together all of the key design features, characteristics, and benefits of blockchain that make it a superior and unique technology; and it presents the most popular consensus protocols and blockchain system taxonomy. Furthermore, the paper examines blockchain-based applications in finance, insurance, supply chain management, energy, advertising and media, real estate, and healthcare. It intends to investigate the industries' key issues, blockchain solutions, and use cases. The paper discusses three major limitations of blockchain technology: scalability, security, and regulation, and how these issues may affect blockchain application and adoption.