Abstract
Blockchain has developed from the distributed ledger architecture introduced through Bitcoin into a broader technology for coordinating records, assets, identities, and automated processes among parties that may not share a single trusted administrator. This paper presents a structured literature-based review of blockchain architecture, cryptographic foundations, consensus mechanisms, smart contracts, applications, security, scalability, interoperability, and emerging integration with artificial intelligence (AI) and the Internet of Things (IoT). The review synthesizes foundational works, systematic surveys, standards-oriented guidance, and application-focused studies. A central research gap identified in the literature is the need to evaluate blockchain not only by its decentralization features but also by application-specific requirements such as trust relationships, throughput, privacy, governance, interoperability, storage, and regulatory constraints. The analysis indicates that blockchain is most appropriate where multiple parties need a shared, auditable record and where decentralization or tamper evidence provides measurable value. It is not a universal replacement for conventional databases. Future research should emphasize scalable and interoperable architectures, privacy-preserving mechanisms, secure smart contracts, efficient consensus, decentralized identity, tokenization, and responsible integration with AI and IoT.