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In recent times, Bitcoin has gained special attention both from industry and academia. The underlying technology that enables Bitcoin (or more generally crypto-currency) is called blockchain. At the core of the blockchain technology is a data structure that keeps record of the transactions in the network. The special feature that distinguishes it from existing technology is its immutability of the stored records. To achieve immutability, it uses consensus and cryptographic mechanisms. As the data is stored in distributed nodes this technology is also termed as "Distributed Ledger Technology (DLT)". As many researchers and practitioners are joining the hype of blockchain, some of them are raising the question about the fundamental difference between blockchain and traditional database and its real value or potential. In this paper, we present a critical analysis of both technologies based on a survey of the research literature where blockchain solutions are applied to various scenarios. Based on this analysis, we further develop a decision tree diagram that will help both practitioners and researchers to choose the appropriate technology for their use cases. Using our proposed decision tree we evaluate a sample of the existing works to see to what extent the blockchain solutions have been used appropriately in the relevant problem domains.
Chowdhury et al. (Wed,) studied this question.