BLOCKCHAIN PLATFORMS REVISITED: A TECHNICAL AND CRITICAL OVERVIEW OF DISTRIBUTED SYSTEMS

Abstract

This study offers a comprehensive technical and conceptual review of blockchain platforms and the foundational technologies that underpin them. Beginning with cryptographic primitives such as hash functions and elliptic curve cryptography, the paper explores the structural and security components that facilitate decentralized trust in distributed systems. Core concepts including proof-of-work algorithms like Hashcash, state machines, Merkle trees, and the Merkle Patricia Tree are examined for their roles in data verification, consensus, and transaction integrity. The work also delves into the evolution of blockchain paradigms through early proposals like B-money, and analyzes critical challenges such as the Byzantine Generals Problem and the double-spending dilemma. Advanced topics such as the CAP theorem, SPECTRE's consensus model, and Pedersen commitments are included to illustrate emerging approaches in blockDAGs and privacy-preserving transactions. Emphasis is placed on the balance between liveness, safety, and censorship resistance in modern blockchain design. By synthesizing both theoretical foundations and practical implementations, the paper presents an informed and critical perspective on the evolution, limitations, and future direction of blockchain technologies.