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Blockchains are a topic of immense interest in academia and industry, but their true nature is often obscured by marketing and hype. In this tutorial, we explain the fundamental elements of blockchains. We discuss their ability to achieve availability, consistency, and data integrity as well as their inherent limitations. Using Ethereum as a case study, we describe the inner workings of blockchains in detail before comparing blockchains to traditional distributed systems. In the second part of our tutorial, we discuss the major challenges facing blockchains and summarize ongoing research and commercial offerings that seek to address these challenges.

Core Concepts, Challenges, and Future Directions in Blockchain