Since its inception, Blockchain technology has revolutionized the way transactions work. It provides a safe and secure mode of transaction, which involves digital currencies which cannot be manipulated by anyone with malicious motives. It maintains all information of transaction in forms of blocks which store information. Blockchain technology is an embodiment of decentralized organized collection of data. It offers a public ledger system which combines a public key encryption for all transaction to resolve the double spending problem by storing block over a distributed network setup at multiple locations making it impossible to change and hence more secure. This paper expounds the core principles of Blockchain technology and its implementation in various domain areas to study the applicability and advantages it offers over conventional data management. Authors also observe the reasons for shift towards a decentralized crypto-ledge platform and rise of Bitcoin and other cryptocurrencies. Paper also discusses a detailed perspective of potential risks and drawbacks of this technology along with its security features, threats, and vulnerable areas.