Blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the Pseudonym, Satoshi Nakamoto. Since then, it has evolved into something greater, and the main question every single person is asking
What is Blockchain?
Blockchain can be described as a distributed ledger. That means the ledger can be written onto with new information, but the previous information stored in blocks cannot be edited, adjusted or changed. This is accomplished by using cryptography to link the contents of the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it.
Information held on a Blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The Blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
What businesses benefit?
The Blockchain is the first technology that enables the transfer of digital ownership in a decentralized and trustless manner. Blockchain is a way to secure and validate ownership in a digital asset or verify a transaction in a trustless, public manner.
Types of Blockchains
There are mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world
- A public Blockchain as its name suggests is the Blockchain of a public, meaning a kind of Blockchain which is ‘for the people, by the people and of the people’
- Here, no one is in charge and anyone can participate in reading/writing/auditing the Blockchain
- Another thing is that these types of Blockchain are open and transparent hence anyone can review anything at a given point of time on a public Blockchain
- Private Blockchain as its name suggests is a private property of an individual or an organization
- Here there is an in-charge who looks after important things such as read/write or whom to selectively give access to read or vice versa
- Here the consensus is achieved on the whims of the central in-charge who can give mining rights to anyone or not give at all. That’s what makes it centralized again where various rights are exercised and vested in a central trusted party
- It is cryptographically secured from the company’s point of view and more cost-effective for them
Consortium or Federated Blockchain
- This type of Blockchain tries to remove the sole autonomy which gets vested in just one entity by using private Blockchains
- So, here instead of one in charge, you have more than one in charge like a group of companies or representative individuals coming together and making decisions for the best benefit of the whole network. Such groups are also called consortiums or a federation that’s why the name consortium or federated Blockchain
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