What is blockchain technology?
Blockchain is basically a system of storing an information in a way that the cracking or hacking of the data would be impossible.
A blockchain can be defined as digital ledge that consists of in-numerous transactions that is duplicated and copied all across the network of the computer system. The block in the chain contains various transactions. In case any new transaction occurs, a copy of that transaction will be added to every network user’s ledge. This distributed database managed by multiple users is referred to as Distributed Ledge Technology (DLT). Thus, blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called Hash.
Blocks such as Bitcoin and Ethereum are continuously growing as the blocks are added more blocks that ultimately provides arduous security to the ledger.
Importance of the Blockchain
Every business runs on the information it receives and stored. If by chance the data is stolen or hacked there are chances that a company might be affected to the core. In this case, blockchain is ideal for delivering the information with the means of secured and robust mode. This is because it provides immediate and transparent information to the digital ledger and can be accessed by permissioned network members only. As the members also share only a single view of the truth, there are minimal chances of the information being hacked.
Types of blockchain networks
- Public blockchain networks: A public blockchain is one that anyone can join and access. It requires inadequate amount of power supply. In addition to it, there is little or no privacy maintained of the transactions occurred and weak security. For e.g.: – Bitcoin.
- Private blockchain networks: Like Public blockchain network, private blockchain network is also end-to-end encrypted. In contrast to public blockchain network it is controlled by particular group and access to the blockchain is permitted to selected users only.
- Permissioned blockchain network: Just as public blockchain network, general public can access this type of network but they need to obtain an invitation or permission to access the same. This kind of networks are generally used by giant business groups who wants only selected clients to be included.
- Consortium blockchain: This type of network can be defined as the network that is maintained by multiple organizations. These groups can decide whom to provide the access of the data.
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